By Barbara Herman and Allie Brunwasser – If you’re one of a growing number of advisors who have come to the realization that your future is to be the owner of an independent Registered Investment Advisor (RIA) firm, you may think the biggest decision has been made. But now comes the question of how to get from here to there.
By Howard Diamond and Mindy Diamond – It’s the time of year when we gather the team at Diamond Consultants to revisit the prior year—and few can argue that 2017 was an interesting one to review to say the least. Working together, we examine deals both large and small, dissect the headlines and hearsay, and study the players.
By Mindy Diamond – I write a lot about changes in the landscape—whether it’s information about a new business model, relevant trends that we’re seeing, or discussing any of the headline-gripping announcements from firms that can ultimately impact the business lives of advisors. What strikes me about the past 12 months is the frequency and speed of transformation that we’re seeing. Even more striking is the evolution of the advisor population at large: Their courage and determination to live their business lives as they see fit, regardless of the obstacles they may encounter.
By Barbara Herman – The strength of even the most successful partnerships may be tested when advisors consider changing firms. They may be in total agreement that their current firm no longer serves them and that it’s time to seriously consider leaving, yet they may have differing views on what will better serve them. And it’s at that point that so many get stuck, reaching an impasse that can lead to a loss of momentum in both the business as well as the exploration process.
By Mindy Diamond – It was the American philosopher and psychologist William James who first said, “No decision is, in itself, a decision.” And there are few quotes that bear greater meaning when it comes to decision-making. All too often, advisors experience inertia – that inability to move forward – and disguise it with excuses. We’ve all said them.
By Allison Brunwasser – Whether you’re an employee at one of the major firms, an independent advisor with a broker dealer or the principal of your own RIA, acquiring a book of business is likely a topic that has captured some of your mindshare. And there’s good reason: It’s a quick way to increase your client base and assets, while also solving for succession. That said, it’s a crowded marketplace with many competing would-be buyers. The good news is that there are several ways for a buyer to differentiate from the pack—and you may have some already in place.
By Mindy Diamond – It’s just a few weeks into the new year and already I’ve met with a number of very impressive entrepreneurs – some I’d even call visionaries – who have launched or are about to launch serious and legitimate wealth management firms. Sure, with the industry climate as it is, this may not be such a surprise. But the real story here is that these firms are part of a whole different breed – a new-fangled and modern twist on RIAs – emblematic of how the industry landscape has expanded to address the changing needs of the advisor population at large.
The Big Squeeze: How comp and incentive changes are really affecting advisors and the clients they serve
By Mindy Diamond – During the past few months, wirehouse advisors may feel as though they’re caught between a rock and a hard place. That is, they are being forced to choose between maintaining their income level or best serving their clients’ interests. Corporate profit seems to be driving the bus, and each day it is increasing the distance between the advisors and the firm that they call home.
Succession Planning: How 2 Independent Advisors Found Continuity – and Growth – Through Different Channels
By Wendy Leung – As business owners, independent advisors need to have well-crafted business plans for today, with clear visions and strategies for tomorrow. Yet preparing for “tomorrow” means ensuring the continuity of the business that they spent their life’s work building and for the clients who have grown to rely upon them.
Infographic on Independence for Financial Advisors: At-a-glance view of the 5 Trends from 2017 that Proved the Resilience and Relevancy of the Independent Space.
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