The Evolution of an Elite Advisor: From Breakaway to M&A to Increasing Annual Revenue by $10mm in Just 3 Years

The Diamond Podcast for Financial Advisors

With Justin Berman—Co-Chairman at Cresset and Founder of Berman Capital Advisors

Overview

Justin Berman demonstrates an important concept: Change is constant. After a novel leap from Goldman Sachs to independence in 2010 and building the business from $1B to $5B in 10 years, he decided he needed to make a change to provide an even greater impact on his clients and business in the future. So he merged with Cresset Asset Management and in just 3 years, increased revenue from $17mm to $27mm.

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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 was May of 2020 when Justin Berman first shared his breakaway story on this series.

In “Life After Goldman Sachs,” Justin shared his perspective on leaving the prestigious brand to launch an independent firm. He discusses why, after 7 years at Goldman, he felt limited by changes at the firm in his ability to serve his high-net-worth clients’ needs and continue to grow the business into the future.

So, Justin launched Atlanta-based RIA Berman Capital Advisors, a firm that grew from managing a billion in client assets to $5B over the course of 10 years.

Then in September of 2021, it was announced that Justin’s firm would merge with Cresset Asset Management.

The big question is why would a successful independent firm decide to align with a multi-family office and investment firm like Cresset?

As Justin put it, he once again considered the future, his clients’ needs, and his firm’s ability to serve those needs and grow the business going forward.

And it’s proving to be a good decision: In just 3 years, his revenue increased from $17mm to $27mm.

He revisits his journey with Mindy Diamond, filling in the gaps since his last visit, and offering a unique perspective on the evolution of an advisory business, including:

• The choice to give up control of the business he built—and how that decision has proven to be the right one.
• The options he considered—and why Cresset was the partner he chose to align with.
• The impact of change on a business’s future—and what Justin specifically saw that inspired his decision.
• His incredible growth—and what key steps he finds most effective.
• What it means to be a “family’s first call”—and how a partner or business model can help facilitate that.
• The power of attracting top talent—and why it’s imperative to have a team and services that demonstrate growth and profitability.

Justin’s story is important because it shares how, instead of being feared, change should be embraced as a pathway to growth. Listen in to learn valuable insights that can help inspire your own evolution.

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

Finding the Shortest Path to Excellence Can Be a Game Changer for Advisors
Doing everything you can to deliver better service, drive growth, and achieve your goals faster can result in extraordinary benefits.

Life After Goldman Sachs: A Story of Extraordinary Success
Ex-Goldman Sachs advisor Justin Berman shares how he found the courage to leave the Goldman imprimatur, brave Garden Leave, and build the $3B Berman Capital Advisors.

Private Bankers Find Greater Independence: Former $2B J.P. Morgan Team on Their New Chapter with Cresset
Private bankers are far less likely to leave the banks they built their businesses at given the challenges they face in a move—most notably portability concerns and garden leave provisions. Yet Kevin McGuire, Sarah Burney and their team started to feel a conflict between what they wanted to do for their clients and what they could do under the auspices of J.P. Morgan Private Bank. So they explored their options, including the thought of launching their own RIA, but instead opted for Cresset. They share their story one year after making the transition.

Justin Berman
Co-Founder and Co-Chairman

Justin Berman is Co-Chairman at Cresset, and Founder of Berman Capital Advisors. In his role, Justin works with multi-generational entrepreneurial families while setting the strategic vision for the firm.

Justin founded Berman Capital Advisors in 2010 as part of his commitment to provide truly objective family office services, wealth management, and investment consulting services to a select group of high-net-worth families. Prior to this, Justin worked in the Private Wealth Management division of Goldman Sachs & Co., where he was a member of the firm’s Leadership Council. He has also served in the Investment Advisory Group at myCFO, Inc., and in the Private Client Group at Arthur Andersen & Co.

Justin graduated summa cum laude from Georgetown University, where he served as Varsity Tennis Captain and was a Rhodes Scholar finalist. He also earned an MBA from The Wharton School, University of Pennsylvania, where he was named a Palmer Scholar.

Justin is active in the community and is on the board of trustees of The McDonough School of Business at Georgetown University, Leadership Atlanta, and Grady Health Foundation. He also chairs the board of My Journey Matters, a program designed to help reduce recidivism in young offenders in Atlanta. Justin is also involved in the Young Presidents’ Organization. Justin and his wife, Mara, reside in Atlanta and have three children.

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