Controlling My Destiny: Insights from a $300M UBS Breakaway – with Lori Siegel

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Mindy Diamond

 

Certified Financial Planner Lori Siegel and her partner Robert Russo left UBS to form Centrix Wealth Partners in February of 2019. Despite things seeming “good enough” at UBS for a long time, Lori admitted that she didn’t know what she didn’t know and had a sense that the grass could be greener in a world where they could have more freedom and control.

Lorie SiegelAnd after 6 months of due diligence, Lori and Robert chose to go independent with Raymond James Financial Services (RJFS).

One year later, even with the COVID-19 crisis turning the world upside down, Lori says, “We’ve never looked back.”

Because through it all, the ability to be in control of their destiny – and most importantly, how they take care of their clients – has allowed them to move through the crisis in a way that they and their clients are most comfortable with.

So Lori joins the show to talk about life as a relatively new business owner, including:

  • The drivers behind the decision to leave UBS after 10 years—and how changes within the industry, and at UBS in particular, served as the “last straw.”
  • What she and her partner are able to do as independent business owners that they could not as employees of a wirehouse—and how the ability to market freely was an important factor.
  • The attraction of the RJFS independent broker dealer model—and what made it stand apart from other options they considered.
  • The power of independence when it comes to navigating a crisis—and how RJFS has supported them and their business.

Lori’s perspective is an interesting one, as she candidly shares her experiences on the process of considering change and the value of business ownership—a story that many advisors can relate to.

 

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Lori Siegel:

For more than 22 years, Lori has specialized in developing comprehensive wealth management plans for successful families, executives, business owners and widows. In addition to being a Certified Financial Planner™ professional and a Chartered Retirement Planning CounselorSM, she is a Certified Exit Planning Advisor who helps business owners prepare for the sale or transition of their companies.

Lori speaks frequently on a variety of topics for organizations, associations and corporations.

Lori was recognized as a 2017 and 2018 Forbes Top Women Advisor and as a Forbes Best-In-State Wealth Advisor for Texas in 2018 and 2019. Prior to joining Raymond James in 2019, Lori held positions at UBS Financial Services and Smith Barney.

In support of her community, Lori is actively involved in the United Way Women’s Initiative and serves on the board of Girls Inc. in Houston.

When she isn’t working and volunteering, Lori enjoys hanging out with her two Maltese dogs, Emmy and Oscar, as well as traveling and scuba diving with her husband, Jon. Many of their trips are to Los Angeles to visit their 25-year-old daughter, Alexis. Lori is also an avid fan of the Houston Astros specifically and college football generally.

 

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