Mindy Diamond Quoted – By Megan Leonhardt, WealthManagement.com – A bull market helps many advisors feel pretty good about the firms they work for. Still, according to the 2013 Broker Report Card, some are happier than others.
In the News
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HighTower, the nation’s destination of choice for entrepreneurial advisors seeking greater independence and practice control, announces the transition of LCK Wealth Management to the HighTower partnership. This is the third advisor team HighTower has transitioned in as many weeks.
HighTower, the nation’s destination of choice for entrepreneurial advisors seeking greater independence and practice control, announces the addition of The Andriole Group to the HighTower partnership. This is the second advisor team transition HighTower has completed in the past two weeks.
Mindy Diamond Quoted – By Brooke Southall, RIABiz – Hal Lambert and Jeff Wildin held their breakaway fire for several years until they could get all the capabilities — and keep 100% ownership. Mindy Diamond, principal of Diamond Consultants LLC, says this breakaway is exhibit A for just how far independence has come as an option.
By Mindy Diamond, WealthManagement.com – With the heightened scrutiny in the financial services industry and the changing regulatory environment, more financial advisors are getting caught in the crosshairs of their firms’ hyper-vigilant compliance departments. While FINRA rules generally have not changed, there has been a significant increase in sensitivity about the need for stricter compliance oversight.
Backs to the wall, wirehouses renew legal efforts to stem team breakaways – with junior partners sparking the tension
Howard Diamond Quoted – By Lisa Shidler, RIABiz – A rash of recent lawsuits filed by wirehouses against breakaways are bad news for advisors — even though they ultimately achieve their objective of independence. Though many of these cases get settled within six weeks, they still cause massive headaches for advisors because they eat up their time, making it harder to recruit clients.
Mindy Diamond Quoted, FundFire – A fast-growing independent brokerage practice of LPL Financial transformed itself this year to focus on registered investment advisor (RIA) compliance – but aims to keep the “fast-growing” part. By flicking the switch to send its brokerage compliance work to LPL and using its own advisor registration, Independent Financial Partners, which bills itself as the “largest RIA in Florida,” is keeping many elements of its old business model.
By Mindy Diamond, WealthManagement.com – Some of the wirehouses’ most-coveted advisors have caught the industry’s attention by making the leap to independence over the last few years, causing many to question the wirehouse model. After all, RIAs are expected to grow faster than wirehouse advisors this year, increasing their client base by 12 percent versus 7 percent for wirehouse FAs, according to Aite Group. Last year, RIA firms’ assets grew by 18 percent, versus wirehouse firms by 8.2 percent.
By Mindy Diamond, WealthManagement.com – Wirehouse advisors often have an opportunity for “instant” growth by purchasing a book of business from a retiring advisor within their firm. While this sounds simple enough and can double the size of an advisor’s book overnight, it requires careful examination from both pragmatic and legal standpoints.
By Mindy Diamond, WealthManagement.com – Next week, the board of the Financial Industry Regulatory Authority (FINRA) plans to review a controversial proposal that, simply put, would require brokers to disclose the incentive they receive when switching firms (if the incentive totals more than $50,000). While this topic has been bumped from FINRA’s agenda in the past, I believe that a ruling is imminent and will eventually pass. If it does, it could have far-reaching implications for all advisors who change firms in the next several years and beyond.
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