By Mindy Diamond, WealthManagement.com – Although the game of life feels like it’s been put on hold, there are things we can be doing to make the most of our time.
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 Louis Diamond – The wealth management industry was already evolving rapidly to match the needs of clients and advisors, yet the COVID-19 crisis is likely to accelerate the pace even faster. While each segment of the financial services ecosystem will no doubt be impacted, there’s one area in particular likely to evolve more than others: the Independent broker dealer (IBD) channel.
By Mindy Diamond – It’s impossible to ignore the formidable financial crisis—the impact of which is unquantifiable at this time. Yet while there’s much going on that we can’t control, there’s much that we can. That is, our attitudes, our responses and the decisions we make.
By Mindy Diamond – Times like these are both unprecedented and challenging. What advisors and clients alike crave more than anything is stability—and volatile market conditions and a global pandemic certainly provide anything but that.
In this video, Mindy Diamond shares several ways a good recruiter can provide value to financial advisors who are considering how best to serve clients and grow their businesses.
By Mindy Diamond – For some time now, the wirehouses have largely been considered persona non grata amongst a large swath of the advisor population. Assuming that there were no real differences amongst them, a majority of advisors who changed firms in the past 5 years opted for almost anything but the biggest brokerages. For example, one industry report states that from 2014–18, nearly $260B in assets left the wirehouses for other platforms.
By Mindy Diamond – Over the years, there have been many signs and signals sent from firms that advisors may have dismissed or ignored. As such, they also missed a chance to discern the real meaning or intent—and their opportunity to take a more strategic and proactive stance.
By Mindy Diamond – In the past 3 years, by our count, 14 Goldman Sachs Private Wealth Advisor (PWA) teams managing a $1B or more left the firm. That’s more than the past 2 decades combined. What’s driving the momentum? Where are they all going? What kind of deals did they get?
By Lauren Ruocco – Many independent practices reach a point in their lifecycle where growth rates begin to slow and the ability to take the business to the next level becomes increasingly difficult. And it comes with little surprise, as competition is continually on the rise from larger firms, with just 1.1% of SEC-registered advisors – some 148 firms out of nearly 13,000 – managing nearly 60% of the industry’s assets.
By Mindy Diamond – In the last two years, we’ve seen more of the industry’s top teams than ever before head for the exits in search of opportunities that will allow them to better serve clients, have greater investment flexibility and more freedom to customize the way they run their businesses. Still, the absolute biggest producers are often reluctant to disrupt the status quo even when they are terribly frustrated and know there could be a better way to grow their empire.
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- The Real Impact of the Crisis on Valuations and the Independent Space as a Whole
- How to Make the Most of this Nationwide Timeout
- A Lawyer’s Advice on How to Protect Your Business Now and Into the Future
- The Playbook for Keeping Older Rainmakers Working
- The Ripple Effects on Independent Broker Dealers in the Post-COVID-19 World