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.
![Merrill’s Enhanced CTP: What it Means for Advisors, Their Next Gen and Clients [Video]](https://www.diamond-consultants.com/wp-content/uploads/2019/11/MD-Video-CTP-Feature-1400-80x80.jpg)
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.
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.
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.
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.
