Perspectives

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.

By Mindy Diamond – There was a time in the not-too-distant past when advisors and firms alike thought independence was only for those whose clients were “regular folks” of average wealth—that is, with respectable assets, yet limited needs beyond “plain vanilla” financial management. And top advisors who served the ultra-wealthy would never have considered leaving behind the big brand name upon which they built their businesses to strike out on their own—certain that no firm but the biggest could support their clients’ unique needs.

By Louis Diamond – According to a 2017 Cerulli report, 39% of the financial advisor population is over 55 years of age—and of course, no one is getting any younger. Over the past decade, many quality brokerage firms responded to the strong outcry from advisors who had no tangible way to monetize their life’s work in place. As such, firms launched attractive sunset programs like UBS Alpha, Merrill Lynch CTP, and Morgan Stanley FFAP—each providing pathways for senior advisors to unlock liquidity before formally retiring and passing the business along to the next generation.

By Mindy Diamond – This week, Diamond Consultants celebrates its 20th anniversary as a recruiting firm in the wealth management space. And frankly, it’s hard to believe that so much time has passed.

By Mindy Diamond – We spend plenty of time counseling advisors on dotting their i’s and crossing their t’s when planning a move. However, an advisor recently posed a question to me that made me think. He asked, “What are the things that can go wrong when making a move?”

By Mindy Diamond – Traditional brokerage firms have a vast arsenal of retention tools they use to keep advisors – and their assets – captive. And in today’s increasingly competitive marketplace, firms have doubled-down in their efforts to retain talent, leaving many advisors feeling stuck.

By Wendy Leung – We often talk about the evolution of the industry landscape and new models born as a result. With all the changes taking place, the way in which advisors conducted business transformed as well. As solo practices gave way to teams, advisors gained significant advantages in building their businesses, but also inadvertently strengthened the ties that bound them to their firms. 

By Mindy Diamond – Advisor movement amongst top-producers in the industry – that is, those from traditional brokerage firms and banks who are managing a billion dollars or more in client assets – is on the rise, with over a dozen of these uber-teams having moved since the start of the year (including a $7mm Merrill team managing $1B in assets that jumped ship just last week to set up their own RIA). And while the biggest of the wealth management world seek greener pastures to grow their businesses, there’s much the rest of the industry can learn from this wave of movement.

By Barbara Herman – Whenever an advisor contemplates a move – regardless of the destination being a wirehouse, boutique, regional or independence – it’s important to assess the portability of the business. That is, identifying if the assets can be moved, and whether or not your clients will follow. Only when you have worked through this thought process can you really determine if a move makes sense.

By Mindy Diamond – “I heard Bob blew up his business—none of his clients followed him to the new firm.”That was the buzz around the water cooler a few weeks after a top-producing advisor left the wirehouse he once called home to go elsewhere. It’s all too common for a “false narrative” (as it’s come to be called) like this to spread like wildfire—thick with perceived truth yet without any regard for source or facts.