By Mindy Diamond – “I am incredibly frustrated about my firm’s change in advisor compensation and the fact that it will cost me $XXX a year in take home pay.” Sound familiar? It does to us because the beginning of the year is a time when we see a significant rise in the number of conversations we have with FAs about this topic.
By Mindy Diamond – Last week’s MSUM14 brought together some of the biggest names and brightest minds in the independent financial advisor world – and many that you will recognize from outside of our space – to share knowledge and insights on the future. The energy was greater than I have ever seen, and – unfortunately – an energy that is rarely experienced in the broker dealer world.
By Mindy Diamond – One very important point I want to convey – especially to the wirehouse audience – is that the vibe, energy and caliber of attendee that exists at a conference like MarketCounsel Summit (MSUM) also exists at custodian conferences like Schwab IMPACT, Pershing INSITE, Fidelity’s Executive Forum…or any of the others.
By Mindy Diamond – Day 2 at MSUM14 proved that the momentum we are sensing around independence for financial advisors is real, sustainable and will likely accelerate based on a burgeoning number of options available and a new breed of young investors ready to fuel them.
By Mindy Diamond – “I love being an advisor and have built a great practice. My business generates more than $3mm in annual fee based revenue and it affords me a lifestyle far better than I ever imagined. I have a top notch staff and wonderful clients with an aggregate $550mm in assets under management.” Perhaps change the stats but I’m betting that this sounds familiar to you- and what a wonderful position to be in.
By Mindy Diamond – It started as a trickle just after 2008 when as a whole wirehouse advisors became disenchanted with their firms and exceedingly mistrustful of the folks who ran them. Teams of advisors like The LLBH group, formerly of Merrill Lynch in Westport, CT and The Nick Bapis Group, formerly of Morgan Stanley, chose to forego the outsized transition checks being offered them from competitor organizations and go some version of independent with firms like Focus Financial Partners and HighTower Advisors, respectively.
Subscribe for Updates
Get updated by email when a new article is added.
Recent News & Articles
- Add FAs, Digitize, Cross-Sell: BofA Boss’s Wealth Biz Growth Plan
- Top Tips for Setting Your Business Up for Success Years Before a Move: An Industry Update
- Summit Partners Backs Ex-First Republic Wealth Chief’s RIA Venture
- Leveraging the Power of Mindset to Enhance Your Wealth Management Business
- The Next Chapter: Former First Republic Head Launches RIA with Backing from PE Firm Summit Partners