By Mindy Diamond, WealthManagement.com – Those who are having second thoughts about signing on as heir apparent to their senior advisor’s book shouldn’t feel “hopeless,” according to Tom Lewis, Certified Civil Trial Attorney at Stevens & Lee in Princeton, NJ.
By Mindy Diamond, WealthManagement.com – 3 years later, financial advisors are still asking: Will Merrill leave the Protocol? And if Merrill opts out, what does that mean for advisors at the firm?
Crisis Underscores the Value of Freedom, Flexibility and Fiduciary Responsibility for this $1B+ Independent Firm
By Mindy Diamond and Louis Diamond, WealthManagement.com – For the founders of Requisite Capital Management, going independent was a philosophical shift from being employees at UBS which has a fiduciary duty to shareholders vs. being business owners whose fiduciary responsibility is to clients—and no one else.
By Howard Diamond and Mindy Diamond – It’s the time of year when we gather the team at Diamond Consultants to revisit the prior year—and few can argue that 2017 was an interesting one to review to say the least. Working together, we examine deals both large and small, dissect the headlines and hearsay, and study the players.
Protocol or Not: Here are 7 things financial advisors should be doing now, even if you’re not planning a move. [Infographic]
By Mindy Diamond – No doubt the headlines exclaiming that UBS pulled out of the Protocol for Broker Recruiting (AKA the Protocol) have reached you by now. Certainly announcements like this cause an abundance of emotions from fear and anxiety to anger and everywhere in between for advisors who were protected by the seminal document. There are some realities that every advisor should be aware of, before allowing your emotions to get the best of you.
By Mindy Diamond – The announcement of Morgan Stanley’s exit from the Broker Protocol as of November 3rd was just one more reminder that financial advisors are living in uncertain and tumultuous times. It’s become very clear that as an employee, the advisor is not steering the ship.
Mindy Diamond Quoted – By Andrew Welsch, OnWallStreet – Morgan Stanley is exiting the Broker Protocol. But even if threatened with potential lawsuits, advisors will still make career changes, recruiter Mindy Diamond contends. “Plenty of people moved pre-protocol, and they’ll move again,” she says.
By Howard Diamond – Over the past few weeks, rumors have abounded that some wirehouse firms are contemplating an exit from the 13-year old arrangement that protects firms and advisors alike: Membership in the Protocol for Broker Recruiting (“Protocol”). What is the rationale for considering such a move and, more telling, what impact will it have on advisor recruiting?
By Mindy Diamond – In the past 2 months or so, we saw 4 big Goldman Sachs teams leave the vaunted firm, with 3 out of the 4 going independent. Historically, advisors from non-Protocol firms – especially those with garden leave provisions like the one Goldman Sachs puts in all its employment contracts – would never have considered the independent space.
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