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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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Perspectives Blog

Perspectives

Our weekly insights for advisors: Articles authored by our team designed to broaden your perspective and arm you with knowledge—because knowledge is power.

Investing in Independence: How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap

Investing in Independence: How Investors in Wealth Management Firms are Helping Wirehouse Advisors Make the Leap

By Louis Diamond, WealthManagement.com – Traditionally, a wirehouse advisor looking to monetize his business had few choices: Either move to a firm paying a “recruiting deal” or signing on to his firm’s sunset program. But what are the options for entrepreneurial advisors looking at the independent space but still needing capital? Actually, quite a few.

Working from Home: For Some Advisors, It’s a Test Drive of Independence

Working from Home: For Some Advisors, It’s a Test Drive of Independence

By Deborah Aronson, WealthManagement.com – Long before the pandemic hit, the independent space was gaining traction among advisors craving greater control over their business lives along with a better way to serve clients. Yet, there’s a population of advisors who watched from the sidelines as their respected colleagues made the leap. That is, advisors who had growing frustrations with their firms’ and yearned for the freedom and flexibility of independence, but were besieged by concerns about leaving the comfort, familiarity and infrastructure of the brokerage model.

Gaining Scale: Why it Matters to Your Advisory Practice

Gaining Scale: Why it Matters to Your Advisory Practice

By Louis Diamond – While bigger isn’t always better, the fact remains that smaller independent practices can benefit by understanding the example set by larger firms when it comes to “scale.” Simply put, most larger RIAs have optimized the management of capital, infrastructure, buying power and resources, resulting in a well-oiled machine that has mastered an optimal balance of organic and inorganic growth.

Independent Broker Dealers: The Reinvention of an Independent Model

Independent Broker Dealers: The Reinvention of an Independent Model

By Louis Diamond – It’s not surprising that the RIA space often garners the lion’s share of attention both in the media and with advisors considering their next chapter. Yet in a rapidly changing landscape, IBDs have been working hard to evolve their business models and position the firms – and their advisors – for a new chapter of success.

“I’m too old to move, let alone go independent!”

“I’m too old to move, let alone go independent!”

By Mindy Diamond – Certainly, none of us are getting any younger—and no one wants to make their life more challenging as they edge closer to what could be the cusp of their career.

Avoiding Choice Overload: 4 Key Criteria for Evaluating Service and Platform Providers

Avoiding Choice Overload: 4 Key Criteria for Evaluating Service and Platform Providers

By Allison Brunwasser – In a previous article, With Demand Comes Supply, Deborah Aronson discussed how service and platform providers have evolved to serve the needs of a growing population of prospective breakaways in the $50 to $150mm range—and advisors in this constituency who are seeking independence now have plenty of options to choose from. Yet with optionality often comes “choice overload”—that is, with all the available options, many advisors get stuck when attempting to discern one provider from another.

With Demand Comes Supply: Independent Options for Advisors in the $50 to $150 Million Range

With Demand Comes Supply: Independent Options for Advisors in the $50 to $150 Million Range

By Deborah Aronson – A new breed of service providers has emerged, designed to cater to the needs of a growing population of financial advisors who have their sights set on independence. For a population of advisors that previously had limited options in the independent landscape, a new world awaits.

Charting your Course to Independence

Charting your Course to Independence

By Wendy Leung – Many advisors dream of going independent for the freedom and flexibility to control their business, client service model and bottom line. What sometimes isn’t a part of this “dream” is the prospect of taking on the additional responsibilities that business ownership entails, while emptying your bank account to fund startup costs. The good news is that you don’t have to abandon your dream of independence. An evolved landscape has answered the call—with a vast ecosystem of capital, support and resources available to help you succeed in living out your dream of independence.

Choosing the right path to independence: Do you bet it all on yourself or another firm?

Choosing the right path to independence: Do you bet it all on yourself or another firm?

By Allison Brunwasser – An advisor’s choice to go independent is typically driven by a strong desire for greater freedom, flexibility and ownership. Yet with that desire comes what is for many the biggest hurdle in making the leap: Choosing between building your own firm with complete control and 100% equity, or joining an established firm with turnkey operations, infrastructure and an opportunity to gain an equity stake in a more mature business.

Independence Isn’t Just for the Most Entrepreneurial Advisors

Independence Isn’t Just for the Most Entrepreneurial Advisors

By Mindy Diamond – While you don’t need to have Jeff Bezos’ or Mark Zuckerberg’s level of entrepreneurial spirit, there are some key characteristics that most successful independent firm owners possess. The reality is that many independent firm owners will tell you that they weren’t compelled to leave their brokerage firm by some burning desire to be entrepreneurs.

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Recent News & Articles

  • Optionality Under One Roof: For Advisors Who Aren’t Quite Ready for Independence
  • From Intern to CEO: How an Accidental Entrepreneur Built a $50B+ RIA Empire
  • The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story
  • Deferred Comp Pits FAs Against Wirehouses
  • Considering a move? Here’s what financial advisors can – and can’t – say to clients.
Mindy Diamond On Independence Podcast

 

 

 


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