Ep 320: Navigating Hyper-Growth To Achieve Platform Scale For Independent Advisors With Jim Dickson
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 14 February 2023
⏱️ 100 minutes
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Summary
Jim Dickson is the CEO and Founder of Sanctuary Wealth, an RIA platform with 80 partner firms in 29 states that collectively oversee nearly $25 billion in assets under management. Jim has successfully built an RIA platform in just 5 years through efficient management of hiring, staffing, and raising outside investor capital, while providing middle and back-office support for independent advisors and playing a unique role in helping them grow their businesses.
Listen in as Jim shares why he built the "Partnered Independence" platform to provide support systems for advisors who want to run their own practices, why he created a unique partnership structure where advisor practices are their own LLCs but are also IARs under the corporate RIA of Sanctuary Wealth, and why the firm has built a centralized data warehouse providing each advisor with their own level of business intelligence. We also discuss why Jim left the wirehouse world after 25 years and took a year-long trip around the world, how he's working through the challenges associated with rapid growth, and how the demand for independence among advisors surprised him despite his two decades in the wirehouse.
For show notes and more visit: https://www.kitces.com/320
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:06.9 | financial planner, speaker, and consultant Michael Kitsas to hear stories of how leading financial |
| 0:12.7 | advisors navigated the inevitable challenges that arise on the path to success and get |
| 0:17.8 | insight from leading industry consultants about how to break through to the next |
| 0:22.0 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.6 | Welcome to the 320th episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.0 | Jim Dixon. Jim is the CEO and founder of Sanctuary Wealth, an RAA platform with 80 partner firms in 29 states that collectively oversee nearly 25 billion in assets under management. |
| 0:46.5 | What's unique about Jim, though, is how he has built an RIA platform approaching 25 billion in AUM in just five years. |
| 0:53.2 | And the way he's managed everything from hiring |
| 0:55.2 | and staffing to raising outside investor capital in order to make the investments necessary to |
| 0:59.6 | achieve scale as a middle and back office support platform for independent advisors. |
| 1:05.0 | In this episode, we talk in depth about how Jim built sanctuary's partnered independence platform |
| 1:10.6 | for advisors who want to |
| 1:11.7 | run their own practices serving high net worth clients while leveraging sanctuary wealth support |
| 1:16.4 | system with technology compliance, practice management training groups, digital marketing, even an |
| 1:21.3 | ultra high net worth family office support system. How Jim created sanctuary's unique partnership |
| 1:27.2 | structure where the advisor practices are |
| 1:29.1 | their own LLCs, but also are IARs under the corporate RA, so sanctuary can help the practices |
| 1:36.3 | maintain their independence for ownership and tax efficiently, but rely on sanctuary for their |
| 1:41.0 | compliance needs. And how, because many Wirehouse advisors were used to having access to all their data and systems from one centralized |
| 1:48.0 | workstation, Jamman Sanctuary built their own centralized data warehouse called Haven, |
| 1:53.2 | and then layered a third-party business intelligence tool called DOMO on top so each |
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