Insights

More than half of all independent financial advisors say they would cut ties with their affiliated brokerages if the only other alternative under a proposed federal rule is to become a direct employee. So suggests a study released on Jan. 18 by the Financial Services Institute, an industry group and lobby representing roughly 160,000 advisors and 85 financial services firms. The report warns that a Department of Labor rule proposed on Oct. 11 to prevent abuses of independent contractors could not only drive large numbers of advisors to end their affiliation with larger brokerages but also give them further incentives to work exclusively with well-to-do clients. Click here to read the full article.

As an advisor, it’s easy to get distracted by noise in our industry. Every day you are inundated by hundreds of articles, blogs and webinars telling you what you have to do in order to build a successful business. What this advice often fails to include is the disclaimer that what works for one advisor may not necessarily work for you. There are many different ways to build a practice today and just because one strategy seems to be trending right now in our industry, doesn’t mean it requires your focus this year. Click here to read the full article.

Onboarding these diverse advisory teams enables Journey to reach a 50/50 split of men and women at the firm less than two years into its founding. JSW, a nationwide advisory firm with a mission to redefine what it means to be “independent” in the financial advice industry, today announced the addition of three new advisory teams led by Mark Newfield, CFP®, RICP, Laurie Adams, and Kathleen Barlow, CDFA, totaling $210 million in new assets under management (AUM).

Journey Strategic Wealth, the registered investment advisor partnership launched last year, has recruited three advisory teams, adding $210 million in assets to its platform. JSW, founded in January 2021 by financial advisors and former Dynasty Financial Partners executives Michael Brown and Brian Flynn, along with practice management coach Penny Phillips, has brought in five advisors and four new teams so far this year, bringing its total assets to $2.65 billion.

Journey Strategic Wealth, the registered investment advisor partnership launched last year, has recruited three advisory teams, adding $210 million in assets to its platform. JSW, founded in January 2021 by financial advisors and former Dynasty Financial Partners executives Michael Brown and Brian Flynn, along with practice management coach Penny Phillips, has brought in five advisors and four new teams so far this year, bringing its total assets to $2.65 billion.

Damian Lo Basso, managing partner and CFO at $2.6bn RIA Journey Strategic Wealth, examines the changing climate for employee compensation.

Damian Lo Basso, the former founder and CEO of Compass CFO Solutions, has joined Journey Strategic Wealth, the new registered investment advisor/partnership launched earlier this year, as managing partner. Lo Basso joins three other managing partners at the firm, which include former Dynasty Financial Partners executives Michael Brown and Brian Flynn, as well as practice management coach Penny Phillips, founder of Thrivos Consulting. As of the end of the first quarter, Lo Basso sold his stake in Compass CFO Solutions, an outsourced accounting, bookkeeping and strategy firm that services financial advisors exclusively, to his partner Matt Hayon.

Summit, N.J., May 11, 2021 (GLOBE NEWSWIRE) -- Journey Strategic Wealth (“Journey”), a registered investment advisor and practice management partner, today announced the addition of Damian Lo Basso as managing partner. In this role, Lo Basso will head finance, operations, and mergers and acquisitions for Journey as the firm continues to expand its industry-disruptive approach to the traditional RIA aggregator model. In addition, Mark Lebida, CFA® will serve as director of investments, Erin Moeller as chief of staff, and Caitlin West, CFP® as director of operations. Lo Basso is a sought-after industry expert for his work in helping execute more than 50 M&A transactions with firms ranging in size from $50M to $5B in assets under management while advising both buyers and sellers. With a background in investment banking, Lo Basso began his career at Deutsche Bank’s Structured Finance division and eventually served as vice president for Dynasty Financial Partners. In 2017, he left Dynasty and launched Compass CFO Solutions, one of the only fully outsourced accounting, bookkeeping, and strategy firms that services the RIA industry exclusively. At the time of Lo Basso’s departure, Compass was managing the finances for over 75 RIA's. Compass is currently fully owned and managed by co-founder Matt Hayon. “Damian has forged his own path in this industry, always focusing on how to improve the experience for advisors and their clients,” said Penny Phillips, president and co-founder of Journey. “All of the partners here at Journey have known Damian for quite some time; what we respect so much about him is not just his sheer knowledge and competency in finance, accounting and operations – he’s also one of the most ethical and compassionate people we all know.” Lo Basso is now one of four managing partners, including longtime advisor executives Michael Brown and Brian Flynn, along with Phillips, who founded practice management firm Thrivos Consulting. “I really believe that Journey is a first-mover when it comes to the modern advisor,” said Lo Basso. “We’ve built a solution where advisors can focus on listening, responding, and anticipating their clients’ needs, rather than getting bogged down in operations. I’m excited to bring my expertise to this team and our advisors – we’ve got a lot in store for this industry.” As director of investments, Lebida brings over 16 years of investment management experience to the Journey team, where he oversees the firm’s Investment Committee, asset allocation, and manager selection processes. Prior to joining Journey, he was the Chief Investment Officer of a multi-family office where he headed the firm's Investment Committee, managed multiple Special Purpose Vehicles, and was tasked with providing market commentary and client communications.

Damian Lo Basso is moving on from the outsourced CFO services firm he founded to join an upstart RIA. Lo Basso (pictured), formerly the chief executive of Compass CFO Solutions, has joined Journey Strategic Wealth, a Summit, N.J.-based firm with roughly $2.7bn in client assets under management.