Career Moves

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Choose Your Destination Before Charting the Course

January 16, 2018 By Mindy Diamond In a world where ensuring asset growth and gaining scale is important to every firm, you are on the radar of every recruiter and manager in your market. Of course you should accept the invitations from them. It’s flattering to be wanted, and it’s certainly important to get an understanding of what the competition is doing. The only problem with this approach is that it isn’t strategic. After a series of random meetings, most advisors report back that they are more confused than ever and less certain of whether any of the options would […]

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What Happens When Your IBD Is Sold

November 22, 2017 By Mindy Diamond When LPL announced their purchase of four National Planning Holdings (NPH) firms, it wasn’t just another day at the office for advisors in the independent broker/dealer space. “I feel like I’m riding a wave of disruptive uncertainty,” one IBD advisor said to me. “Are we next?” The feeling of “disruptive uncertainty” is quite understandable. The notion that everything you built your life’s work upon may change at any time can be quite unsettling. No one checks in with you first to see if you want things to change; it just happens. And when it happens, […]

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Don’t Be a Jerk

October 24 , 2017 By Mindy Diamond Many advisors assume it’s a seller’s market, where they’re in the driver’s seat and have a free pass to act without concern for how they come across to the hiring manager. They often barrel forward with the demeanor of someone who’s ready to fight for the best deal on a new car. But being unkind to recruiters is not likely to get you what you want—a positive attitude is more likely to attract positive results. Read more…

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Wirehouse Recruiting Reductions Affect All Advisors

September 21, 2017 By Mindy Diamond In the past several months, some of the major firms have pulled back on the amount of recruiting they’re doing, and recruiting deals have taken a big hit. While the majority of the rhetoric discusses the potential impact of these lower recruiting packages on the advisors considering a move, the bigger impact may ultimately be on the wirehouse advisors who choose to stay put. That is, those who are taking a “wait and see” approach, hoping that their firms’ plans to recruit less will actually benefit them more. Read more…

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When Independence Makes More Economic Sense

August 15, 2017 By Mindy Diamond Why so many advisors are passing up the up-front gain for the longer-term payout. Over the last five years, a number of advisors have left the wirehouses and other employee models to go independent. In fact, the asset market share of the wirehouses, national and regional broker/dealers, has declined from about 63 percent in 2011 to nearly 59 percent at year-end 2016, according to Cerulli Associates. At the same time, independent channels—independent broker/dealers, RIAs and hybrid RIAs—saw a jump in market share from about 37 percent in 2011 to 41 percent in 2016. Read […]

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Which Path to Independence Is Right for You?

July 13, 2017 By Mindy Diamond Independence has become as legitimate an option these days as being an employee, providing advisors with the freedom to ask themselves how they want to build their career. With an industry landscape that has expanded well beyond most expectations and wirehouse deals reduced significantly, there are many exciting options for entrepreneurial advisors looking to go out on their own. If you’re considering making the jump, ask yourself, “If I go independent, should I choose the independent broker/dealer or registered investment advisor space?” Read more…

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Take a Lower Deal? Or Wait It Out?

May 22, 2017 By Mindy Diamond Recruiting deals have taken a big hit, dropping to levels we haven’t seen in years. So advisors who are considering a move are left with an uncomfortable decision: Do I stay and wait out the storm or leave now? We are living in unprecedented times; everyone thought deals were only going up but have actually come down. Will we ever see 350 percent-plus deals again? Read more…

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On the Fence About a Move?

April 18, 2017 By Mindy Diamond Advisors have more opportunity than ever to build the business that they envision. Yet, with all of the different models to choose from within this greatly evolved landscape, we find many are still searching for a utopian opportunity that doesn’t exist. If an advisor is still unable to check off every item on his wish list, does it make sense to hold out for perfection? Or should one be flexible in his expectations and choose a better, albeit imperfect, solution? Read more…

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Breaking Free of Dated Ideologies

March 23, 2017 By Mindy Diamond It might surprise you to hear that it is often the most productive and successful wirehouse advisors—usually those who serve the highest net worth clients—who feel the most torn by how best to serve them. It is their belief that these wealthier and more discerning clients are married to the wirehouses. After all, these same firms created a culture where advisors and their clients are indoctrinated in the belief that they are only successful because of the firm name and the brand cache that comes with it. “The bureaucracy and hyper-vigilant compliance culture of […]

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Termination Is Not the End of the World

March 7, 2017 By Mindy Diamond Five steps you need to take to save your career. Too many times in the past year alone, I have been the recipient of a frantic call from a quality advisor who has just been terminated. In almost every case, what started off as a typical day quickly turned into a nightmare—a termination without notice and a security escort to the door. When that happens, advisors find their entire careers and relationships with their clients in jeopardy. In this new hyper-compliant environment, advisors are often completely unaware that their activities (or those of their […]

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