Vince Finney and Joe Panfil of Bibler, Finney, Panfil Private Wealth Management Group left UBS for Wells Fargo Advisors with Ryan Bibler. A departure for a show on independence, it’s a candid conversation with a young team who didn’t go independent.
By Barbara Herman – The strength of even the most successful partnerships may be tested when advisors consider changing firms. Many get stuck, reaching an impasse that can lead to a loss of momentum in both the business as well as the exploration process. Here are 4 paths to consider.
By Mindy Diamond – Advisors at big brokerage firms have found themselves in a world driven by a zero-tolerance culture—an environment where compliance departments rule with a heavy hand while management is focused on the lowest common denominator. It’s a transformation that evolved over the last several years as firms became more risk-averse, creating an incongruence between advisors who want to provide a bespoke experience for their clients and a compliance department that wants to put a narrow box around them.
By Barbara Herman – Most people, when facing a life choice, approach the decision-making process by weighing the pros and cons. But the process can often be sidetracked by concerns or objections—that is, distractions that quickly become time wasters. This is especially true when advisors are considering a change. How do they identify the true heart of the matter, so they can be strategic and thoughtful in the due diligence process and avoid getting stuck, focused on a “red herring” – that is, a thought that diverts attention from the real issue or concern
By Wendy Leung – We often talk about the evolution of the industry landscape and new models born as a result. With all the changes taking place, the way in which advisors conducted business transformed as well. As solo practices gave way to teams, advisors gained significant advantages in building their businesses, but also inadvertently strengthened the ties that bound them to their firms.
By Deborah Aronson – Going independent is an opportunity for advisors to gain greater flexibility and control over their businesses, but actually breaking away from an employee model can be daunting. The good news is that there’s an option available that allows advisors to gain many of the advantages offered by independence, yet without being bogged down by the day-to-day requirements of running a business or the feeling that they’re going it alone.
By Mindy Diamond – When partnerships are formed, they are always done with the best interests of clients in mind. And done right, a partnership can – and should – also provide the perfect environment for synergy, added capacity and expertise, succession and overall success for the advisors. Yet like with any business, the shared mindset the advisors started out with years ago may not be the same today.
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 – “I love being an advisor and have built a great practice. My business generates more than $3mm in annual fee based revenue and it affords me a lifestyle far better than I ever imagined. I have a top notch staff and wonderful clients with an aggregate $550mm in assets under management.” Perhaps change the stats but I’m betting that this sounds familiar to you- and what a wonderful position to be in.
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