Mindy Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Don’t expect other wirehouses to match Merrill Lynch’s recently-sweetened payouts for retiring advisors, because Morgan Stanley, Wells Fargo and UBS had taken steps previously to retain senior talent. In addition, precise comparisons of the various incentives the wirehouses offer are difficult for FAs to make, say recruiters. Mindy Diamond, longtime industry recruiter and president and CEO of Diamond Consultants, suggests Merrill Lynch’s new plan may have disappointed some of its FAs.
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By Andrew Welsch, OnWallStreet – Steward Partners hired a former Merrill Lynch team managing $160 million in client assets, the firm said. It’s the latest in a string of hires for the independent firm, which was founded by former wirehouse managers in 2013 and is affiliated with Raymond James. So far this year, Steward Partners has recruited 19 advisors and opened six offices. The Washington, D.C.-based firm now has more than 100 advisors operating from 21 locations.
Mindy Diamond Quoted – By Ian Wenik, Citywire – Want to attract top talent to your RIA? Be prepared to open your wallet. In a speech at the Schwab IMPACT conference in San Diego, Calif., top advisor recruiter Mindy Diamond explained to a ballroom full of advisors that RIAs need to craft competitive compensation packages for advisors, even if they don’t have the amount of firepower the largest brokerage firms possess.
Louis Diamond Quoted – By Alana Pipe, FundFire – More than a third of financial advisors are expected to retire in the next 10 years, which will result in an estimated $7.8 trillion in assets changing hands, according to a recent report from Cerulli Associates. In anticipation of this retirement boom, wealth management industry firms are scrambling to ensure the smooth transfer of clients to the next generation of advisors while keeping assets in house. For younger advisors, building a business at a wirehouse like this comes at a price, says Louis Diamond, executive v.p. and senior consultant of Diamond Consultants, a recruiting firm.
Louis Diamond Quoted – Citywire video – shares his thoughts on Charles Schwab’s recent change to zero fees, and his thoughts on what 2020 looks like for advisors making the transition to independence.
Barbara Herman Quoted – By Jeff Benjamin, InvestmentNews – While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed at recruiting smaller wirehouse reps.
Mindy Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Merrill Lynch has added a big sweetener to payouts for advisors on the brink of retirement by tweaking its Client Transition Program (CTP). The wirehouse announced Wednesday an increase in its award payouts to retiring advisors for all production levels. The award has increased by five percentage points for the lower-production tiers while the top producers ($7.5 million or more) could see their payout jump by a whopping 75 percentage points to a maximum of 275% of their trailing-12 month production.
By Alex Padalka, Financial Advisor IQ – An experienced UBS financial advisor has left the firm to form a new wealth management practice. Anne Johnston has launched Los Angeles-based Created Wealth Advisory to serve multi-generational families, creative professionals and baby boomer women, according to a press release from the company.
Mindy Diamond Quoted – By Jed Horowitz and Mason Braswell, AdvisorHub – Merrill Lynch Wealth Management unveiled long-anticipated changes to its account-transition program for retiring brokers on Wednesday, adding five to 75 percentage points to the payouts brokers can receive over five to seven years after selling their “books” to colleagues.
Mindy Diamond Mentioned, AdvisorHub – AdvisorHub.com, the nation’s fastest growing news site for financial advisors, has launched a podcast channel featuring the nation’s premier wealth management broadcasts — including one from the Publisher & CEO, Tony Sirianni, titled An Industry in Transition which will air a new episode each Tuesday.
Recent News & Articles
- Avoiding Termination: How to Protect Yourself in a Compliance-Driven Brokerage World
- Merrill Lynch Retirement Sweetener Triggers No Rush to Match
- Adding to string of new hires, Steward Partners lands $160M Merrill team
- ‘Equity matters’: Mindy Diamond explains how RIAs can woo from the wires
- Wave of Advisor Retirements to Send $7.8T in Motion: Cerulli