Mindy Diamond on Independence: Matt Leibman, Amplius Wealth

There’s one thing almost every detached consultant we spoke with says about leaving wiring houses: it’s hard to rationalize moving away from a well-established, respected, and recognized brand.

Because for some, the name was one of the key features that drew them to the company in the first place.

Take Matt Liebman, for example. When he joined Merrill in 2008, one of the strengths for him was brand recognition. As he shares in this episode, “If someone asked you where you worked, all you had to say was ‘Merrill Lynch’ and they automatically knew what you did for a living.”

Matt is quick to note that the company’s reputation has been well earned thanks to a strong training program and an entrepreneurial environment where clients feel well served and advisors can build strong businesses.

And he’s built a solid business, with some $1.2 billion in assets under management.

He was part of a powerful multi-generational team of people in their 20s to 90s! It was an intentional joining of forces – with Matt joining his father Sam Liebman and his team after leaving UBS for Merrill, and Forbes “Top Next-Gen Advisor” Aaron Marks completing the ranks to form the Liebman Marks Group.

Yet in March 2021, they chose to leave Merrill and start their own RIA company, Amplius Wealth Advisors, with Dynasty Financial Partners.

With a team as successful as this, one might ask, “Why would they rock the boat?

In this episode, Matt candidly answers that question and discusses his journey with Mindy Diamond, including:

  • The complexity of their multi-generational team and what they needed to consider in the due diligence process, including Merrill’s on-site retirement program.
  • The concept that customers are their true “boss” – and why that wasn’t a philosophy they could live up to at Merrill.
  • The pull towards greater autonomy and control – and why it was more powerful than some of the “pushes” that frustrated Matt and his team.
  • The choice to start their own business and why this path won out over the other options they explored.

As an employee of a large company, many advisors come to a point where they have to decide where their loyalty lies. For Matt, it was clear to him: customers were his boss. And as such, he and his team were responsible for meeting their needs first and foremost – a direction he felt they could only take independently.

Matt’s story has a lot to offer those who are senior advisors as well as the next generation and everyone else, so be sure to listen.

Download a transcript of this episode…

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