Louis Diamond Quoted – By James Rogers, FinancialAdvisor IQ – UBS adjusted its 2022 pay grid to reward time spent with the wirehouse, revenue and teamwork — but not everyone is happy with the changes.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – Commonwealth Financial Network has launched a year-long coaching program specifically for next-gen advisors affiliated with the firm. While the independent broker/dealer has other development programs for those younger advisors, such as its Advisor Live training program, the NextGen Business Development Group is aimed at giving them concrete strategies and tactics for growing their revenue, assets and client base.
Louis Diamond Quoted – By Jeff Berman, ThinkAdvisor – The shift in strategy stands to also help IBDs trying to compete with RIA custodians and other IBDs for advisors, Louis Diamond, president of Diamond Consultants, said Monday.
Louis Diamond Quoted – By Jeff Berman, ThinkAdvisor – Once upon a time, the Merrill Lynch advisor training program was widely considered the “gold standard” of industry training programs. Industry recruiters interviewed by ThinkAdvisor this month were split on whether the wirehouse’s new, shorter training program will successfully meet that same standard and achieve the firm’s recently stated goal of having 1,000 trainees graduate each year once it’s reached scale.
By James Rogers, Financial Advisor IQ – The swift firing of a Merrill Lynch financial advisor over an alleged bias incident at a Connecticut smoothie store serves to remind other FAs that they work in a high-profile industry, and there are consequences to bringing bad publicity to their employer’s doorstep.
By Alex Padalka, Financial Advisor IQ – Wealthcare said it grew its client assets by more than half a billion dollars last year, bringing its total to $4.8 billion. The firm — a business unit of Financeware, a NewSpring Holdings platform company — also says it brought on 18 new advisors during last year, bringing its total to more than 165.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – Waltham, Mass.–based independent broker/dealer Commonwealth Financial Network has confirmed that it recently shifted the way it structures the deals it gives prospects as an incentive to join the firm. It now offers forgivable notes based on an advisor’s asset levels, rather than a percentage of production, which has historically been the norm.
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – A long-running trend of experienced broker attrition from wirehouses is ebbing, Merrill Lynch, Morgan Stanley and Wells Fargo executives claimed in the past week. But the advisor teams that do breakaway from the wirehouses continue to have an adverse impact since they leave with large chunks of assets, the recruiters said.
Louis Diamond Quoted – By Janice Kirkel, Financial Planning – Analysts say the decision by Dynasty Financial Partners, the St. Petersburg, Florida-based RIA and turnkey asset management platform with $65 billion in client assets, to launch a $100 million IPO is what would be expected from a firm that has undergone measured rather than explosive growth with managers who have significant experience in the public markets.
Louis Diamond Quoted – By Jeff Benjamin, InvestmentNews – Dynasty Financial Partners is turning to the public equity markets to support its strategy of helping wirehouse representatives break away to become independent financial advisers. “The IPO is very exciting as a further validation of the success of the RIA space,” said Louis Diamond, president of Diamond Consultants.
