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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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Podcast

Independence for Financial Advisors

Beyond the Risk: What’s Driving Non-Protocol Advisors to Independence?

Posted by Mindy Diamond

Why are advisors not protected by the Broker Protocol – and sometimes facing significant garden leave – willing to take on the added risks to become independent?

No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. And while any advisor who leaves the mother ship is courageous in giving up the comfort and turnkey support of a major firm, it is especially brave when an advisor from a non-Protocol firm makes the leap.

In this episode, Mindy discusses the ever-growing trend and answers many of the questions advisors are asking, such as:

  • What is driving this trend?
  • How big a trend is it? And what can the rest of us learn from these advisors?
  • Do they have anything in common? What traits do they share?
  • Why are they willing to take the leap, even with the added risks?
  • What is so compelling about independence that these advisors choose to endure garden leave to obtain it?

We are living in a world where there are more options than ever before for quality advisors. No longer are advisors constrained by a limited solution set. Independence has been validated many times over as a real option for entrepreneurial-minded advisors, offering the opportunity to build an enterprise with enormous long-term upside potential. As the constraints brought upon by bureaucracy and marginalization at the big firms continue to tighten their grip, we will continue to see more and more top advisors in the industry make the move to independence—including those that have the biggest distance to cover in their leap.

 

Podcast: Play in new window | Download (Duration: 10:24 — 9.5MB) | Embed

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Related Resources

The Times They Are a Changin’—And So Are the Advisors
What can be learned from the growing trend of advisors leaving Goldman Sachs. Read->

Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence
5 factors driving teams to brave their garden leave provisions for the freedom of independence. Read->

What you need to know about UBS leaving the Protocol
How this decision impacts advisors. Read->

Contemplating “PREXIT”—What happens if firms exit the Protocol?
The rationale for exiting the Protocol, and the impact it will have on advisor recruiting. Read->

 


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YoutUbe

 

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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    WHAT OUR LISTENERS ARE SAYING…

    • Your podcast helped me a ton during my due diligence. There is no replacement for hearing from others who were successful leaving the wires. You are doing great things for the industry.

      Rory O’Hara
      Founder, Senior Managing Partner – Ausperity Private Wealth
    • A fantastic bundle of wisdom from one of the very best Curators of all things Wealth Management.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.

      Brock Moseley
      Founder, Miracle Mile Advisors
    • I didn’t realize what I could do until I heard what other advisors were doing. Then week after week, it was like the gaps were filled in. Without it, I wouldn’t have had the confidence to go independent. Even after transitioning, I still can’t wait for Thursday mornings to hear the latest interview.

      Jerry Davidse
      CEO, Presilium Private Wealth
    • Best new resource I have come across in a long while.

      Daniel Gude
      Senior VP at LPL Financial
    • I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.

      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • This is outstanding. Every team considering independence should listen.

      Chris Cooke
      Managing Partner, Cooke Financial Group
    • Every advisor at a brokerage firm should listen to this podcast. I’m convinced that most advisors don’t realize their real value. Do your research. You deserve your true value and going out on your terms. It’s your life’s work. Even if you don’t transition to independence, know your value and options in order to make an educated decision.

      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

    Other Recent Episodes

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