With Barry Mitchell, Founder & Managing Director, Next Level Private

Overview

Former UBS advisor Barry Mitchell discusses why he messed with success in the quintessential narrative for financial advisors around how to think about change, due diligence, the transition process, and more.

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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.

Why do so many top advisors opt to make a change when things seem good enough?

This is one of those episodes that answers that question and many more.

Barry Mitchell was a UBS advisor who built an extraordinary business at the firm. Yet, as Barry describes it, he felt the pull of entrepreneurialism to a world where he could serve as a true fiduciary to his clients.

That is, a world without the conflict of interests inherent in the big brokerage world; where client minimums are the advisor’s choice, not the firm’s; and free of the limitations that barred him from marketing as he wished and building a real community around being a “financial advocate” as opposed to a “financial advisor.”

So, in 2021, Barry and his team left UBS to launch Next Level Private, an independent firm that he built from the ground up, with support from a team of experts, as he puts it—including their custodian Pershing and a cast of other partners well-versed in building an RIA firm from transition process onward. (In full disclosure, Diamond Consultants is proud to have served as his guide through the due diligence and transition process.)

In this episode, Mindy Diamond asks Barry many of the questions advisors have around considering change, like:

• Why was he willing to mess with success?
  
• Why not opt for an outsized transition deal from another big firm?
  
• Why independence?
  
• What was it like making a non-Protocol move?
  
• What assumptions did he have that were ultimately proven incorrect?
  
• How did his clients respond?
  
• What about portability?
  
• And much more.
  

Plus, Barry shares how this change has impacted his business life—and whether he is achieving all that he sought out to.

It’s the one conversation to listen to from an industry peer who once had many of the same questions as you—offering the quintessential narrative around how to think about change, due diligence, and the transition process.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

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Mitchell Jr., CRPC®, CRPS®, CAP®
Founder and Managing Director

• 2022 #8 Forbes Best-in-State Wealth Advisor New York State
  
• 2021 #9 Forbes Best-in-State Wealth Advisor New York State
  
• 2020 #14 Forbes Best-in-State Wealth Advisor New York State
  
• 2019 #15 Forbes Best-in-State Wealth Advisor New York State
  
• 2018 #17 Forbes Best-in-State Wealth Advisor New York State
  

Barry embarked on his journey to change the face of the financial services industry in 1987.  During his 35-year career, Barry has proven to be eminently qualified to help clients and their families in his role as their trusted advocate.  He has helped them navigate every type of market environment helping them sleep at night since 1987, as they march towards financial independence.  He takes great pride in his ability to add value by providing clients with a high standard of support, collaboration and knowledge.

Barry founded Next Level Private with his team in 2021 as a registered independent advisor to serve their clients and community in a better way as fiduciaries.  It is important to recognize and understand that NXT is not a broker dealer, and because of that Barry, the firm and all of its employees are held to a higher standard of care, known as the fiduciary standard.

Barry is a 1983 graduate of Iona Prep and in 1987 graduated from Boston College Carroll School of Management with a B.S. in Finance and Marketing.  His belief in continual learning has earned him multiple industry designations including the Chartered Retirement Planning Counselor (CRPC^®), the Chartered Retirement Plan Specialist (CRPS^®), and the Chartered Advisor of Philanthropy (CAP^®).  Since 2018, Barry has been recognized annually as a Forbes Best-In-State Wealth Advisor for New York State.  He is currently ranked #8.  Next Level Private has recently been recognized on Financial Advisor magazine’s list of America’s Top RIA’s in 2022.  Next Level Private has also been featured as “The Face of Financial Advocacy” in 914 Inc and Westchester Magazine.  Westfair Communications has also recognized Barry as a Top Wealth Advisor for Westchester/Fairfield counties since 2018.  Next Level Private and Barry currently advise on and manage in excess of $750 million of assets and liabilities.

Barry’s ethos for Next Level Private, and the way he and his wife Elisabeth live their lives encompasses helping others and continuously finding ways to give back to their communities.  Barry is often heard saying “Do something for someone today that will change their life tomorrow,” a simple and tremendously powerful way to live.  Barry, Lis and the Next Level family are keenly focused on giving back to many charitable organizations and philanthropic causes.  Barry has recently joined the boards of Hospice of Westchester and Meals on Main Street (a soup kitchen in Port Chester formerly known as Caritas.)  He is a member of Elizabeth Seton’s Children’s Leadership Council and the Friendly Sons of St. Patrick.  Barry and Lis are also National Co-Chairs of the Crusader Athletic Fund for the College of the Holy Cross.  Barry has supported and participated in Swim Across America for over 15 years and is the sponsor and captain of the Next Level Private SAA team which raised $37,000 in 2021.  Barry, Lis and NXT are also passionate supporters of Bronx Lacrosse, Soul Ryders, Buying Time, Each One Counts, Iona Prep Father’s Council, The Picture House (Pelham and Bronxville), Don Bosco Community Center, and many other important community organizations.  Barry and Next Level Private are also now sponsors for the New York State Trials Lawyers Association and actively participate, educate and support many of the PBA’s here in Westchester County.

The Mitchells raised their three children in Rye, New York.  The oldest two are college graduates – Barry III, Boston College ’21, and Margaret, College of the Holy Cross ’22.  John ’25 is currently attending the College of the Holy Cross and playing on the lacrosse team.  Both Barry and Margaret played lacrosse in college as well.  Barry is an avid golfer and open water swimming enthusiast.

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