Career Moves

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On the Fence About a Move?

April 18, 2017 By Mindy Diamond Advisors have more opportunity than ever to build the business that they envision. Yet, with all of the different models to choose from within this greatly evolved landscape, we find many are still searching for a utopian opportunity that doesn’t exist. If an advisor is still unable to check off every item on his wish list, does it make sense to hold out for perfection? Or should one be flexible in his expectations and choose a better, albeit imperfect, solution? Read more…

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Breaking Free of Dated Ideologies

March 23, 2017 By Mindy Diamond It might surprise you to hear that it is often the most productive and successful wirehouse advisors—usually those who serve the highest net worth clients—who feel the most torn by how best to serve them. It is their belief that these wealthier and more discerning clients are married to the wirehouses. After all, these same firms created a culture where advisors and their clients are indoctrinated in the belief that they are only successful because of the firm name and the brand cache that comes with it. “The bureaucracy and hyper-vigilant compliance culture of […]

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Termination Is Not the End of the World

March 7, 2017 By Mindy Diamond Five steps you need to take to save your career. Too many times in the past year alone, I have been the recipient of a frantic call from a quality advisor who has just been terminated. In almost every case, what started off as a typical day quickly turned into a nightmare—a termination without notice and a security escort to the door. When that happens, advisors find their entire careers and relationships with their clients in jeopardy. In this new hyper-compliant environment, advisors are often completely unaware that their activities (or those of their […]

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Independence Is Not Just for Young Advisors

February 7, 2017 By Mindy Diamond Think you’re too old to go independent? Think again. As the industry landscape continues to evolve and traditional brokerage firms become more bureaucratic (especially in a post-DOL rule world), the idea of going independent has become a hot topic among advisors considering change. While many seasoned advisors entertain the thought of having greater freedom, flexibility and control over their business, many believe it’s too late for them to chase that dream. Read more…

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Is This Firm the Right One?

December 22, 2016 By Mindy Diamond Asking the right questions and paying attention to the answers is key to ensuring the next step is the right one. The most stressful time for an advisor who’s thinking about leaving their firm is the time “in between”—that is, the time between deciding it’s time to go and actually making the leap. What questions should an advisor ask of the prospective new firm(s)? What are the things a responsible steward of clients should be concerned about? And, if faced with multiple offers, how does an advisor ultimately choose the right home? Read more…

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Five Steps to Retaining Clients During a Move

November 17, 2016 By Mindy Diamond After spending a professional lifetime building and nurturing relationships, the last thing an advisor wants is to lose ground. Advisors who are considering a move often lie awake at night asking themselves: “Will my clients follow me?” “How deep are my relationships?” “Do I have the confidence to test their loyalty to me?” “Do I want ALL of my clients to follow, or is this a good time to clean house?” Read more…

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Motivated by Money

October 28, 2016 By Mindy Diamond As the competition for advisors heats up, with record transition packages, top advisors are changing jerseys at a fast pace. Certainly, it is tempting to be wooed by these outsized deals that have the potential to turn someone into a wealthy man or woman. But, when the motivation for such a move is being driven solely by personal financial gain, the long-range outcome can be disastrous. Here’s why: Read more…

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Go It Alone? Or Use a Recruiter?

September 7, 2016 By Mindy Diamond What do advisors who manage $2 billion, $500 million and $100 million in client assets have in common? I’ve found that integrity, objectivity and a fiduciary mindset guide their service model, in addition to a strong focus on creating a sustainable, growth-oriented business. That said, perhaps nothing can have a greater impact on an advisor’s business more than being in the right place to serve clients and grow the business with the greatest potential. Read more…

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Options for Institutional Advisors Are Not Nearly as “Institutional” as One Might Think

August 23, 2016 By Mindy Diamond With all of the high-profile movement going on in the financial advisor landscape, one area of practice that seems to capture less of the limelight is the institutional advisory space. While institutional advisors—those whose clients are charitable organizations, corporations, retirement plans, Taft Hartley plans, municipalities, government entities and the like—represent a relatively small percentage of the financial advisor population at large, they typically have very successful businesses and are highly coveted by the competition. Read more…

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You Can’t Escape the Past

July 27, 2016 By Mindy Diamond When a financial advisor is contemplating a move to a new firm, they may question whether they should, or should not, disclose negative events from their past on Form U4. If there is ever any question about whether a disclosure to a prospective employer should be made, it’s almost always better to err on the side of caution and make the disclosure. This is especially important in today’s hypervigilant compliance environment. Sometimes, a failure to disclose even the most mundane or long-forgotten youthful indiscretions could lead to career-damning consequences, essentially costing the advisor their […]

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