By Louis Diamond, CityWire.com - Building enterprise value starts long before a sale. Successful advisory business owners offer lessons on...
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By Louis Diamond, CityWire.com - Building enterprise value starts long before a sale. Successful advisory business owners offer lessons on...
READBy Allison Brunwasser – Many young advisors start their careers in wealth management at bank branches—roles which often come complete with a steady flow of referrals. It’s a great place to launch a career as it provides a way to learn the ropes and build a book of business. Yet it’s important to understand that along with all the early potential comes some strong restrictions.
By Mindy Diamond – While a successful business may be built upon a foundation of strong leadership, smart and talented team members and finely-tuned operational processes, continual growth is based on something far more intrinsic. In a world where investment performance is a moving target, becoming indispensable can be more valuable in boosting your bottom line—and is certainly something more within your control.
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.
By Louis Diamond – While mergers and acquisitions are typically associated with existing RIAs and independents, the fact of the matter is that anytime an advisor is offered a recruitment package from a brokerage firm, that firm is in essence “buying” a business and conducting its own due diligence process to assess value—so understanding that value is imperative.
By Mindy Diamond – There is no time like the present to take a step back and revisit your goals—and the plan to achieve them. Stopping to back up the train means clearing your mind and visualizing where it is that you’re trying to go and why. Essentially, it gives you the permission needed to re-vet the expectations you have of yourself, your firm and your future.
By Mindy Diamond – Advisors at big brokerage firms have found themselves in a world driven by a zero-tolerance culture—an environment where compliance departments rule with a heavy hand while management is focused on the lowest common denominator. It’s a transformation that evolved over the last several years as firms became more risk-averse, creating an incongruence between advisors who want to provide a bespoke experience for their clients and a compliance department that wants to put a narrow box around them.
By Wendy Leung – As recruiters, we talk with hundreds of advisors each month, the majority of whom tell us that they are very happy and have no intention of making a move. Yet, often these same advisors share multiple frustrations that they have made peace with over time: Bureaucracy that breeds inefficiency, problems with client service, platform limitations and reductions in compensation often top the list. So what’s keeping these advisors in their seats?
By Debbie Wallen – It’s no secret that firms have adopted zero-tolerance policies as a result of the hyper-compliant world we are living in. As such, we are seeing more and more wirehouse advisors being terminated for non-sales related issues – some infractions that many would consider absurd. Even the long-tenured and large producers – who once felt somewhat immune to such scrutiny – are finding themselves facing audits that have lead to unexpected terminations.
By Mindy Diamond – The new hyper-compliant world has left many advisors with a pink slip in hand, thinking they have reached the end of their careers. Yet there are steps a terminated advisor can take to get back in business.