By Mindy Diamond – “Will my clients follow me?”
“How deep are my relationships?”
“Do I have the confidence to test their loyalty to me?”
“Do I want ALL of my clients to follow, or is this a good time to clean house?”
These are the questions that keep anyone who is thinking of changing firms up at night.
By Barbara Herman – You are a 35-40 year old advisor who is 10-15 years out of your firm’s training program and you’ve built a quality and thriving business. You have strong, personal client relationships and have amassed $100-$125MM in AUM. You are the best of the industry’s next generation. There’s no question that you can stay the course as what you have done so far has delivered an enviable level of success and has well positioned you for the future. But you are forward-thinking and want to plan for this next chapter in your professional life.
By Mindy Diamond – Every day, I talk with financial advisors who finish the sentence “in a perfect world” with the words “go independent” because they yearn for greater freedom, flexibility and control, and want to eliminate bureaucracy from their life’s work. These are the folks that have entrepreneurial DNA, love the idea of creating a legacy and building a sustainable enterprise. And so, they begin to explore what going independent really means by looking at different models and getting educated about what it takes to be a successful business owner.
By Wendy Leung – Many wirehouse advisors are intrigued by the idea of gaining greater freedom and control over their business, but don’t seriously consider going independent because they think it means being alone in an office bogged down by operations and minutia. The good news is that as the industry landscape has expanded, advisors can easily find support, resources and community in the independent space. Here are a few options to consider:
By Mindy Diamond – Why the recent push to recruit women advisors? Of course, it’s politically correct to do so and satisfies a diversity initiative. From a business growth perspective, studies have shown that women clients prefer to work with women advisors. And it’s always a PR bonanza to hire women. And while women may be reading this and cringing, truth be told, these statements represent the reality that we are dealing with.
By Barbara Herman – While not that long ago it may have been enough for an independent broker dealer (IBD) simply to provide basic clearing and custody and perform mandatory regulatory oversight, advisors today expect much more. With so many options out there, what should an IBD advisor look for to ensure that either he is still in the right place or that any move he considers is the best one for his clients and his business goals?
By Mindy Diamond – What is the benefit of using a recruiter? Here are 5 ways a recruiter can help financial advisors identify if where they are is indeed the right place for them and their clients.
By Deborah Aronson – The independent broker dealer (IBD) space has experienced a transformation of late, just short of the consolidation we witnessed in the wirehouse world during the financial meltdown of 2008. Today, a changing regulatory environment and an increase in the overall cost of doing business has placed an enormous burden on independent broker dealers, no matter their size. Small broker dealers that lack the scale necessary to invest in their compliance and overall infrastructure are rapidly becoming an endangered species.
By Mindy Diamond – While it’s human nature to strive for “perfection”, one thing I’ve learned: Perfection is nearly impossible to achieve when it comes to one’s work. Certainly, it’s everyone’s right to hold out for that perfect scenario; however I find that those who are the most unyielding in their expectations are typically not that unhappy with where they are—and that’s as it should be. But, there are others who have reached their pain threshold; they will typically loosen their grip on perfection, become more willing to be flexible in their requirements and to give on the things that aren’t essential.
By Mindy Diamond – Many agree that 2016 will be the year where M&A deals saturate the headlines. With increased compliance looming, and the cost of doing business rising, any RIA that has been leery about steering their ship in less-than-friendly waters through the coming year may be looking for alternate routes.
