Perspectives Blog

It’s not the deal I was expecting.

July 18, 2017 By Mindy Diamond 5 steps to getting past the disappointment and toward the deal you really want. You are in the middle of the negotiating process and you’ve hit a snag: The offer is less than what you expected or isn’t structured the way you imagined. Your first reaction is to feel mad, even resentful, because you think you were duped. Then you grow intransigent because you want to protect your self-interest and ensure you are getting the best deal possible. So where did things go wrong? Sometimes the negotiation process breaks down at the eleventh hour […]

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Contemplating “PREXIT”—What happens if firms exit the Protocol?

By Howard Diamond – Over the past few weeks, rumors have abounded that some wirehouse firms are contemplating an exit from the 13-year old arrangement that protects firms and advisors alike: Membership in the Protocol for Broker Recruiting (“Protocol”). What is the rationale for considering such a move and, more telling, what impact will it have on advisor recruiting?

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Diamond Consultants Independence

In the Spirit of Independence

If you are an advisor who is looking for a greater level of freedom and a chance to build what our forefathers saw as the American dream – that is, a business based on choice, flexibility and an opportunity to build equity for your future – then you’ll want to read these articles.

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Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence

By Mindy Diamond – In the past 2 months or so, we saw 4 big Goldman Sachs teams leave the vaunted firm, with 3 out of the 4 going independent. Historically, advisors from non-Protocol firms – especially those with garden leave provisions like the one Goldman Sachs puts in all its employment contracts – would never have considered the independent space.

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Buy the Book: A Growth Strategy Worth Considering

By Barbara Herman – The opportunity to take over a book of business is something sought after by virtually every advisor, and most would assume that every such opportunity should be pursued vigilantly. But are there times when advisors should walk away, as tempting as it may be on the surface to add assets—whether they are acquired, inherited from a senior partner, or as a result of strategic alliances.

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The Final Frontier for Terminated Advisors

By Debbie Wallen – It’s no secret that firms have adopted zero-tolerance policies as a result of the hyper-compliant world we are living in. As such, we are seeing more and more wirehouse advisors being terminated for non-sales related issues – some infractions that many would consider absurd. Even the long-tenured and large producers – who once felt somewhat immune to such scrutiny – are finding themselves facing audits that have lead to unexpected terminations.

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Deal Breakers: How the Reduction of Recruiting Impacts Wirehouse Advisors

By Mindy Diamond – The industry is abuzz as advisors who had long counted on outsized recruiting deals to fund their retirements are now wondering what the future has in store for them. Much has been written in the past several weeks about Merrill and Morgan’s decisions to follow UBS’ lead and pull back on the amount of recruiting they will do. The majority of the rhetoric discusses the potential impact of these now lower recruiting packages and less appetite for talent on a prospective recruit; that is, the advisor who has plans to change jerseys imminently.

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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

By Deborah Aronson- 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 thought-out. In fact, we often recommend that advisors begin preparing for their transition three months before their anticipated move date.

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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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