By Barbara Herman – It’s quite evident that the industry landscape has expanded dramatically—and an advisor in exploration mode has more to consider than ever before. As a result, it may be a daunting task for most to face the prospect of performing due diligence. Nonetheless, there is value in periodically exploring to gain an understanding of the legitimate options that exist—whether you’re thinking of moving or not.
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 The new year ushered in a “perfect storm” in which the intersection of 3 forces – changing advisor sentiment, reshaped client expectations and powerful retention efforts by the brokerage firms – has laid the groundwork for a world where advisors have the upper hand. The question is,...
By Mindy Diamond, WealthManagement.com – It was September 2004 when I wrote my first “Of Myths and Moving” article—a piece designed to help address some of the common concerns that advisors shared when considering a move. But the wealth management industry landscape bears little resemblance to that of years past; advisors have more options for how and where to run their businesses than ever before.
By Mindy Diamond – The change in compensation that UBS recently announced reflects a tightening of the reins by the firm’s Swiss banking parent. This combined with a retrenchment in recruiting sends a strong message that the battle for control between advisor and firm is slowly but surely being lost by advisors.
While UBS leadership spins this comp change as a positive, generally speaking, advisors are not seeing it that way.
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. Who can dismiss the excitement around the ongoing growth fueled by what seems to be a constant flow of big teams breaking away from the brokerage world to build their own independent firms as either hybrid or fee-only RIAs?
By Mindy Diamond – Advisors at big firms find themselves in a zero-tolerance environment where infractions that once garnered a slap on the wrist now may be considered grounds for termination. Here’s how to protect yourself and your business in this new world order.
By Barbara Herman and Allison Brunwasser – We’re accustomed to having advisors speak candidly and confidentially to us, sharing the things that annoy or disappoint them most about their firms, the industry and about being an advisor. But over the past 6 to 12 months, advisors have become more vocal about areas of discontent. That is, more seem to openly admit that they’re not happy with their firm.
By Mindy Diamond – With the anticipated announcement of an enhanced CTP, Mindy Diamond spoke to Merrill breakaway executive Vince Fertitta for his take on what it could mean for advisors, next gen and clients.
By Mindy Diamond – Much has been written about the breakaway movement—that is, advisors leaving the brokerage world behind to become independent business owners. It’s momentum that’s driven by a variety of “pushes” such as the ever-increasing bureaucracy and growing loss of freedom and control at the big firms, and “pulls” including the desire to become an entrepreneur. Still, there are plenty of advisors who acknowledge the imperfections inherent in working at a big firm but feel that, on par, life in an organization that “scaffolds” them is exactly what they want. And, most of these wirehouse devotees have no desire to take on the heavy lift that comes with independent business ownership.
By Deborah Aronson – Consider this: You’re the senior most advisor on a multi-generational team managing nearly a billion in assets at a firm you’ve been with for three decades. Over the years, you’ve assembled a stellar group of seasoned, mid-career advisors, as well as several more junior partners. And it’s a great team—clients consistently acknowledge the high level of service they receive.