By Barbara Herman – Every wealth management firm seems to fancy itself a buyer, yet most are unsuccessful in their efforts to acquire, even after years of trying. So what’s missing? Where are they going wrong?
By Mindy Diamond – The new hyper-compliant world has left many advisors with a pink slip in hand, thinking they have reached the end of their careers. Yet there are steps a terminated advisor can take to get back in business.
By Howard Diamond – It seems easier than ever to communicate with others: The Internet, smartphones, texting and social media, each at the ready to comment, share and respond. Yet for all of the communicating that we do, real “conversation” seems to be a less frequent occurrence. Pile on the barrage of headlines and rhetoric – especially those we’ve been seeing regarding the elections and the DoL rule – and people tend to react rather than engage with one another. So it was refreshing to attend Schwab IMPACT a few weeks back.
By Barbara Herman – Advisors are increasingly interested in exploring the independent space (we have written extensively on this subject) in search of a better way to serve their clients with freedom, flexibility and control. While new independent solutions have been created to support the needs of very complex businesses, it’s important not to overlook the tried and true independent broker dealer (IBD) model.
By Mindy Diamond – Yesterday the DOL issued a set of FAQs relative to the new Fiduciary Rule—mostly related to the BIC exemption. But, FAQ #12 specifically addressed recruiting deals, stating that the “large back-end revenue and asset awards which are expressly contingent on the advisor’s achievement of sales or asset targets can create acute conflicts of interest,” and are in violation of the Rule’s intention.
By Mindy Diamond – Advisors have long held on to the certainty that when, and if, they were ready to change jerseys, they could do so and be paid the record-level deals that exist today. Everyone thought that we recruiters were crying wolf when we said, year after year, that at some point the gravy train would end and if you had a move in you, we strongly suggested making it sooner rather than later. While some advisors heeded our warnings, most believed that the rivers of wealth would never dry and that deals would just keep rising.
By Howard Diamond – The Broker Disclosure Rule and DOL Fiduciary Rule – coming this November and next April respectively – are perceived by many as game changers in the financial advisory space. Suffice it to say, the educational communication that advisors and firms must disseminate to clients if a move occurs after November 11, 2016 – along with the spate of requirements and regulations that continue to be promulgated in anticipation of the DOL Fiduciary Rule for next year – can be mind-numbing. This is especially so for smaller independent firms or for advisors thinking about moving to an independent model.
By Deborah Aronson – Zen Buddhism teaches the concept of a “beginner’s mind”—meaning to have “an attitude of openness, eagerness and a lack of preconceptions just as a beginner would.” It’s that state of mind you exhibit any time you embark on something new: While there’s a clear sense of purpose, the mind is uncluttered and open to all possibilities.
By Barbara Herman – The robo advisor phenomenon is clearly gaining momentum across the industry, from the major brokerage firms and banks to standalone RIAs. As this new technology-driven model is becoming more prevalent, advisors are beginning to question the impact of the new trend on their ability to grow, to service clients and to remain competitive.
By Barbara Herman – It seems to be the latest phenomenon: Advisors who are contemplating a move entertain the idea of assembling a group of unrelated advisors – friends with whom they’ve discussed the idea, colleagues they don’t currently partner with and even advisors from other firms – and moving en masse to a common destination.
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