Season 1 Episode 331
Overview
After more than a decade at Edward Jones, Steve Davis realized he’d outgrown the model. He wanted more control, flexibility, and the ability to serve clients his way. In this episode, Steve shares how he built a lean, focused, and highly efficient independent practice with LPL—and why success isn’t about size, but about designing a business that fits your life.
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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.
When we talk about advisors “outgrowing the firm,” it often sounds theoretical. For this episode’s guest, it’s anything but.
After more than a decade at Edward Jones, Steve Davis found himself limited—unable to market his CFP® credential, restricted on hiring, and frustrated by compliance that treated every advisor the same, regardless of experience. The breaking point came when he lost a major client relationship: not because of service, but because he simply couldn’t access the solutions that his client needed inside the Edward Jones model.
That was when it became clear that Steve hadn’t just outgrown Edward Jones; he needed a platform that matched where he wanted to take his practice well into the future.
Today, as the founder of Madison & Elm Wealth Management, an independent practice affiliated with LPL, he runs what he calls a “hyper-efficient, hyper-focused” solo practice. With 60 clients, $60M in assets, and a net payout that well-exceeds that of his time at Edward Jones, he’s proven that independence isn’t just about size: It’s about control, choice,
Published on 20 hours ago
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