By Deborah Aronson – There’s a battle for control taking place between big brokerage firms and the advisors who work for them—a battle that advisors are losing more of as each year goes by. Deferred compensation often serves as the firms’ ammunition – a way to control behavior and keep advisors in their seats – in an attempt to stave off attrition. The firms count on an advisor’s reluctance to make a move and leave money on the table. And with retention deals falling off and free agency status growing closer, it’s no surprise that wirehouse advisors have found more of their income being deferred—whether it be a percentage of their payout or for bonuses earned.
About Deborah Aronson
Manager – Known for her open and transparent communication skills, and a personal commitment to understanding the needs and goals of the advisors she works with, Deborah acts as their sounding board, educator and trusted partner throughout their journey of finding the right fit for the next stage of their business life. Learn more...
By Deborah Aronson – It’s natural to begin an exploration process with preconceived notions, guided by confirmation bias; that is, the desire to “prove” our thoughts are well-aligned with reality. Yet, as the due diligence process unfolds, you may find yourself more confused than when you started—maybe even losing sight of what prompted you to explore in the first place.
By Deborah Aronson – Growth doesn’t happen by accident—it begins by knowing where you are today and where you want to be tomorrow. If you’re an advisor at a wirehouse, you’re likely limited to growing organically; that is, one client at a time. But for those who really want to turbocharge their growth and take it up a few notches, organic growth alone is typically not enough.
By Deborah Aronson – Whether you’ve been married to a broker dealer for the past several years and are searching for a new partner, or you’re exploring the independent broker dealer space for the first time, there’s a new set of factors to consider in a post-DOL world.
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.
By Deborah Aronson – Going independent is an opportunity for advisors to gain greater flexibility and control over their businesses, but actually breaking away from an employee model can be daunting. The good news is that there’s an option available that allows advisors to gain many of the advantages offered by independence, yet without being bogged down by the day-to-day requirements of running a business or the feeling that they’re going it alone.
By Deborah Aronson – In an industry where firms are offering transition packages at high water mark levels, it’s easy for advisors to get caught up in the economics surrounding a potential move. While a transition package may be among the top things on an advisor’s mind when contemplating a move, bringing up economics on a first meeting is often considered taboo—especially with the new Broker Disclosure Rule on our heels.
By Deborah Aronson – Zen Buddhism teaches the concept of a “beginner’s mind”—meaning to have “an attitude of openness, eagerness and a lack of preconceptions just as a beginner would.” It’s that state of mind you exhibit any time you embark on something new: While there’s a clear sense of purpose, the mind is uncluttered and open to all possibilities.
By Deborah Aronson – Among the myriad of challenges that advisors face today are the limitations that their own firms are imposing on who they can do business with and how. Minimum household requirements, mandates on how advisors price their fee-based business and changing compensation grids come with the territory of being an employee these days. And while strategic adjustments such as these aren’t necessarily a new phenomenon – given every publicly traded firm’s mandate to maximize shareholder value – today’s regulatory climate coupled with an increasing cost of doing business has made for a more difficult operating environment.
By Deborah Aronson – The independent broker dealer (IBD) space has experienced a transformation of late, just short of the consolidation we witnessed in the wirehouse world during the financial meltdown of 2008. Today, a changing regulatory environment and an increase in the overall cost of doing business has placed an enormous burden on independent broker dealers, no matter their size. Small broker dealers that lack the scale necessary to invest in their compliance and overall infrastructure are rapidly becoming an endangered species.
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