Perspectives Blog

Mover’s Remorse: 3 Things You Can Do When it Turns Out the New Firm Isn’t All You Expected

By Mindy Diamond – More often than you would think, advisors tell us that they made a mistake by leaving one firm to join another. Sometimes it’s because the move was made in haste: that is, the advisor didn’t fully vet the new firm or complete his due diligence. Other times, the advisor was sold the proverbial bill of goods—and he later finds out that the ability to manage and grow his business is severely limited.

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8 Steps to Take Before You Actually Make That Move

May 16, 2016 By Deborah Aronson The next chapter in your career can be easily derailed by not having a concise and deliberate plan in place well before your move date After months of performing thorough due diligence, you’ve finally decided to pull the trigger and make a move. You may even have a start date on the calendar. Now what? While you may feel that you’ve covered all of your bases, there are steps that every advisor should take to ensure your transition goes smoothly. Moving to a new firm requires a degree of preparedness and should be well […]

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Looking for the Biggest and Best Deal: Don’t be a Jerk!

By Mindy Diamond Most firms adhere to what we call a “No Jerk” policy—that is, the prevailing notion that one’s behavior can make or break culture and community. So it always astounds me when I come across an advisor who is hoping to be recruited, yet seems to forget this. I think the assumption is that it is a seller’s market, where the advisor is in the driver’s seat and therefore has a free pass to act any way he chooses—without concern for how he may come across to the hiring manager on the other side of the table.

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Why Merge?

By Wendy Leung – It is undeniable that M&A in the RIA space is heating up and not only are the number of deals increasing but the size of the average deal is also rising. What is behind this trend? Why are independent business owners merging their firms into larger enterprises? The answer is that “scale matters” and real benefits can be derived from merging a smaller independent firm into an enterprise level independent organization.

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What is your inner voice saying to you?

By Mindy Diamond – We all have a voice that guides us. Call it what you like: gut instinct, intuition, radar, or inner GPS. Sometimes that voice serves us well and protects us. It has our back and lets us know that something isn’t good for us; it prods us to exercise more, eat well, take better care of ourselves, and pushes us to do great things. But, for sure, that same inner voice can also be the noise that serves as adversary, betrayer, foe, disputant and, ultimately, “the saboteur”.

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Practical Math: Understanding the Economic Value of Recruiting Deals

By Louis Diamond – Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. Our goal is to help answer a burning question for many advisors: “What is the best deal on the Street?”

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The Math Behind the Move to Independence

By Mindy Diamond – I am asked countless times a week by smart and curious advisors about how the economics of going independent compare to the present value of taking a check from a wirehouse or other major brokerage firm (today maxing at 175% cash up front). Figuring that the question is a valid one and that it is on so many people’s minds, here is my answer.

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6 Key Reasons Why IBD Advisors are Moving to the RIA World

By Howard Diamond – As the principal of a $300mm practice with one of the largest independent broker dealers (IBDs) in the country, “Alan” was feeling that his business had reached a plateau. Oddly enough, this isn’t the first time he’s felt this way. Some 16 years ago, Alan made his initial move to independence by joining a small regional independent broker dealer. After 12 years, he had grown to be the biggest practice there, yet felt constricted by outdated technology, limited platform and a lack of community. Ultimately, he felt as though he had outgrown the broker dealer.

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Gaining Control of Your Career: 8 Steps to Aligning Your Aspirations with Reality

By Mindy Diamond Hardly a conversation with an advisor goes by without discussing the desire to go independent. Having heard a lot about it – the freedom, flexibility, better take-home pay and the ability to build a true enterprise – many are sure that independence is for them. Yet, sometimes after digging deep, meeting with appropriate representatives, and really getting into the weeds during the due diligence process, some advisors reach the conclusion that – for a variety of reasons – what they thought they wanted doesn’t align with what’s ultimately practical.

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A Guide to Surviving the Due Diligence Process

By Barbara Herman – It’s quite evident that the industry landscape has changed dramatically, and an advisor in exploration mode has more to consider than ever before. As a result, it may be a daunting task for most to face the prospect of performing due diligence. Nonetheless, there is value in periodically exploring to gain an understanding of the legitimate options that exist—whether you’re thinking of moving or not. The value you receive from the exercise exists only so long as the process is strategic and efficient, and isn’t allowed to overwhelm.

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