By Allison Brunwasser – Who doesn’t want to have their cake and eat it, too? However, in an imperfect world such as ours, trying to satisfy all your needs at once typically leaves you in a holding pattern. And this is often true for advisors when planning a move: The one place that many get stuck at is trying to identify that perfect “go date.”
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 Mindy Diamond – Most wirehouse advisors consider themselves fiduciaries. That is, in practice, they make every attempt to put clients first and make all decisions with their best interests in mind. But in reality, while the advisor’s mindset and heart may be in the right place, the very nature of working for a brokerage firm makes it impossible to be a true fiduciary.
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. The firms count on an advisor’s reluctance to make a move and leave money on the table. And with retention deals falling off and free agency status growing closer, it’s no surprise that wirehouse advisors have found more of their income being deferred—whether it be a percentage of their payout or for bonuses earned.
By Mindy Diamond – For most advisors, the thought of making a move is met with both excitement and a certain level of trepidation. The promise of being able to better serve your clients and grow your business provides the energy needed to juggle all the moving parts that come with such a major change—with concerns over client portability at the top of that list. But, if client relationships are strong and the move is being made for all the right reasons, clients are very likely to follow. Once the dust has settled, advisors and their clients are typically happy with the decision and life goes on.
By Wendy Leung – Succession planning has become a hot topic, driven by an aging advisor population and the anticipated wave of retirements coming in the next decade. Planning for one’s next chapter is the best way to ensure the legacy an advisor has worked so hard to build can continue well into the future.
By Mindy Diamond – It’s those things that happen when you least expect it. I was leaving a local diner after a nice dinner with friends, and the floor came right out from under me. As I landed, I instinctively reached down, breaking my fall – and my wrist – in the process.
Recruiting Success: What to do when there’s an undeniable gap between the expectations and the offer
By Mindy Diamond – Sadly, it’s a scenario that plays out quite often: A top-notch team meets with the hiring manager at a firm that has all the markings of a good fit: A culture and vision they could align with, great technology and a client-focused value proposition. The team describes their needs and goals in detail, and outlines their financial expectations. The manager nods in agreement. He’s enthusiastic about the team and gets them excited about the firm’s culture and how much better their professional lives would be if they joined.
By Debbie Wallen – Not that long ago, generating $1mm in revenue was a milestone worth celebrating: Those at this level were considered top of the food chain, and ardently pursued by all major firms. But, in today’s world, it’s the advisors in the “Billion Dollar AUM Club” who garner the lion’s share of attention from firms.
How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space—and why it matters
By Mindy Diamond – The value proposition of our firm is built upon being an objective source of knowledge designed to help advisors make sound decisions. Our goal is to serve as connectors to the industry at large, helping advisors through their exploration process without bias or expectation.
By Barbara Herman – Advisors constantly juggle between meeting the short-term demands of their businesses while working towards their longer-term goals. To complicate things further, short- and long-term views are frequently not aligned at a particular moment in time—creating a greater lack of clarity and frustration. While it’s important for all advisors to check-in with themselves regularly to assess the balance between the two, it’s even more important for those considering a move. While the “perfect opportunity” would solve for all goals equally, it’s unrealistic to expect that perfection actually exists in one single option.
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