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.
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 – 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.
Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
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?”
Recent News & Articles
- An Attorney’s Advice on Navigating Transition
- Will Wells Fargo’s RIA Offering Cannibalize its Advisor Ranks?
- Shirl Penney flies south, taking Dynasty Financial Partners to St. Petersburg in advance of a hiring spree, but won’t kiss-off the Big Apple just yet
- 9 Reasons Why So Many Advisors Don’t Have a Plan B—But Should
- A Diehard Merrill Advisor’s Journey to Independence