By Mindy Diamond – WealthManagement.com – 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.
By Mindy Diamond – WealthManagement.com – 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.
By Mindy Diamond – WealthManagement.com – 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?
By Mindy Diamond, WealthManagement.com – 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?
By Mindy Diamond – WealthManagement.com – 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.
By Mindy Diamond, WealthManagement.com – 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.
By Mindy Diamond – WealthManagement.com – Think you’re too old to go independent? Think again. As the industry landscape continues to evolve and traditional brokerage firms become more bureaucratic (especially in a post-DOL rule world), the idea of going independent has become a hot topic among advisors considering change. While many seasoned advisors entertain the thought of having greater freedom, flexibility and control over their business, many believe it’s too late for them to chase that dream.
By Mindy Diamond, WealthManagement.com – After spending a professional lifetime building and nurturing relationships, the last thing an advisor wants is to lose ground. Advisors who are considering a move often lie awake at night asking themselves…
By Mindy Diamond – WealthManagement.com – As the competition for advisors heats up, with record transition packages, top advisors are changing jerseys at a fast pace. Certainly, it is tempting to be wooed by these outsized deals that have the potential to turn someone into a wealthy man or woman. But, when the motivation for such a move is being driven solely by personal financial gain, the long-range outcome can be disastrous.
By Mindy Diamond – WealthManagement.com – What do advisors who manage $2 billion, $500 million and $100 million in client assets have in common? I’ve found that integrity, objectivity and a fiduciary mindset guide their service model, in addition to a strong focus on creating a sustainable, growth-oriented business. That said, perhaps nothing can have a greater impact on an advisor’s business more than being in the right place to serve clients and grow the business with the greatest potential.
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