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

Even today, at a time when independence has become mainstream, it’s hard for most advisors to consider leaving a large firm like Morgan Stanley to make the leap into entrepreneurship. But consider what it was like at the beginning of the 21st century: The tech bubble had just burst, leaving consultants and clients in a tizzy. And freedom was known only to a few adventurous and uber-entrepreneur types.

At the time, the guest on the episode, Brock Moseley, was off Morgan’s training program—one of the few new-found mentors who remained after he was off the field. This is what Brock describes as having a really tough time at the firm where consulting went down, and the consultants were trying to protect their books.

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

So, in 2004 when Morgan Stanley was looking to recruit him back, Brock came up again.

But, after all, for this former schoolteacher, the ability to continually learn, grow and advance knowledge was inherent in his nature. For him, being aware of the opportunity is the only way to find his true passion. And through it all, he knew he could only live up to that ethos if he raised his own business from the ground up. Which was based on everything he couldn’t find anywhere else.

So in 2007 he launched Miracle Mile Advisors.

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

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

  • Morgan Stanley and Bel Air’s early days and how each helped them articulate their vision for the Miracle Mile.
  • The process of building an independent firm in 2007—and how it differs from what’s available for breakaway today.
  • The decision to sell a piece of his business to Merchant Investment Management — and how he anticipates that will affect the firm going forward.
  • The role of mentorship—and how it affects both their personal and professional lives.
  • The unique value proposition of the Miracle Mile—and how the firm differs from other ultra-HNW-focused firms and major wirehouses.

As Brock shares, there comes a point, “If you can’t find what you want, you need to make it yourself.”

Hear how he came to this conclusion and eventually built an extraordinary firm worth over $3 billion based on his values ​​and vision.

Download the transcript of this episode…

Hear more episodes of Mindy Diamond on Freedom, A Podcast for Financial Advisors Considering Change,

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