The Diamond Podcast: Ox Road's Michael Lee and Steve Armaly

When Michael Lee, Steve Armaly, and their partners left UBS to launch Ox Road Capital, they walked out the door without client information or a single dollar in assets at their new firm.

Just 225 days later, Ox Road crossed $1B in AUM.

But that extraordinary result was years in the making.

Mike and Steve join Mindy to share the story behind the transition: why a highly successful $1.2B UBS team decided its vision had outgrown the employee model, how four partners worked through very different perspectives to reach alignment, and why they ultimately chose independence over the significant recruiting economics available elsewhere.

They also discuss the realities of leaving a non-Protocol firm, how clients responded, and why years spent building trusted relationships became one of their most valuable assets during the transition.

Today, with approximately $1.1B in AUM, a 93% retention rate, six additional team members, and a growing new-business pipeline, Ox Road is beginning to realize the larger vision behind the move: greater control over resources, technology, marketing, staffing, and the client experience.

The Storyline

For Mike, the idea of independence dates back to 2009. The entrepreneurial instinct was there, but the infrastructure, economics, and timing weren’t. He joined UBS instead and, over the next 16 years, helped build an extraordinarily successful business.

Steve had a similar entrepreneurial streak. Together with partners Brian Blackburn and Jeff Allen, they built an integrated team around financial planning, client service, and portfolio management—and a belief that people perform best when they can “soar with their strengths.”

Success, however, eventually created a different question: Could the business they wanted to build continue to thrive within the structure of a traditional firm?

Their answer did not come quickly or unanimously.

The four partners spent roughly a year working toward alignment, at one point turning to an outside counselor to help them navigate differences that threatened a partnership they considered more important than any particular firm or business model.

Once aligned, their priority became clear: Any move had to make things better for clients first.

With Diamond Consultants helping them understand a rapidly evolving landscape and evaluate the range of available options, the team ultimately chose to build Ox Road Capital through LPL Strategic Wealth Services.

Then came the real test.

Leaving non-Protocol UBS meant walking out without client information and trusting that years of doing right by clients would matter. The response offered a powerful answer: Ox Road crossed $1B in AUM just 225 days later.

The story is ultimately less about how quickly $1B moved than about everything that happened before it could: years of service, transparency, partnership, and trust.

Topics Covered

Why Mike first considered independence in 2009—and why the timing wasn’t right
The meaning behind the Ox Road name and its connection to humility, service, sacrifice, hard work, and teamwork
How four partners built an integrated team around complementary strengths
Why partner alignment became one of the hardest parts of the decision
When their successful UBS practice began to outgrow the employee model
Why serving clients better became the team’s “true north”
The economics of choosing long-term ownership over a large recruiting package
How the independence landscape has evolved for billion-dollar wirehouse teams
Diamond Consultants’ role in helping the team understand and narrow the opportunity set
The risks and realities of leaving a non-Protocol firm
How years of client trust contributed to a 93% retention rate
Why they selected LPL Strategic Wealth Services
How greater control is changing staffing, technology, marketing, and the client experience
Ox Road’s plans for organic growth and M&A