By Barbara Herman – There was a time when the prevailing belief amongst advisors was that the corporate name on your business card defined your potential to attract and retain clients via the presumption of irrefutable prestige. Names like Goldman Sachs and JP Morgan created an aura of professionalism and platform superiority that superseded an advisor’s own persona.
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 – No doubt that financial services firms strongly encourage their advisor ranks to form teams or partnerships because it works to the firms’ advantage: it makes the assets stickier and harder to move and in general, means that clients will receive a more well-rounded experience. But, the question I am often asked is whether the formation of a team or partnership is actually better for the advisor.
By Wendy Leung – The migration to independence has huge momentum and has prompted many advisors to look inward and ask themselves whether they have the entrepreneurial DNA and the mindset to make the leap to independence. In the end, there is no one size fits all answer to this question but here is some food for thought to help you determine whether independence is right for you.
By Mindy Diamond – The high-profile terminations of top advisors in the recent past have put fear into even the most long tenured, productive and “cleanest” FAs. While I completely sympathize with this reaction – and even understand it – I do think it is a bit overblown and unwarranted.
By Barbara Herman – The good news is you don’t “have to”—independence can be as “independent” as you want it to be.
By Mindy Diamond – Who are the independent firms that have the greatest enterprise value—the ultimate worth of one’s life work? They are the ones that have solved for predictability of revenue, profitability, growth, streamlined operations, have a solid return on assets, achieved scale, and probably most important, solved for succession by broadening equity ownership beyond the original founder(s).
By Debbie Wallen – You work in a small market office of a wirehouse firm and are the only game in town—which can have its advantages, like dominating the market place: both a great feeling and economically rewarding.
By Mindy Diamond – “Whether bound by the fiduciary standard or not, most advisors see themselves as fiduciaries to their clients. As such, the onus is on you to be certain that you are in the best place to serve those clients.”
By Wendy Leung – Too often, advisors assume that all of the major wirehouses are the same and that moving from one to the next would be going from the proverbial frying pan into the fire. But, is that really the case?
By Mindy Diamond – Ask any Business Development Officer from any custodian or service provider to the RIA space and they will tell you that the vast majority of their new business is coming from those in the Independent Broker Dealer (IBD) world. I was surprised to hear this too—until I realized that a large percentage of the advisors we are working with are independent with broker-dealers and looking to us to help them assess whether a move to the hybrid/RIA space makes sense.
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