Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Recent legal actions have focused attention on wirehouses’ deferred compensation plans, a persistent source of discontent for some financial advisors, according to recruiters. In late December, a new lawsuit targeted Morgan Stanley’s deferred compensation practices, challenging its policies which defer as much as 15% of top-earning advisors’ pay, according to the allegations.
Barbara Herman Quoted – By Diana Britton, WealthManagement.com – Integrated Advisors Network, a Palos Verdes, Calif.-based support platform for registered investment advisors, has acquired ReDefine Independent Advisors, an RIA consulting firm, to build out a dedicated offering for breakaway advisors. As part of the deal, the firm has named ReDefine CEO Jason Inglis as its new president.
Louis Diamond Quoted – By Ian Wenik, Citywire – SVB Financial Group, the parent of commercial bank Silicon Valley Bank, plans to buy Boston Private for about $900m in shares and cash.
Mindy Diamond on the One Away Show with Bryan Wish – In this episode of the One Away Show, Mindy Diamond switches seats to share her journey with host Bryan Wish of BW Missions.
Louis Diamond Quoted – By Gary Stern, RIA Intel – A new White House administration might make it easier for financial advisors to switch employers. President-elect Joe Biden has signaled in the past that his administration would go after noncompete and no-poach clauses that are ubiquitous in financial advisory contracts.
Mindy Diamond Quoted, Financial Advisor IQ – The landscape of the wealth management industry continues evolving at a rapid pace, but most firms fall into one of several buckets along a “continuum,” from the most restrictive models to the ones offering the most flexibility, according to one industry consultant.
Barbara Herman Quoted – By Diana Britton, WealthManagement.com – Avantax Wealth Management, Blucora’s wealth management business created from the acquisitions of HD Vest and 1st Global, recently launched two new affiliation models to help recruit and support financial professionals whose value proposition is largely tax-centric financial planning.
Louis Diamond Quoted – By Ian Wenik, Citywire – Focus Financial Partners is introducing a new back office services-focused acquisition model — and has already added four firms to the offering. Louis Diamond, an executive vice president at advisor recruiting and consulting firm Diamond Consultants, likened Connectus to the acquisition model of RIA aggregator Hightower.
Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – There are pros and cons to just about every situation, but when it comes to advisors breaking away to start their own firms, it seems the grass really is greener on the other side. There were 655 breakaway deals in 2019, a 22% increase from the previous year, according to Echelon Partners. That pace hasn’t slowed this year. But while more advisors are breaking away every year, few go the other way.
Louis Diamond Quoted – By Ellen Sheng, Financial Advisor IQ – Breaking away to start your own firm can be a complicated process. But just as every journey begins with a first step, the process of breaking away can — and should — be broken down into steps. Before starting any execution or seeking any counsel, it’s crucial to be clear on your goals. Louis Diamond, executive vice president at Diamond Consultants, encourages advisors to think about: “What am I trying to accomplish, and how much work am I willing to put in to accomplish this?”
