May 1, 2014 – By Mindy Diamond, WealthManagement.com – The independent broker/dealer model may be holding some advisors back from growing into an enterprise.
In the News
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April 29, 2014 – Mindy Diamond Quoted – By Mason Braswell, InvestmentNews – In the heated competition to bring on new client assets, some of the wirehouses are broadening their search to include bank advisers, a group once thought of as not worth their effort, according to recruiters and branch managers.
April 30, 2014 – By Corrie Driebusch, The Wall Street Journal – Four teams of brokers managing more than $765 million combined in client assets joined the wealth management arm of Morgan Stanley (MS) on Friday from Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC).
March 6, 2014 – Raymond James recently recruited Gene Marx, senior vice president, investments, and Catherine Hunter, CERTIFIED FINANCIAL PLANNER™ and financial advisor, in Charlotte, N.C., according to Ed Ferguson, Charlotte branch manager at Raymond James & Associates (RJA) – the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF). The team operates as Marx Wealth Management of Raymond James.
Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers
April 2, 2013 – Mindy Diamond Quoted – By Brooke Southall, RIABiz – James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients’ billions in assets from illiquidity. Mindy Diamond, chief executive of Diamond Consultants, who assisted in consulting the breakaway, says that Maher’s team bumped up against the same concern as other Merrill brokers but that it just manifested itself differently.
April 1, 2014 – By Mindy Diamond, WealthManagement.com – It seems that every wealth management shop hypes their firm’s “culture” as the best thing about it. But what does “culture” really mean? While it might be hard to articulate, culture is king, and it is often the deciding factor when it comes to making a choice between staying with one’s own firm or joining another.
March 13, 2013 – Howard Diamond Quoted – By Liz Skinner, InvestmentNews – Advisers need to practice the pitch they’ll use to persuade clients to switch to a different firm with them, because those conversations could get much more difficult.
March 7, 2014 – By Paul Golden, FundFire – Wirehouse advisor mobility will increase significantly in 2014 as retention packages expire and the independent route becomes more attractive, according to a FundFire reader poll and expert interviews.
March 6, 2014 – Mindy Diamond Quoted – By Mason Braswell, InvestmentNews – J.P. Morgan Securities is stepping up its game and hoping that top financial advisers will take notice.
March 1, 2014 – By Mindy Diamond, WealthManagement.com – Many wirehouse advisors are frustrated with increased bureaucracy and a loss of flexibility. In fact, many say they will leave unless their firms re-up the retention deals. Since it is highly unlikely that the mega firms will offer additional retention incentives, this has caused many advisors to pause and think about the greatly expanded landscape. The all-time high recruiting packages—hovering around 350 percent of an advisor’s trailing 12 months production—are also pretty enticing. Did the retention awards buy loyalty or just time? Has the time come where so little is left to be paid back that if an advisor were to choose to go elsewhere, the ties that bind are just not great enough?
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