Mindy Diamond Quoted – By Jeff Benjamin, InvestmentNews – First Command Financial Services, a $29 billion hybrid firm with 500 advisers, is transitioning its executive-level leadership, with a new CEO starting Jan. 1. Mark Steffe, 50, the current president and chief operating officer, will take over as chief executive in January, replacing current CEO Scott Spiker, who joined First Command in 2007 following a leadership overhaul at the company.
Mindy Diamond Quoted – By Jed Horowitz, AdvisorHub – Morgan Stanley broke with recent big-firm tradition on Tuesday, telling its more than 15,000 advisors that they will have to generate more revenue in 2020 to qualify for the same payout percentages that they are earning this year.
With 30 years under its belt, LPL Financial is undergoing an evolution to what CEO Dan Arnold describes as “the next generation independent model.” Guests Rich Steinmeier and Marc Cohen share some inside baseball on the independent broker dealer’s new direction.
By Mindy Diamond, WealthManagement.com – As the year winds down in preparation for the coming of 2020, now is the perfect time to take a step back, revisit your goals and develop a plan to achieve them. But “goal planning” processes often get put aside because they seem complicated and time-consuming, or are preempted by day-to-day business requirements.
By Mindy Diamond – Advisors at big firms find themselves in a zero-tolerance environment where infractions that once garnered a slap on the wrist now may be considered grounds for termination. Here’s how to protect yourself and your business in this new world order.
Mindy Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Don’t expect other wirehouses to match Merrill Lynch’s recently-sweetened payouts for retiring advisors, because Morgan Stanley, Wells Fargo and UBS had taken steps previously to retain senior talent. In addition, precise comparisons of the various incentives the wirehouses offer are difficult for FAs to make, say recruiters. Mindy Diamond, longtime industry recruiter and president and CEO of Diamond Consultants, suggests Merrill Lynch’s new plan may have disappointed some of its FAs.
Mindy Diamond Quoted – By Ian Wenik, Citywire – Want to attract top talent to your RIA? Be prepared to open your wallet. In a speech at the Schwab IMPACT conference in San Diego, Calif., top advisor recruiter Mindy Diamond explained to a ballroom full of advisors that RIAs need to craft competitive compensation packages for advisors, even if they don’t have the amount of firepower the largest brokerage firms possess.
Josh Brown, of Ritholtz Wealth Management and voice of The Reformed Broker and CNBC Halftime Report, talks about where the wealth management industry is headed, inorganic growth, equity, the role of authenticity and perseverance, and more.
Mindy Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Merrill Lynch has added a big sweetener to payouts for advisors on the brink of retirement by tweaking its Client Transition Program (CTP). The wirehouse announced Wednesday an increase in its award payouts to retiring advisors for all production levels. The award has increased by five percentage points for the lower-production tiers while the top producers ($7.5 million or more) could see their payout jump by a whopping 75 percentage points to a maximum of 275% of their trailing-12 month production.
In this special podcast episode, Vince Fertitta, breakaway Merrill executive who is now President of Sanctuary Wealth, joins the show to discuss the Merrill Lynch enhanced CTP and what it means for all Merrill advisors going forward.
