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.
In the News
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Barbara Herman Quoted – By Susan Konig, WealthManagement.com – Years ago, the wirehouses didn’t consider independent broker/dealers a threat to their business—but rather the place unsuccessful brokers go when they fail at their firms. But today the wirehouses are losing some of their largest and most-coveted corner-office teams to the independents. Wirehouse branch office managers, however, aren’t giving up without a fight. Some are taking a page from the independents themselves to lure and keep top talent.
By Howard Diamond, Financial Advisor IQ – A few short years ago, it was a generally accepted notion that only advisors who “couldn’t cut it” at the big firms went independent. But this perception seems to have been turned on its head since the onset of the financial crisis in 2008 as an ever-increasing number of successful advisors have forsaken the traditional model and gone the independent route to become so-called breakaway brokers.
Mindy Diamond and Howard Diamond Mentioned – By Brooke Southall, RIABiz – This RIABiz rapport with the RIA business carries over to the quality of our columnists…
After ‘disturbing’ RIA losses at Raymond James, Bill Van Law is going on offense-starting with hires of verteran LPL and Fidelity execs
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Driving home the message that RIAs are no longer relegated to the kids’ table, Raymond James Financial Inc. is poaching talent from two of its biggest competitors — LPL and Fidelity — to expand its regional offices, slashing trade fees, adding products and buttressing its technology.
By Mindy Diamond, WealthManagement.com – Breakaway broker? More like breakback broker. While the wirehouses continue to lose advisors to the independent channel, they are also luring some large teams of their own back to their ranks.
Mindy Diamond Featured, Investment News – Videocast: As part of a celebration of its 15th anniversary, InvestmentNews will host a videocast featuring three industry leaders who not only have watched the advice business change over the years but have been among those affecting its growth.
By Mindy Diamond, WealthManagement.com – Wendy started out as a sales associate for a wirehouse in the Southeast. After four years in that role, she was encouraged by the advisor she worked for to get licensed as an advisor. She had already established solid relationships with clients and knew she could learn the rest of the business. After working for three years as a junior, Wendy decided to take the clients that she had built on her own, and now eight years later, Wendy has a successful book of business with nearly $150 million in assets under management.
Howard Diamond Quoted, Financial Planning – With wirehouses offering juicy retention packages, don’t try to go dollar for dollar to compete with them, said headhunter Howard Diamond, managing director of Diamond Consultants. Instead offer things that play to your own strengths: the appeal of independence; work-life balance options such as letting a parent work at home two days a week; or equity in lieu of upfront cash. Another idea is to give some of your smaller clients to a new recruit, to show that you’re willing to part with some of your book of business. And make sure you know what makes your firm attractive: “You need to be able to tell your story better,” Diamond said. “Have your value proposition in spectacular shape.”
Barbara Herman Quoted – By Susan Konig, WealthManagement.com – The financial advisory industry is struggling with a shortage of talent, thanks in part to a post-recession reputation challenge and a sometimes closed, largely male, culture.
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