By Mindy Diamond – WealthManagement.com – With all of the high-profile movement going on in the financial advisor landscape, one area of practice that seems to capture less of the limelight is the institutional advisory space. While institutional advisors—those whose clients are charitable organizations, corporations, retirement plans, Taft Hartley plans, municipalities, government entities and the like—represent a relatively small percentage of the financial advisor population at large, they typically have very successful businesses and are highly coveted by the competition.
By Mindy Diamond – WealthManagement.com – When a financial advisor is contemplating a move to a new firm, they may question whether they should, or should not, disclose negative events from their past on Form U4. If there is ever any question about whether a disclosure to a prospective employer should be made, it’s almost always better to err on the side of caution and make the disclosure.
By Mindy Diamond, WealthManagement.com – While advisors may have dodged a bullet with a Department of Labor fiduciary rule that was less onerous than expected, it is not a non-event. Since its release in early April, senior leaders at major brokerage firms have been knee-deep in the 1,000-plus page rule, trying to interpret and come up with new policies and procedures to protect and corral their advisors.
By Mindy Diamond – WealthManagement.com – Over the past decade, many advisors have come to recognize that the ability to control how they run their business and service their clients is more attainable in the independent space. And they see significant value in being able to access the best of the industry’s resources (like shopping the Street for the best loan terms or investment options) and not being limited to their firm’s selection of offerings.
By Mindy Diamond, WealthManagement.com – Not that long ago it was enough for an independent broker/dealer (IBD) to provide their advisors with basic clearing and custody and mandatory regulatory oversight. But today, with so many broker/dealers to choose from, advisors have come to expect much more. Higher levels of operational and practice management support, accelerated growth, cutting-edge technology and a strong platform are among the requirements FAs seek when considering a firm.
By Mindy Diamond, WealthManagement.com – If you insist on finding the perfect firm, you may be waiting for quite a while and miss out on a good opportunity elsewhere. Many advisors express some level of unhappiness with their current firm, citing such things as too much bureaucracy, a desire for more control, lack of support and a change in culture. These folks long for the “perfect” scenario, where each piece falls into place exactly the way they want, solving for everything that they perceive to be wrong at their current firm.
By Mindy Diamond, WealthManagement.com – You may think jumping from one wirehouse to another is like moving to the familiar house next door, with no hassles and little due diligence necessary. But any move, including one where there are preconceived expectations and a lucrative transition package, should move the needle in a positive way for your business. While these opportunities to leave may be enticing, advisors should consider all aspects of a move, including how it will impact their business, clients and life.
By Mindy Diamond, WealthManagement.com – We know it’s coming, but we’re not sure when or how bad it will be. That’s how a lot of advisors currently feel about the Department of Labor’s pending fiduciary proposal for retirement accounts. Regardless of whether or not you service retirement accounts, everyone is likely to be subject to greater compliance oversight.
By Mindy Diamond, WealthManagement.com – In today’s M&A-rich environment, many advisory firms are looking to get in on the action. But most would-be buyers and sellers come up empty because of unreasonable expectations. Of the hundreds of advisory firms we connect with, most consider themselves buyers. They believe they have built a great firm that could be just the “right fit” for a would-be seller.
By Mindy Diamond, WealthManagement.com – The emotional and financial freedom many advisors have been waiting for is set to arrive in early 2016. That’s when the notes attached to many retention packages—offered in the wake of the 2009 financial crisis to more than 5,000 advisors at the wirehouse firms—are set to expire.
