How to Build a Thriving Independent Wealth Management Firm with Brett Bernstein
Episode 153: This week, Kyle Van Pelt talks with Brett Bernstein, CEO & Co-founder at XML Financial Group. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. Before co-founding XML in 2004, he was a Vice President and Senior Financial Advisor at Merrill Lynch. He is also a serial entrepreneur, actively investing in many startups, and has led his firm through three acquisitions.
Brett talks with Kyle about why advisors are going independent. He discusses why independence continues to attract both advisors and clients, what it takes to build trust and brand recognition as an independent advisory firm, and how firms can balance scale with personalization. Brett also addresses the realities of scaling a modern advisory firm, including aligning operations across multiple teams, attracting the next generation of investors, investing in cybersecurity, and thoughtfully adopting AI without compromising compliance.
In this episode:
(00:00) - Intro
(02:03) - Brett's money moment
(05:34) - How to build brand credibility and trust as an independent firm
(07:52) - How Brett defines independence
(11:36) - Unifying operations and compliance while preserving advisor autonomy
(13:15) - XML's social media and content strategy
(18:15) - Referrals, seminars, and community-driven growth strategies
(20:04) - How to build a successful business from the ground up
(22:08) - Cybersecurity as a non-negotiable investment
(25:02) - How XML adapts to technology and AI
(27:17) - Leading with compliance: XML's approach to using AI
(29:16) - What Brett thinks about data and AI
(31:24) - What the future holds for XML Financial Group
(33:53) - Brett's Milemarker Minute
Key Takeaways
Don't chase growth. Build for it. Sustainable growth starts from the ground up. Focus on your real costs, your people, and your clients’ needs first. Then let those realities define your growth targets.
Reach the next generation before you need to. If your client base is aging, the clock is ticking. The children and grandchildren of your current clients are the next relationship to build. Connect and meet them where they're at.
Invest in expertise where it matters most. Cybersecurity, compliance, and technology aren't DIY functions. The cost of not investing is far greater than the cost of doing it right.
Technology is a multiplier, not a replacement. AI and automation should enhance your ability to serve clients, not replace human relationships. Human connection, trust, and community engagement will always be core to advisory businesses, no matter how advanced technology becomes.
Quotes
"More money has been going to independent platforms. More people are starting their own firms. They're realizing that independence is a lot of times better for the client." ~ Brett Bernstein
"I want the people to continue doing what made them great and what the clients love." ~ Brett Bernstein
"AI needs to be your partner. Don't look at it as a replacement. And if you can lean into it as your partner, you're going to be better as a firm and better for your client." ~ Brett Bernstein
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