Career Moves

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When Independence Makes More Economic Sense

August 15, 2017 By Mindy Diamond Why so many advisors are passing up the up-front gain for the longer-term payout. Over the last five years, a number of advisors have left the wirehouses and other employee models to go independent. In fact, the asset market share of the wirehouses, national and regional broker/dealers, has declined from about 63 percent in 2011 to nearly 59 percent at year-end 2016, according to Cerulli Associates. At the same time, independent channels—independent broker/dealers, RIAs and hybrid RIAs—saw a jump in market share from about 37 percent in 2011 to 41 percent in 2016. Read […]

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Which Path to Independence Is Right for You?

July 13, 2017 By Mindy Diamond Independence has become as legitimate an option these days as being an employee, providing advisors with the freedom to ask themselves how they want to build their career. With an industry landscape that has expanded well beyond most expectations and wirehouse deals reduced significantly, there are many exciting options for entrepreneurial advisors looking to go out on their own. If you’re considering making the jump, ask yourself, “If I go independent, should I choose the independent broker/dealer or registered investment advisor space?” Read more…

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Take a Lower Deal? Or Wait It Out?

May 22, 2017 By Mindy Diamond Recruiting deals have taken a big hit, dropping to levels we haven’t seen in years. So advisors who are considering a move are left with an uncomfortable decision: Do I stay and wait out the storm or leave now? We are living in unprecedented times; everyone thought deals were only going up but have actually come down. Will we ever see 350 percent-plus deals again? Read more…

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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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