By Mindy Diamond – I recently returned from a safari in Africa with my family, an altogether amazing, humbling, awesome experience. Surrounded as we usually are by constant distractions, being in Africa forced me to unplug and turn off the “work” part of my brain. But to my surprise, although Africa is as far-removed from Wall Street as you can get, I couldn’t help but recognize that the jungle echoes some aspects of the life of a financial advisor:
By Mindy Diamond – I’m betting that “Should I Stay or Should I Go,” the 1982 song by The Clash, has come to mind for every Barclays advisor in the past several months. Their roller coaster ride of not knowing what firm they would be working for ended earlier in June when Stifel Nicolaus announced their intent to acquire Barclays’ 180+ advisor wealth management unit. This acquisition is just the latest in the ever-changing landscape of the financial services industry.
By Mindy Diamond – Corporate culture has been defined as the “organizational glue” of a firm, that is, universal “sentiment” by which an organization behaves and functions. For some advisors, this is a critical aspect of what makes a firm “the right one” for their business, while for others it’s all about the numbers.
By Mindy Diamond – There’s no doubt we have seen a dramatic shift in the industry – the transference of power from the firm to the advisor – yet many advisors still find themselves “lost”. Unsure of how to answer the question, “Should I stay or should I go”, they’re feeling metaphorically handcuffed to their current firms, regardless of the outsized incentive packages being offered by competitors and the ever-growing variety of options that exist in the independent or alternative landscape.
By Mindy Diamond – What does the principal of a successful RIA do when he is likely 5 years away from partial or complete retirement and the appropriate successor for his/her business has not yet been identified?
By Mindy Diamond – No doubt that financial services firms strongly encourage their advisor ranks to form teams or partnerships because it works to the firms’ advantage: it makes the assets stickier and harder to move and in general, means that clients will receive a more well-rounded experience. But, the question I am often asked is whether the formation of a team or partnership is actually better for the advisor.
By Mindy Diamond Back in 2013, I wrote of a heightened and ever-changing regulatory environment catching even compliant advisors in its crosshairs. Two years later, we find advisors managing even greater levels of scrutiny, with high-profile terminations commanding attention in the media, causing unrest and downright fear for even the...
By Mindy Diamond, WealthManagement.com – The past 12 months or so have seen some of the largest advisory teams on Wall Street move to other firms. But a number of these deals—involving teams with more than $1 billion of assets under management and in excess of $5 million in annual revenue—are in the institutional consulting space. Traditionally, these teams have been less likely to move.
By Mindy Diamond – Who are the independent firms that have the greatest enterprise value—the ultimate worth of one’s life work? They are the ones that have solved for predictability of revenue, profitability, growth, streamlined operations, have a solid return on assets, achieved scale, and probably most important, solved for succession by broadening equity ownership beyond the original founder(s).
By Mindy Diamond – “Whether bound by the fiduciary standard or not, most advisors see themselves as fiduciaries to their clients. As such, the onus is on you to be certain that you are in the best place to serve those clients.”
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