Why a $5B UBS Breakaway Team Set Out to Build the “Boutique Firm of the Future”

With Mike Durbin, CEO of Cetera Financial Group Overview The CEO of Cetera Financial Group shares insights on independence, private equity, and balancing scale with service, plus what the future holds for advisors and firms. Watch... Listen in... > Download a transcript of this episode… 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... The wealth management industry is at an inflection point—where scale, service, and strategy all collide. Drawing on 35 years of industry experience and leadership roles at Morgan Stanley, Fidelity, and now Cetera, Mike Durbin offers a unique perspective on the forces shaping the world as we know it. Since joining Cetera in 2023, Mike’s led the firm through rapid expansion—balancing the resources of a $600B+ national platform with a boutique-level advisor experience. From multi-channel affiliation models to tech and AI integration, his strategy centers on one thing: helping advisors grow faster, smarter, and more sustainably. In this episode, Jason Diamond and Mike discuss: The future of independent wealth management—and how it stacks up against the wirehouse model. Cetera’s differentiators in today’s competitive recruiting environment—and why its “big feel, small approach” matters. The role of technology and AI—and how they’re driving efficiency, personalization, and advisor capacity. Private equity’s influence on the industry landscape—and what it means for long-term strategy. Lessons from leadership roles at Morgan Stanley and Fidelity—and how those experiences shape his vision at Cetera. Where the biggest opportunities lie ahead for advisors—and what excites him most about the next decade. Whether you’re an advisor evaluating your options or a leader navigating change, Mike’s candid perspective provides clarity on what it takes to thrive in today’s environment. 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 IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider When it comes to freedom and control, there are key differences amongst the independent broker dealer (IBD) and registered investment advisor (RIA) spaces that every advisor should be aware of. RIA, IBD or somewhere in between: Which version of independence is right for you? As the independent space continues to expand, prospective breakaway advisors often have a hard time deciding between different individual models and options. These 5 questions can help point you in the right direction. Disclaimer: This material is for informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell any security. Opinions may change without notice. Forward-looking statements, including projections or estimates, are not guarantees. Past performance is not indicative of future results, and all investing involves risk, including loss of principal. “Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Wealth Services LLC (f/k/a Cetera Advisor Networks), Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are members Member FINRA/SIPC. Mike Durbin Chief Executive Officer Mike Durbin is chief executive officer of Cetera Financial Group and a member of Cetera’s board of directors. In his role as CEO, he oversees Cetera’s growth initiatives, from expansion into new and adjacent markets to evolving Cetera’s existing capabilities for the financial professionals and fina...

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