Perspectives Blog

Surviving the Rumor Mill in the Financial Advisory World

By Barbara Herman – This is an industry where rumors frequently abound. From headlines to hearsay, the stories start out as whispers then circulate fast and furiously. There are the ones that tell of a major firm being on the block or the others of a firm exiting the Broker Protocol. Each creates feelings of uncertainty and concern, and can lead advisors to speculate about what lies ahead. What makes it even more confounding is that sometimes there actually is some truth to the buzz.

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The 3-Year Challenge: Is your firm still right for you?

By Mindy Diamond – With an industry landscape that offers more choice and opportunity than ever before, advisors have little excuse to be living anything but their best business lives. Yet day-to-day relationship management and investment decisions take priority, so few rarely stop and take a close look at whether or not where they are is still serving their clients and business best—especially if they are not all that unhappy.

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The Bigger the Team, the Bigger the Obstacles

By Barbara Herman – The movement of billion dollar premier wirehouse teams has become part of the industry’s new normal. Consider Paul Feinstein’s move from UBS to First Republic, or Matthew Celenza’s move from Merrill Lynch to Dynasty. Headlines aside, what many don’t realize is how much goes into moving behemoth teams like these. Ultimately, what we find is that the bigger the team, the bigger the obstacles they are likely to encounter. Given that, advisors like Paul and Matthew who ultimately choose to move despite the challenges that they were up against, do so because in the end their goals – the commitment to better serve clients as true fiduciaries, and the desire to build independent enterprises – are strong enough to prevail.

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Opportunity abounds for larger-producing advisors, but what about their lower AUM colleagues?

By Mindy Diamond and Barbara Herman – The world of the independent broker dealer is spinning fast and consolidation seems to be the watchword on everyone’s mind these days. Mega-firms like LPL gobbling up smaller BDs like those under the NPH umbrella is something we are likely to see much more of in the coming months.
So what does this mean for advisors – large and small – who call one of these smaller BDs home?

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Mindy Diamond IBD Advisor

My IBD was just sold. Now what?

By Mindy Diamond – As an independent rep whose BD was just sold, whether you’ve been content or not with your firm, there’s no doubt that the announcement is unsettling. Someone just threw a grenade in the room and changed all that you built your life’s work upon. No one asked you if you wanted things to change; it just happened. It’s as though you’ve lost all power over your business life.

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Beginning with the end in mind

By Mindy Diamond – The reality is that many advisors start vetting firms without knowing exactly what it is they are ultimately looking for in the first place. And then these same advisors often find themselves either staying put out of a sense of overwhelm, or “settling” for a solution that may not actually solve for the issues that set their exploration in motion in the first place.

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Is inertia holding you back? 5 questions to ask yourself

By Wendy Leung – As recruiters, we talk with hundreds of advisors each month, the majority of whom tell us that they are very happy and have no intention of making a move. Yet, often these same advisors share multiple frustrations that they have made peace with over time: Bureaucracy that breeds inefficiency, problems with client service, platform limitations and reductions in compensation often top the list. So what’s keeping these advisors in their seats?

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And the advisor responded, “What was I thinking?”

By Mindy Diamond – This was the answer I got when I asked, “How’s it going?” of an advisor I helped move from one firm to another two months ago. And unfortunately, his response is not all that uncommon, considering that we’re talking about an event that would mark one of the biggest transformations to an advisor’s business life.

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Louis Diamond Independence for Financial Advisors

What Every Advisor Wants: The 4-Legged Stool

By Louis Diamond – Going independent seems to be the loudest buzz these days. It’s clearly where the puck is heading for more and more wirehouse teams—especially since 3 of the 4 major firms have announced plans to pull back on recruiting (at least for now). However, while the basic tenets of independence – autonomy, flexibility, control, creativity, superior take-home economy, empowerment – are particularly appealing to many, it is near impossible for the majority of even the most entrepreneurial advisors to get from “here to there”.

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It’s not the deal I was expecting.

By Mindy Diamond – 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.

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