HomeWealth ManagementMindy Diamond: Jack Peterson on Summit Path's Blockbuster Breakaway

Mindy Diamond: Jack Peterson on Summit Path’s Blockbuster Breakaway


It used to be one of the vital and notable leaps to independence in 2015. Or even lately, advisors nonetheless discuss it.

Jack Petersen used to be the top of Barclays Wealth and Funding Control for the Americas, due to a handy guide a rough turnaround transfer after Lehman’s chapter in 2008.

After years within the trade, Jack admits feeling burnt out within the control function, so he shifted again to his roots as an consultant, which led him to later believe whether or not there used to be a greater option to serve his ultra-high web value shoppers.

This is, he got here to the conclusion that to serve this refined consumer base correctly supposed customization and suggestions outdoor of the Barclays infrastructure—and it used to be transparent that some other conventional company would provide them with the similar demanding situations.

Pulling in combination a couple of like-minded groups that still served the original wishes of this constituency, Jack and 5 different co-founders introduced Summit Path in July 2015 with reinforce from Dynasty Monetary Companions.

It used to be a landmark tournament in dimension and scope: $3B in controlled property at 3 concurrently introduced websites around the nation.

Headlines saying the transfer described Summit Path as a “Nationwide Wealth Control Boutique” introduced through “6 Main Executives,” with places of work in New York, Chicago, and San Francisco.

Summit Path straight away changed into one of the vital biggest unbiased wealth control corporations in the US.

Lately, the company manages $16B billionin consumer property, with places of work added in Boston, Seattle, Harrisburg, and Washington DC. And whilst they’ve achieved some acquisitions, their expansion has been pushed essentially through natural manner.

On this episode with Louis Diamond, Jack discusses his adventure, together with:

  • The wealth control trade because it used to be earlier than and after the 2008 cave in—and the way that tournament influenced his determination to head unbiased.
  • The shortcoming to supply custom designed recommendation and products and services to UHNW shoppers—and the way that appeared to be extra of a “broader trade drawback” and no longer only a “Barclays drawback.”
  • Pulling in combination six various groups around the nation—and the way Dynasty helped facilitate the method at a time when even simply going unbiased used to be some distance much less not unusual.
  • Their implausible expansion—and the way they completed it through essentially natural manner.
  • Their distinctive trade style—and what key attributes they “cherry-picked” from the dealer broker global.
  • Their consumer coverage—and why they selected to center of attention only at the ultra-high web value phase.
  • The strategic price of personal fairness—and why they’ve opted to not tackle outdoor capital right now.
  • And the perception of the way huge corporations construct their infrastructures—and why those “grocery store platforms,” designed to regulate tens of 1000’s of advisors and their shoppers, make it tough, if no longer inconceivable, to serve the original wishes of refined ultra-high web value shoppers.

It’s a dialog with a a success consultant and trade proprietor who constructed an endeavor through “striking shoppers first”—offering teachable moments for advisors in any respect ranges.

Obtain a transcript of this episode…

Concentrate to extra episodes of Mindy Diamond on Independence: A Podcast for Monetary Advisors Taking into consideration Alternate

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