Becoming the Clients’ Financial Concierge: $2B UBS Breakaways Set Their Sights on Being Fiduciaries

With Russell Crow and William “Billy” Diehl — Partners, Managing Directors, Beacon Pointe

The first breakaway team to join Beacon Pointe Advisors offers a perspective on change at the wirehouses, the value of being a true fiduciary, the responsibility to a client and advisor’s business on serving an expanding list of client needs, taking a long-term look at the business, and much more.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

It’s hard to criticize the firm you work for when you’ve built a business managing $2B in client assets.

But a reality exists for many top advisors like the guests on this episode.

That is, they recognize how the industry and their clients’ needs are evolving—and that their firm may not be equipped to support them for the long term.

Russell Crow and William “Billy” Diehl invested nearly 3 decades each in the wirehouse world, most recently as Managing Directors at UBS.

They watched as the financial advice industry morphed from a transactional model to one in which advisors served a wide variety of client needs. That is, financial advisors were more embedded in the lives of their clients, with seats at the table for decisions well beyond the world of stocks and bonds.

They were now expected to be true fiduciaries, serving their clients not just as a financial advisor but instead as a financial concierge.

It was a concept that fit well into Russell and Billy’s vision for their business, but did not necessarily align with the firm’s vision.

Ultimately, they left the wirehouse world in October of 2023 to join Beacon Pointe Advisors as the first breakaway team to integrate with the firm.

In this episode, Russell and Billy share a compelling narrative with Mindy Diamond, including:

• The changes they saw over decades in the wirehouse world—and how that inspired them to consider other options at this stage of their business.
• The evolution of their clients’ needs—and what specific things they can do for them now that they could not at UBS.
• The value of being a true fiduciary— and their clients’ reaction to learn that “technically” they were not as employees of the wirehouse.
• The choice to transition to Beacon Pointe—and why the firm won over another wirehouse or full-on independence.

It’s an episode with relatable experiences and actionable advice for both wirehouse advisors and independent advisors alike.

Want to learn more about where, why, and how advisors like you are moving? Click to contact  us or call 908-879-1002.

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The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary
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Russell Crow
Partner and Managing Director

Russell Crow is a Partner and Managing Director at Beacon Pointe Advisors and brings over 25 years of professional experience advising ultra-high-net-worth families, institutions, and business owners. Prior to joining Beacon Pointe in 2023, Russell served as Managing Director at UBS for 14 years after spending 7 years at Goldman Sachs and 4 years with Morgan Stanley in New York, Houston & Dallas. He received his BA from the University of Arkansas, his MBA from Arizona State University, and his MIM from Thunderbird, the American Graduate School of International Management.

William (Billy) Diehl
Partner and Managing Director

William (Billy) Diehl is a Partner and Managing Director at Beacon Pointe Advisors and brings over 25 years of professional experience advising ultrahigh-net-worth families, institutions, and business owners. Prior to joining Beacon Pointe in 2023, Billy served as Managing Director at UBS for 14 years after spending 7 years at Goldman Sachs and 4 years with Morgan Stanley in New York, Houston & Dallas. He holds the Certified Financial Analyst (CFA) designation and received his BA from Vanderbilt University and his MBA from the University of Texas at Austin.

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