Career Moves

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What Advisors Can Learn from the Goldman Departures

March 22, 2018 By Mindy Diamond With an increasing number of advisors leaving Goldman Sachs, it’s time to take notice and understand why. I write a lot about changes in the industry landscape—whether it’s a new business model, relevant trends that we’re seeing, or the headline-gripping announcements from firms. What strikes me about the past 12 months is the frequency and speed of transformation that we’re seeing. Even more striking are the courage and determination of advisors to find the best firm or model to suit their business needs, regardless of the obstacles they may encounter. For example, over the […]

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Advisors Stuck in the Middle: The Battle Between Control and the Bottom Line

February 27, 2018 By Mindy Diamond As wirehouses battle to retain control of their channel and maximize profit, expect more advisors to vote with their feet in search of freedom and flexibility. Corporate profit seems to driving the bus these days, and as it rolls along, it’s increasing the distance between advisors and the firms they call home. As a result, advisors are often left feeling as though they’re being forced to choose between maintaining their income level or best serving their clients’ interests. Consider some of these recent moves by the firms: UBS unveiled a comp change in June […]

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Paralyzed By Fear

February 16, 2018 By Mindy Diamond In the moments when we need to make a critical decision that could alter everything, the “what if” scenarios often rise to the surface, only to stop us dead in our tracks. Then one of two things happens: You make a decision and move boldly on with your life, or fear takes hold. For me, it’s a feeling I first recall when I was 6 years old, and my father insisted I was ready to ride my bicycle without training wheels. I was absolutely terrified, and I thought, “What if I fall and get hurt? […]

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Can Your Firm Withstand the Three-Year Challenge?

February 1, 2018 By Mindy Diamond With so much choice in terms of business models and affiliations, advisors have little excuse to stay at a firm that no longer serves their clients or their careers in a way that’s anything short of optimal. Yet the day-to-day of business and relationship management often takes priority, and few rarely stop to take a closer look at their firm. Read more…

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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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