With Chris Cooke and Brian Cooke – Cooke Financial Group

Overview

What motivated this $1.6B multi-generational Wells Fargo team to leave the wirehouse world for supported independence with a relatively unknown broker dealer? It’s a candid conversation with Chris and Brian Cooke of Cooke Financial about how their desire for greater freedom and control coupled with support and resources drove their decision and fueled their amazing growth.

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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.

Seven years ago, Chris and Brian Cooke made headlines for breaking away from Wells Fargo Advisors to join the “under the radar” Indianapolis broker dealer Noyes & Co.

Certainly, it was big news for a $1.6B team to leave the wirehouse world—particularly in 2016.

But here’s what makes it even bigger news today—especially if you’re a wirehouse advisor.

It demonstrates the “pushes and pulls” that motivated their decision to leave Wells, which we find are common amongst many top advisors like them:

• The feelings of being limited by their firm.
  
• The management changes that gave them pause to consider whether where they were was indeed the best place to serve their clients and grow their business.
  
• The need for greater freedom and control.
  
• The desire to be entrepreneurs.
  
• The ability to be a part of something bigger than themselves, with equity for the long-term.
  
• And to create a legacy that they could continue for generations to come.
  

John Cooke started the business in 1969 as part of Prudential Securities, with Chris and Brian joining in 1992. Taking their father’s lead, they maintained the family feel—developing strong relationships with their clients through authenticity and empathy. And in doing so, they grew to over $1.6B in assets under management.

Yet things were changing at Prudential. In 2003, the brokerage unit was sold to Wachovia, which later sold to Wells Fargo.

So, like many of their peers in the wealth management industry, the Cookes tired of the changing of the corporate guards—and running the business and serving clients the way they wanted to became increasingly difficult.

Yet, as a billion-dollar team, they had other big firms knocking on their doors. But Chris and Brian knew they wanted to be entrepreneurs, have greater control, and were interested in equity in something bigger than themselves.

So, in 2016, the $1.6B team left Wells for Noyes. And in 2018, with the help of Jim Dickson, Noyes was relaunched as Sanctuary Wealth with the Cooke Financial Group as founding members.

Louis Diamond talks with Chris and Brian in one of our final episodes of the 2023 season. They talk about:

• Their transition to Noyes—and the birth of Sanctuary Wealth.
  
• The choice to opt for what would become “supported independence”—and not building an independent firm themselves.
  
• Going independent—and why they didn’t consider a transition deal from another firm.
  
• The motivations around their decision—and what anticipated changes in wealth management shaped their decision to leave the wirehouse world.
  
• The power of a family business now welcoming the 3rd generation of Cookes—and how they developed into the $2.4B enterprise it is today.
  

It’s a very special episode for many reasons—one that represents the evolution of individuals and the businesses they built in a changing wealth management landscape.

And even our own business and this series are evolving as a result of these changes—representing the growth of the industry and our steadfast goal to keep listeners informed and empowered.

So listen in and stay tuned for some exciting updates along with our new calling card.

Want to learn more about where, why, and how advisors like you are moving? Email mdiamond@diamond-consultants.com or feel free to give us a call at 908-879-1002.

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.

How to Navigate the Emotional Rollercoaster Ride of a Transition: A Special Industry Update

Mindy Diamond and Louis Diamond share ideas from 25 years of experience to help advisors navigate the daunting process of transition and advice on how to better cope with what can feel like a tumultuous ride.

Sanctuary Wealth $25B Later: An Inside Look at the Firm’s 4-Year Growth and What Lies Ahead

Jim Dickson, founder and CEO of Sanctuary Wealth, revisits the show as the firm celebrates its 4th anniversary, to recap the early days of Sanctuary, discuss where the firm is today and the growth of supported independence, plus share lessons they’ve learned along the way and much more.

Chris Cooke

Chris Cooke has been an integral part of the evolution of the Cooke Financial Group. He joined the firm in 1992 as Managing Director of Investments and in 2016 he arranged the merger that launched Sanctuary Wealth, now one of the fastest-growing hybrid RIAs in the country. Cooke Financial Group became the inaugural team on Sanctuary’s exclusive Partnered Independence℠ platform in 2018.

Prior to joining Cooke Financial Group, Chris was an accountant at a national financial services firm. His experience in auditing and performance monitoring was instrumental as the team continuously developed their service capabilities. As one of the owners of the Cooke Financial Group, Chris’ expertise is concentrated in wealth management, retirement planning, and estate planning.

A non-practicing CPA and attorney, Chris is a member of the Indiana Bar Association. He also holds the professional designation Certified Investment Management Analyst (CIMA®), a bachelor’s degree in accounting from the University of Notre Dame, and a Juris Doctorate with a focus on tax law from the Indiana University Law School in Indianapolis.

Throughout his 30+ year career, Chris is consistently recognized by leading financial publications as one of the very best in the country, and in Indiana, for comprehensive investment consulting and wealth management. Some of his recent accolades include:

• #1 Best-in-State Wealth Advisor – 2018-2023, Forbes/SHOOK Research
  
• Top 250 Wealth Advisors – 2018-2023, Forbes/SHOOK Research
  
• Top 1200 Financial Advisors – 2018-2023, Barron’s
  
• Top 400 Advisors in America – 2013-2019, Financial Times
  

He is also a sought-after subject matter expert. He’s spoken before the Barron’s Top 100 Financial Advisors, at Pershing’s INSITE Conference, and at the Forbes/SHOOK Top Advisor Summit. Chris has been quoted in The Wall Street Journal and the Indianapolis Business Journal along with many other national publications.

Chris is a history buff and for over 20 years has been actively involved with Conner Prairie, an interactive history museum affiliated with the Smithsonian. He is currently Chairman of the Conner Prairie Foundation Board of Directors and, in his local community of Fishers, Indiana, he is a board member for the Ascension North Region Hospitals (Fishers, Carmel, Kokomo, Anderson). He is also a Finance Committee member for Elevate Ventures. Chris enjoys waterskiing, tennis, and the family horse farm. He and his wife Elizabeth have three grown children, two of whom have joined the Cooke Financial Group.

Brian Cooke

Brian Cooke joined the Cooke Financial Group in 1992 and earned the professional designation of Certified Investment Management Analyst (CIMA®) in 1995. He is a seasoned Wealth Advisor with over 30 years of industry experience in assisting individuals, families, and institutions in securing their financial future. As one of the owners of the Cooke Financial Group, Brian specializes in asset allocation analysis, professional money management consulting, and client communications.

Brian is consistently recognized by leading financial publications as one of the very best in the country, and in Indiana, for comprehensive investment consulting and wealth management. Some of his accolades include:

• #1 Best-in-State Wealth Advisor – 2018-2023, Forbes/SHOOK Research
  
• Top 250 Wealth Advisors – 2018-2023, Forbes/SHOOK Research
  
• Top 1200 Financial Advisors – 2018-2023, Barron’s
  
• Top 400 Advisors in America – 2013-2019, Financial Times
  
• Advisors Under the Age of 40 – 2007, On Wall Street Magazine
  
• Forty Under 40– 2006, Indianapolis Business Journal
  

Brian and his brother, Chris, are co-founders of Sanctuary Wealth. With a shared vision of partnered independence, the Cooke Financial Group was the first team to join Sanctuary in 2018. Sanctuary is now one of the fastest-growing hybrid RIAs in the country. Today there are over 80 partner firms in 20 states with total assets under management of over $25 billion.

He has a bachelor’s degree in business/marketing from the Kelley School of Business at Indiana University. Brian is a member of the Penrod Society and St. Simon the Apostle Church. He is a member of the Professional Advisor Leadership Council at the Central Indiana Community Foundation. Brian is a member of the finance committee for the Cathedral Foundation. He is also a volunteer for Homes of Hope and Youth With a Mission (YWAM).

Brian and his wife, Amy, live in Indianapolis and have two children: Anna and David.

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