February 27, 2014 – By Howard Diamond, Financial Advisor IQ – As a longtime fan of classic rock, I am frequently reminded of The Clash’s 1982 hit “Should I Stay or Should I Go?” when I encounter advisors who have mixed feelings about relocating their practice or going independent. Often these folks have a sense that they are not at the right place and wonder if growth opportunities might be outside the confines of their current firm. In these situations, I find most advisors do not spend nearly enough time doing the strategic analysis that should go into a decision of this magnitude. And poor planning can potentially have disastrous effects both on the advisor’s bottom line and the end-client’s overall experience.
In the News
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February 27, 2014 – Reuters – J.P. Morgan Chase & Co’s wealth management unit said it hired a team of 6 veteran advisers from UBS, Merrill Lynch and Bernstein Global Wealth Management to expand the firm’s presence in Atlanta, New York and Seattle. The advisers together managed about $1.2 billion in client assets at their previous firms.
February 24, 2014 – Mindy Diamond Interviewed – By Veronica Dagher, The Wall Street Journal – What it means to “go independent” has changed over the years. Plus, here’s how advisers can effectively use technology.
February 22, 2014 – Raymond James recently recruited the veteran team of Thomas Dedrick, CFP® and Pam Franklin, CRPC® to join the Tuscaloosa, Ala. office of Raymond James & Associates (RJA) ─ the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF) ─ according to Tash Elwyn, president of RJA’s Private Client Group. They will do business as the Dedrick-Franklin Group
February 16, 2014 – Mindy Diamond Quoted – By Liz Skinner, InvestmentNewst – Peter J. Raimondi walked away from The Colony Group 20 years after he launched the Boston advisory firm with just nine clients. After expanding the firm to 650 clients and $900 million in assets under management, he wanted to shift the business focus toward asset management, a move that he had decided was key to further growth. His partners didn’t agree, so he left.
February 12, 2014 – Mindy Diamond Quoted – By Joan Warner, Miriam Rozen, Financial Advisor IQ – Flying solo in the financial-advice business has never been a cakewalk, and mounting compliance costs are making it even tougher. According to Cerulli Associates, the number of sole practitioners has shrunk over the past five years, especially among independent broker-dealers, where multi-advisor practices are up 55%.
February 6, 2014 – By Mindy Diamond, Forbes – Meet Tim Kneen and Clayton Hartman just once and you would know that they were never meant to be wirehouse advisors. This billion dollar Colorado based duo, generating almost $8 million in annual revenue, with combined industry experience of not quite six decades left UBS in mid-January to form their own wealth management firm. It was the shot heard around the industry. Such a high profile move will always attract attention, but when a team like Tim and Clayton’s goes independent, it is particularly compelling.
February 5, 2014 – By Mindy Diamond, Forbes – Meet Tim Kneen and Clayton Hartman just once and you would know that they were never meant to be wirehouse advisors. This billion dollar Colorado based duo, generating almost $8 million in annual revenue, with combined industry experience of not quite six decades left UBS in mid-January to form their own wealth management firm. It was the shot heard around the industry. Such a high profile move will always attract attention, but when a team like Tim and Clayton’s goes independent, it is particularly compelling.
February 1, 2014 – Mindy Diamond Quoted – By Kris Frieswick, OnWallStreet – It shouldn’t surprise anyone that if you put nine top recruiters in a room to discuss the state of the wealth advisor industry, they would come down on the side of now would be an excellent time for many of those advisors to make a move. But over the course of the day-long discussions that comprised On Wall Street’s 2014 Recruiter’s Roundtable, it became clear that their reasons were far from self-serving.
February 1, 2014 – By Mindy Diamond, WealthManagement.com – With more wirehouse and regional advisors seeking greater independence, control, autonomy, superior economics, and the ability to customize the client service experience, independent models have been big winners. In fact, more independent models have been born in the last two years than ever before. Today, those who had been reluctant to leave their firms, thinking no exceptional alternative existed, may want to take another look at the expanded landscape.
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