With Steve Davis, Founder & CEO, Madison & Elm Wealth Management

Overview

After more than a decade at Edward Jones, Steve Davis realized he’d outgrown the model. He wanted more control, flexibility, and the ability to serve clients his way. In this episode, Steve shares how he built a lean, focused, and highly efficient independent practice with LPL—and why success isn’t about size, but about designing a business that fits your life.

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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.

About this episode…

When we talk about advisors “outgrowing the firm,” it often sounds theoretical. For this episode’s guest, it’s anything but.

After more than a decade at Edward Jones, Steve Davis found himself limited—unable to market his CFP® credential, restricted on hiring, and frustrated by compliance that treated every advisor the same, regardless of experience. The breaking point came when he lost a major client relationship: not because of service, but because he simply couldn’t access the solutions that his client needed inside the Edward Jones model.

That was when it became clear that Steve hadn’t just outgrown Edward Jones; he needed a platform that matched where he wanted to take his practice well into the future.

Today, as the founder of Madison & Elm Wealth Management, an independent practice affiliated with LPL, he runs what he calls a “hyper-efficient, hyper-focused” solo practice. With 60 clients, $60M in assets, and a net payout that well-exceeds that of his time at Edward Jones, he’s proven that independence isn’t just about size: It’s about control, choice, and building a business aligned with your life.

In this episode, Jason Diamond dives into Steve’s story, including:

• The limitations he experienced at Edward Jones—and the tangible things he can now do for his clients and business as an independent.


• The options he considered—and why he passed on a lucrative W-2 recruiting deal.


• The process of transitioning out of Edward Jones—and why independence with LPL was the right path.


• The real value of freedom—and how it was reshaped both his practice and his perspective.


• Creating a business that aligns with his lifestyle—and why that was not possible at the firm.

It’s an honest look at life after the W-2 world and how one advisor built a business that works smarter, not harder, with relevant takeaways for advisors at all levels.

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

Related Resources

Post-Transition Survey: Checking in on Former Edward Jones Advisors Who Recently Moved

Unfiltered, fresh, candid, and honest feedback straight from your Edward Jones peers who transitioned to another firm or model within the past 18 months.

The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between

From due diligence to culture fit, client communication to deal evaluation, there’s far more to moving than meets the eye. In this special Industry Update, Jason and Mindy unpack the real playbook behind advisor transitions – the triggers, misconceptions, and timelines – plus lessons from the recent $129B Merrill breakaway that prove why no advisor is “too big” for change.

Wealth Management Landscape at a Glance

The wealth management industry offers more options than ever, making it challenging to identify and compare the various models. We created this “at a glance” continuum infographic—to help you navigate the different models and understand how their features stack up.

Steve Davis

Founder and CEO

Steve Davis is the founder and CEO of Madison & Elm Wealth Management. Steve is a Certified Financial Planner (CFP®) with over 14 years of experience supporting clients in pursuing their financial goals. He meets with clients in-person or virtually, partnering with them and proactively sharing his expertise in order to help maximize their opportunities. He has the support of a team of professionals at LPL Financial who are specifically equipped to handle the sophisticated needs of higher net worth clients.

As a former Division I athlete, Steve brings the same focus and dedication to his clients that allowed him to excel on the baseball field. Steve grew up in Cincinnati, Ohio before attending Kent State University on an athletic and academic scholarship. After graduating magna cum laude with a degree in finance and entrepreneurship, he spent two years as an equity trader. He has been serving clients nationwide ever since. Steve lives with his wife and three children in the western suburbs of Chicago.

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