By Mindy Diamond – There’s no doubt we have seen a dramatic shift in the industry – the transference of power from the firm to the advisor – yet many advisors still complain of feeling “stuck”. Their concern: facing unforgiven retention deals or recruiting packages that have not yet fully amortized. After all, many advisors jumped from one firm to another some 7 or 8 years ago when the industry was in free fall and the landscape looked very, very different.
Our weekly insights for advisors: Articles authored by our team designed to broaden your perspective and arm you with knowledge—because knowledge is power.
By Wendy Leung – Taking the time to step back from the day-to-day demands of the business to assess personal and professional goals is a critical yet often overlooked exercise that can help financial advisors define and achieve their best business life. “But I still haven’t found what I’m looking for.”
By Mindy Diamond – “I am incredibly frustrated about my firm’s change in advisor compensation and the fact that it will cost me $XXX a year in take home pay.” Sound familiar? It does to us because the beginning of the year is a time when we see a significant rise in the number of conversations we have with FAs about this topic.
By Mindy Diamond – Last week’s MSUM14 brought together some of the biggest names and brightest minds in the independent financial advisor world – and many that you will recognize from outside of our space – to share knowledge and insights on the future. The energy was greater than I have ever seen, and – unfortunately – an energy that is rarely experienced in the broker dealer world.
By Mindy Diamond – One very important point I want to convey – especially to the wirehouse audience – is that the vibe, energy and caliber of attendee that exists at a conference like MarketCounsel Summit (MSUM) also exists at custodian conferences like Schwab IMPACT, Pershing INSITE, Fidelity’s Executive Forum…or any of the others.
By Mindy Diamond – Day 2 at MSUM14 proved that the momentum we are sensing around independence for financial advisors is real, sustainable and will likely accelerate based on a burgeoning number of options available and a new breed of young investors ready to fuel them.
By Mindy Diamond – “I love being an advisor and have built a great practice. My business generates more than $3mm in annual fee based revenue and it affords me a lifestyle far better than I ever imagined. I have a top notch staff and wonderful clients with an aggregate $550mm in assets under management.” Perhaps change the stats but I’m betting that this sounds familiar to you- and what a wonderful position to be in.
By Mindy Diamond – It started as a trickle just after 2008 when as a whole wirehouse advisors became disenchanted with their firms and exceedingly mistrustful of the folks who ran them. Teams of advisors like The LLBH group, formerly of Merrill Lynch in Westport, CT and The Nick Bapis Group, formerly of Morgan Stanley, chose to forego the outsized transition checks being offered them from competitor organizations and go some version of independent with firms like Focus Financial Partners and HighTower Advisors, respectively.
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