By Mindy Diamond – The continually evolving industry landscape has brought about a tide of change, and with it a multitude of new options and expectations. Just as clients now expect more from their advisors, advisors expect even more from their firms—and rightly so. Ultimately, this evolution has driven many to question whether their firm is still the best place to serve their clients and grow their businesses. But answering that question requires time, effort and a good deal of soul searching—as well as perspective and knowledge that an advisor may not have.
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 – When considering a move, it’s natural for advisors to wonder whether clients will follow them to the new firm. As a result, an advisor may be tempted to reach out to a few top clients, simply to gauge their reactions. Yet this is exactly the kind of impulse that can derail a move and a career—since such outreach could result in litigation and, at worst, termination.
By Mindy Diamond – As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most.
By 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 – because banks view the clients they refer to advisors as owned by the institution – an issue that is of particular concern for advisors who may want to change firms down the road.
UBS’ ALFA Program: Understanding the Real Impact on All Advisors, Their Clients, Their Teams and Their Future
By Barbara Herman – The opportunity for an advisor to monetize his life’s work without having to change firms can be very compelling. However, the reality is that the decision to do so comes with some important caveats requiring careful consideration by the advisor looking at retirement as well as his successors. Uncovering the potential and hidden risks of retire-in-place programs like ALFA often comes down to answering these 8 questions.
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 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.
By Mindy Diamond – For a financial advisor to justify a move to another firm or model, the pain of staying must be significant, but there must be an option waiting that positively impacts these 3 key areas.
By Louis Diamond – We are in the midst of a “seller’s market,” where announcements of mergers and acquisitions continue to dominate the headlines. In the first half of 2019, Fidelity Clearing and Custody Solutions reported 73 M&A transactions; of those, 67 were RIA deals totaling $69.5B in assets, and 6 were IBD transactions weighing in at $391B. Additionally, movement out of the traditional brokerage world has continued to accelerate.
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- Longtime ‘aspiration’ realized: Bank advisor goes indie with LPL
- 3X Growth: How a Pivot from IBD to RIA Turned into a Nearly $4 Billion Slam-Dunk
- Terminated: Managing the Real Impact on Partners and Teams
- Considering a move? Here’s what advisors can – and can’t – say to clients.