Business is booming.

How a 2x Morgan Stanley Breakaway Built a $3B+ RIA Firm

Even today, at a time when independence has become mainstream, it’s daunting for most advisors to consider leaving a big firm like Morgan Stanley to make the entrepreneurial leap. But consider what it was like at the beginning of the 21st century: The tech bubble had just burst, leaving advisors and clients in a tailspin. And independence was known only by a few courageous and uber-entrepreneurial types.

At that time, the guest on this episode, Brock Moseley, was just out of the training program at Morgan—one of few newly-minted advisors who remained after the ground dropped out. It’s what Brock describes as a really difficult time at the firm where mentorship had diminished, and advisors were hanging on just trying to protect their books.

It was then that Brock was presented with a new opportunity outside of the wirehouse—recruited as the next gen for the billion-dollar independent firm Bel Air Investment Advisors in Los Angeles. Brock credits Bel Air with giving him the opportunity to learn more about the business. Yet as time went on, he felt a misalignment between where he wanted to go and where the firm was headed.

So, in 2004 when Morgan Stanley was looking to recruit him back, Brock re-upped.

But, ultimately, for this former schoolteacher, the ability to continually learn, grow and pass on knowledge was in-grained in his nature. To him, to be exposed to opportunity is the only way to find one’s real passion. And through it all, he knew that he could only live true to that ethos if he built his own business from the ground up. One that was based on everything he couldn’t find anywhere else.

So in 2007, he launched Miracle Mile Advisors.

Today the firm manages over $3 billion in assets and has become a prolific acquirer.

In this episode, Brock shares his journey with Louis Diamond, including:

  • The early days at Morgan Stanley and Bel Air—and how each helped him clarify his vision for Miracle Mile.
  • The process of building an independent firm in 2007—and how that differed from what is available for breakaways today.
  • The decision to sell a piece of his business to Merchant Investment Management—and how he anticipates that will impact the firm going forward.
  • The role of mentorship—and how it influences both his personal and professional life.
  • Miracle Mile’s unique value proposition—and how the firm stands apart from other ultra-HNW-focused firms and the major wirehouses.

As Brock shares, there comes a point when, “If you can’t find what you want where you are, you need to go create it yourself.”

Listen in to how he came to that conclusion and ultimately did build an extraordinary $3 billion-plus firm based on his values and vision.

Download a transcript of this episode…

Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change.

Source link

Comments are closed, but trackbacks and pingbacks are open.