By Mindy Diamond, InvestmentNews.com – Most wirehouse advisors don’t typically spend a lot of time thinking about their end game. And industry studies bear that truth: It’s reported that some 70% of financial advisors do not have a formal or written succession plan. With the average age of financial advisors in the late 50s, that’s a pretty alarming statistic.
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By Louis Diamond – A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving their colleagues away from the broker dealer, and what they are finding on the other side.
By Allison Brunwasser, ThinkAdvisor.com – Despite the persistent challenges the pandemic has brought, the desire among advisors to best serve their clients and grow their businesses remains strong. And firms looking to attract top talent are motivated to make whatever changes necessary to showcase their capabilities, conduct home office visits and complete transitions.
By Mindy Diamond, As seen on Forbes – With all that’s been going on in the world, it’s hard to imagine that the first half of 2020 would be an active one for advisor movement. Yet, by our count, 23 teams managing a billion dollars or more – representing almost $50B in assets – transitioned to another firm or model.
By Wendy Leung, WealthManagement.com – 2020 was off to a great start for advisors seeking new opportunities. Who could dispute the expansion of the landscape, advances in technology and widespread access to resources once only available at wirehouses? It seemed clear that advisors had more choice and opportunity than ever before. Then COVID-19 hit—changing the course of the year and of our world.
By Louis Diamond, InvestmentNews – An interesting trend is developing amongst the largest and most successful independent broker dealer (IBD) practices. It’s a high-class problem to have—one that we see at every IBD when the top 5–10% of individual practices (those typically generating in excess of $3-5mm of GDC) reach a point where they begin thinking about their end game and how they will monetize their life’s work. They are essentially “growing themselves out of the market.” That is, their practices have reached a point in which there is not a viable successor within their broker dealer network.
By Mindy Diamond, As seen on Forbes – As the mayhem of March is replaced by a resignation that this is “just-how-it-is-for-now,” advisors tell us they’re ready to step out of crisis mode-thinking to focus more on the big picture.
By Barbara Herman, WealthManagement.com – It’s impossible to come through what the world has endured over the past few months without being changed in some way. Yet people are incredibly resilient, demonstrating an ability to reinvent themselves and rethink both their behavior and mindset when circumstances require it.
By Mindy Diamond – Goldman Sachs Private Wealth Advisors (PWAs) are opting to change jerseys at an eyebrow-raising rate. In the past 3 years, 14 teams, each managing at least $1 billion, have left. Where they’ve gone has been diverse, but it’s the fact that they are leaving at all that’s most noteworthy.
Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm
By Mindy Diamond and Louis Diamond, WealthManagement.com – For the founders of Requisite Capital Management, going independent was a philosophical shift from being employees at UBS which has a fiduciary duty to shareholders vs. being business owners whose fiduciary responsibility is to clients—and no one else.
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