A conversation with Matthew Murphy, CEO, Partner and Rebecca Baker, COO, Partner – Marble Wealth

Overview

Matthew Murphy and Rebecca Baker of Marble Wealth discuss their choice to leave UBS and opt for independence early in their careers, the impact of signing on to the firm’s retire-in-place program ALFA, their age as a competitive advantage, and much more.

> 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.

People are sometimes surprised when they hear of a young, growing wirehouse team making the leap to independence.

Because these teams have the tiger by the tail at their firms—and a long enough runway to take advantage of a massive recruiting deal from another big firm before opting for independence down the line.

So why would they instead opt for independence now?

Matthew Murphy and Rebecca Baker built a nearly $800mm business in just 15 years working with high net worth and ultra-high net worth clients.

However, it became apparent that they were limited in what they could do for their clients within the wirehouse environment—such as offering sophisticated lending solutions that were not accessible at UBS.

And to truly serve their clients “in the manner they thought was best” meant not just changing firms but changing models.

So, they jumped into due diligence with our firm, heading down a path to explore the idea of launching their own RIA. Ultimately, they decided on launching Marble Wealth with Sanctuary Wealth—a solution that offered them support to get the business up and running more quickly than they might on their own, plus the scaffolding that they hadn’t considered they might need along the way.

In this episode, Matthew and Rebecca recount their journey with Louis Diamond. Together they discuss:

• The changes they saw at UBS—and how that gave them a new perspective on their business.
  
• The impact of signing an ALFA agreement with a senior partner—and how that influenced their decision-making process.
  
• The decision to go independent—and why they didn’t opt for a transition deal from another large firm.
  
• Their ability to serve clients and grow the business—and how it differs from what they were able to do at UBS.
  
• Their age as a competitive advantage—and how it otherwise impacted their business and choices.
  
• Plus, they offer valuable advice for any advisor considering change—and much more.
  

This candid interview explores the notion of change and optionality—a firsthand perspective of an advisor’s thought process when wrestling with the seminal question: Should I stay or go?

If Not Another Wirehouse, Then What?

Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read->

The Mysteries of UBS: Deciphering What Drives its Wins and Losses

UBS advisors describe a culture defined by wins and losses—and they are asking tough questions about what the future holds. Read->

The Independent Alpha: Making the Breakaway Math Add Up

Advisors breaking away for independence know what they are giving up, so how can they justify making this leap? The answer starts and ends with growth. Read->

Matthew B. Murphy, CFP®

Chief Executive Officer, Partner

Matthew began his career in the wealth management industry in 2008. He focuses on investment research, financial planning and client reviews. Matthew is a CERTIFIED FINANCIAL PLANNER™ professional who has also completed the requirements for the Portfolio Manager and Retirement Plan Consulting Specialist designations. Matthew received his bachelor’s degree from Auburn University.

Matthew has also received various recognitions, including:

Forbes/SHOOK Best-In-State Next-Generation Wealth Advisors, 2018, 2019

Forbes/SHOOK Best-In-State Wealth Advisors, 2019, 2020, 2021, 2022

Forbes/SHOOK Top 250 Next-Generation Wealth Advisors, 2020, 2021

UBS Rising Advisors; UBS Top 35 Under 35, 2018, 2019

Matthew and his wife, Leigh, live in Auburn, Alabama with their four children.

Rebecca H. Baker, CPA, CFP®, CEPA

Chief Operating Officer, Partner

Rebecca is a Certified Public Accountant (CPA) and CERTIFIED FINANCIAL PLANNER™ professional. She also holds the Certified Exit Planning Advisor (CEPA) designation. She received her BS in Business Administration (Accounting) from the University of Alabama as well as her Master of Business Administration (Accounting) from Auburn University Montgomery.

Prior to her career in the wealth management industry, she worked for 10 years in the tax and audit areas at a CPA firm in Montgomery, Alabama. Rebecca has experience in various areas including corporate audit, corporate and individual taxation, and business and wealth planning.  Rebecca focuses on client relationships and reviews, along with financial planning.  She is also involved in various community organizations.

Rebecca and her husband, Jason, live in Montgomery, Alabama with their two sons.

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