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.
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 – 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.
By Deborah Aronson – Financial services is a people business—advisors spend years cultivating relationships, earning their clients’ trust and building their businesses. There’s a highly human element involved and many entrepreneurs are personally intertwined with their businesses. That said, thoughtful business owners recognize that there’s more at stake than themselves as they need to ensure that their clients and staff will be well taken care of, if and when the time comes that they can no longer serve as CEO.
Deborah Aronson Quoted – By Ann Marsh, Financial Planning.com – Leading advisors at Cetera Financial Group say RCS Capital should either “fix its balance sheet problem” or sell the firm. Failing either remedy, Cetera advisors will be forced to leave the firm, they contend.
By Deborah Aronson – Financial advisors often feel bound to the fiduciary mindset – that is, putting their clients’ best interests before their own – when it comes to making any and all decisions. What happens when your clients are happy, but you’re questioning whether you’re in the right place to best serve both your needs and theirs? How do you even contemplate replacing your current business card with a new one?
Deborah Aronson Quoted – By Alessandra Malito, InvestmentNews – RBC Wealth Management, the Royal Bank of Canada’s investment advisory and brokerage division, has nabbed two Merrill Lynch financial advisers with $1.2 billion in assets under administration. Deborah Aronson, senior consultant at Diamond Consultants in Morristown, N.J., agreed that there is a growing discontent as the wirehouses increase in size, especially over the last few years.
By Deborah Aronson – As a trusted advisor, you’re always thinking three steps ahead in order to ensure that your clients’ needs are met and their expectations exceeded. It would stand to reason that you should do the same for yourself when it comes to your business. So, while you may be running on all cylinders and you worry about getting distracted, conducting due diligence at a time of relative calm is often the most opportune.
By Deborah Aronson – Over the past several years, movement among advisors has risen to record levels and as a result, most firms have the onboarding and transition process down to a science. That said, a change in employment for a financial advisor is unlike a career move in any other industry—there’s no 2-week notice given to your employer and no exit interview to be had.
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