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?”
Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer. Advisors may also find more independence at regional firms or independent broker-dealers.
Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – The trend of financial advisors breaking away from their brokerages doesn’t seem to be dying down anytime soon. Changes in the industry — the shift from commission-based compensation models to fee-based, increasing compliance and regulatory requirements and advances in technology — are all making independence more appealing to advisors.
By Jake Martin, Citywire – Sanctuary Wealth has added former Ameriprise Financial advisor Travis Grieb and his new firm, Centeras Private Wealth, to its partner network. Grieb, who spent the last 14 years with Ameriprise, will launch his new business in Portsmouth, New Hampshire.
Wendy Leung Quoted – By Jameson Berkow, The Globe and Mail – The COVID-19 pandemic has triggered a wave of succession planning among financial advisors that some experts believe could become the largest transition the industry has ever seen.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisors IQ – Morgan Stanley has told its financial advisors that any client referrals coming from its E*Trade unit will go to a pre-selected set of 500 teams, a source familiar with the matter says.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Morgan Stanley aims to continue aggressively recruiting financial advisors and halt their attrition, according to the bank’s senior executives.
Louis Diamond Quoted – By Oisin Breen, RIABiz – Goldman Sachs made its first major hires — and poaches from Schwab and Pershing RIA custody units — as it prepares to leverage its Folio Financial acquisition for an invasion of their turf. Expect a hard launch early next year.
Barbara Herman Quoted – By Charles Paikert, Family Wealth Report – What keeps owners of wealth management firms up at night? Compensation, recruiting, retention and equity certainly top most lists. According to Schwab’s 2020 Compensation Report, median compensation costs are 70 percent of revenues for firms with over $100 million in AUM.
