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 my firm are killing me—but I feel like there is no better option,” said Linda, a top wirehouse advisor. “I’ve been here for my entire career. My clients trust the name and the cache that comes with it. I think that, unfortunately, I am stuck here.”
