By Mindy Diamond – As adults, most of us spend the majority of our time either at work or thinking about it. So I realize – now more than ever – the importance of living what I refer to as our “Best Business Life” – that is, a life of congruence between what we believe and how we act.
Great Expectations: 4 Ways The Needs and Sophistication of Advisors and Their Clients Have Evolved the Industry
By Barbara Herman – Advisors – whether they sit within traditional firms as employees or are owners of independent practices – have expectations that are far different today than they were just 5 years ago.
By Barbara Herman – It has become very common for advisors – regardless of what firm they’re with – to believe they have one move in them; it’s only a matter of when. They often have a bucket list of what they need to accomplish or events that need to take place, and then it will be time to go. We all would like to believe that there will be this one perfect moment in time, when every aspect of life – both personal and professional – is perfectly aligned to support a change; we just need to wait for it to happen.
By Wendy Leung – In this day and age of stratospheric wirehouse deals, why are so many uber-productive, high-quality teams forgoing a huge transition incentive check to make the move to independence? While we can all agree that independence offers more freedom, flexibility and control (and for those with true entrepreneurial DNA, that is something hard to put a price tag on), at the end of the day advisors need to understand the economics of independence before they can determine whether it is a viable option for their business.
By Mindy Diamond – There are a lot of things that might motivate a successful advisor to leave the security of a big firm and go independent but, from where I sit, the common ground amongst all who make the move is a need for congruence.
By Mindy Diamond – Top advisors tend to have a lot in common, but the trait most notable to me is how driven they are and how much they often sacrifice their own health, as well as emotional and spiritual well-being, for the sake of their businesses. While I am not an advisor, I have to admit that I am guilty of the same thing and I understand the thinking behind it.
By Barbara Herman – Many advisors who moved from one major firm to another during the financial crisis now believe that their future is in the independent space, yet are uncertain as to the ideal timing to make this shift.
By Mindy Diamond – I’m betting that “Should I Stay or Should I Go,” the 1982 song by The Clash, has come to mind for every Barclays advisor in the past several months. Their roller coaster ride of not knowing what firm they would be working for ended earlier in June when Stifel Nicolaus announced their intent to acquire Barclays’ 180+ advisor wealth management unit. This acquisition is just the latest in the ever-changing landscape of the financial services industry.
By Wendy Leung – Many advisors appreciate the merits of independence including open architecture, the lack of proprietary products and the control they gain over pricing, account minimums and the client service model; yet many will remain in the employee world since they perceive roadblocks that can’t be solved for. Oftentimes this is a case of misperception.
By Mindy Diamond – There’s no doubt we have seen a dramatic shift in the industry – the transference of power from the firm to the advisor – yet many advisors still find themselves “lost”. Unsure of how to answer the question, “Should I stay or should I go”, they’re feeling metaphorically handcuffed to their current firms, regardless of the outsized incentive packages being offered by competitors and the ever-growing variety of options that exist in the independent or alternative landscape.
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