By Mindy Diamond – The MarketCounsel Summit kicked off with the shot heard ‘round the financial advisor world. Rarely do you find such a fortune of financial wisdom gathered together in one place.
By Deborah Aronson – You’re a successful advisor working hard to grow your business and your clients appreciate the high level of service you provide. You’re earning a good living and the firm you work for is also reaping the rewards of your hard work. While there are challenges, you may chalk it up to the price of doing business in an industry that has changed dramatically. But, are you happy and do you feel valued by your firm?
By Mindy Diamond – As we wrapped up at the Raymond James Recruiting Partners Forum held at their corporate headquarters in St. Petersburg, FL on November 22, I found myself considering what accounts for the firm’s extraordinary success in recruiting. RayJay reports that 2014 has been the second best recruiting year in its history (second only to the outlier year of 2008-2009 when all firms saw huge increases in their recruiting numbers).
By Mindy Diamond – With 5-7 years left to work, lots of money in the bank, and a very solid client base that you have spent a career building, you have the high class problem of deciding how you want to live your business life for the rest of your career. Is your current firm the right place to leave your business for the next generation to manage? Is it the legacy you envisioned?
By Mindy Diamond – I am not a conference person. I always feel like I am most productive when in my office or meeting with advisors on their turf. But, I have to say that I was proven wrong this past week in Denver when I attended the mega custodian’s big event of the year where more than 5000 people, 1600 of them RIAs, converged upon the Mile High City.
October 29, 2014 – By Mindy Diamond – By Mindy Diamond – The landscape of the financial services industry continues to expand and create new and legitimate landing pads for top advisors that service the high net worth set. If you think about the landscape as a horizontal line, a continuum of sorts, then the wirehouses sit at the far left, followed by regional firms, boutiques like Credit Suisse and Barclays, and any other employee based model.
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By Mindy Diamond – What makes a big team move? What could be the catalyst powerful enough to make advisors managing more than $1B in assets leave the comfort of a very familiar nest to undertake the herculean effort of changing firms? Could the money alone be a powerful enough motivator? Everyone reads about a big move when it happens but what the press reports is usually only a select snippet of the reasoning behind it.
By Mindy Diamond – “I love being an advisor and have built a great practice. My business generates more than $3mm in annual fee based revenue and it affords me a lifestyle far better than I ever imagined. I have a top notch staff and wonderful clients with an aggregate $550mm in assets under management.” Perhaps change the stats but I’m betting that this sounds familiar to you- and what a wonderful position to be in.
By Mindy Diamond – It started as a trickle just after 2008 when as a whole wirehouse advisors became disenchanted with their firms and exceedingly mistrustful of the folks who ran them. Teams of advisors like The LLBH group, formerly of Merrill Lynch in Westport, CT and The Nick Bapis Group, formerly of Morgan Stanley, chose to forego the outsized transition checks being offered them from competitor organizations and go some version of independent with firms like Focus Financial Partners and HighTower Advisors, respectively.
