Building with Intentionality: Growing a $1B Business to a $4B Enterprise and Beyond

The Diamond Podcast for Financial Advisors

With Mike Quin – Managing Partner, DayMark Wealth Partners

Overview

Mike Quin, a former Market Manager at Wells Fargo, left the wirehouse world to launch DayMark Wealth Partners. Mike offers a candid perspective on his experience and how it motivated him and his team to build an independent firm that is focused on their clients, the strategies behind their extraordinary growth from $1B to $4B, and other valuable lessons for employee advisors and business owners alike.

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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…

Many think that the breakaway movement is driven primarily by advisors—that is, those servicing clients and managing books of business yet attracted to the premise of being an entrepreneur and the prospect of building equity in the long term.

No doubt that’s true, but there’s also a trend of some of the biggest and brightest leaders in the industry who are equally motivated to execute their vision beyond the hallowed walls where they honed their leadership skills.

Mike Quin’s 26 years in the industry, for example, was primarily in senior leadership roles at Morgan Stanley, UBS, and, most recently, Wells Fargo Advisors as the Ohio Market Manager, where he was recognized as a Premier Manager each year.

In Mike’s view, his role was to work with financial advisors and their clients. Yet, over time, he felt the big firms were changing their perspective of the client side.

So, like many returning to the office after COVID, Mike and his advisor friends who ran their own practices at Wells found themselves thinking about the value they received from the firm—and whether they could fully serve clients with impunity.

In this episode, Mike joins Louis Diamond to talk about his decision to break away and their extraordinary growth from $1B to $4B, including:

• Specific pain points he experienced at Wells—and how that drives his vision for success.
• Building a team—and how individual advisors came together to create DayMark Wealth Partners.
• Life in a leadership role—and how his experience in the wirehouses differs from that of DayMark.
• The importance of staying true to their clients—and how building with intentionality is helping them to deliver better service.
• Their strategy for growth—and how recruiting the right advisors and teams plays into their plans.

It’s an important conversation with someone who saw the wirehouse world from the top down and is willing to candidly share his experiences—offering sage advice for employee advisors and business owners alike.

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

Related Resources

Should You and a Non-Partner Colleague Transition Together?
There are valid reasons to consider changing firms or models with a colleague. But is it right for you?

Innovative Ways the Best Independent Firms Fuel Growth: A Special Industry Update
Independence allows advisors to create an unlimited menu of innovative value-add services for their clients. And as the industry landscape expands, employee advisors are finding ways to get in on the action. Learn specific examples of the various services offered by some of the industry’s leading independent firms.

The Employee Advisor’s “Gut Check”
Have you had that “feeling in your gut” that says, “I’m not sure that where I am is allowing me to serve my clients best?” Many advisors get stuck at this point, uncertain of how to qualify whether the feeling has any basis in reality. We’ve created the “Employee Advisor’s Gut Check” tool. With it, you’ll be armed with the right criteria by which to evaluate your current firm, as well as any others you may be considering.

Mike Quin
Managing Partner/CEO

Mike Quin is one of the seven founders of DayMark Wealth Partners. Mike is responsible for managing the firm and growing the business through acquiring elite advisory practices across the country. He is focused on delivering a unique Multi-Family Office strategy to only the very best Advisors who choose DayMark. Through DayMark’s triangulation of advice, he has created a model that helps navigate possible conflicts of interest in which Advisors, for their clients, are able to create, build and preserve Generations’ Worth of Wealth.

Mike has 26 years’ experience in the Private Wealth Management Industry. Mike has spent most of his career in Senior Leadership running the Private Client Group Businesses in Ohio and Connecticut at UBS, Morgan Stanley, and most recently, Wells Fargo Advisors. During his time at Wells Fargo Advisors Mike served as The Ohio Market Manager and was recognized as a Premier Manager every year he was with the firm. Mike also was a member of the Executive Committee for the firms Women’s Initiative.

A graduate of Ohio University, he also attended The Wharton School where he received the SIFMA Certificate from Securities Industry Institute. Mike sits on the Board of the Karen Carns Foundation and is involved in many initiatives to help children throughout the communities in which DayMark does business. Mike enjoys playing golf, skiing, or any activity with his family. He is married to Christina, who also attended Ohio University. They have three kids, Jack (23) who recently graduated (University of Cincinnati) and is now working in the area with Altafiber, Kate (21), who a Senior year at the University of South Carolina, and Kevin who is a Sophomore at the Carl H. Lindner College of Business, University of Cincinnati.

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