By Louis Diamond – Independent broker dealers (IBDs) serve a great purpose within the marketplace. By allowing advisors to own their business, self-brand and take control of their financial destiny, IBDs are often a breath of fresh air for breakaway brokers and entrepreneurial spirits. Yet while there are many multi-million dollar businesses within IBDs, there are often instances where a business has outgrown this model in favor of the registered investment advisor (RIA) hybrid space.
By Wendy Leung – Many wirehouse advisors are intrigued by the idea of gaining greater freedom and control over their business, but don’t seriously consider going independent because they think it means being alone in an office bogged down by operations and minutia. The good news is that as the industry landscape has expanded, advisors can easily find support, resources and community in the independent space. Here are a few options to consider:
By Mindy Diamond – Why the recent push to recruit women advisors? Of course, it’s politically correct to do so and satisfies a diversity initiative. From a business growth perspective, studies have shown that women clients prefer to work with women advisors. And it’s always a PR bonanza to hire women. And while women may be reading this and cringing, truth be told, these statements represent the reality that we are dealing with.
By Barbara Herman – While not that long ago it may have been enough for an independent broker dealer (IBD) simply to provide basic clearing and custody and perform mandatory regulatory oversight, advisors today expect much more. With so many options out there, what should an IBD advisor look for to ensure that either he is still in the right place or that any move he considers is the best one for his clients and his business goals?
By Deborah Aronson – The independent broker dealer (IBD) space has experienced a transformation of late, just short of the consolidation we witnessed in the wirehouse world during the financial meltdown of 2008. Today, a changing regulatory environment and an increase in the overall cost of doing business has placed an enormous burden on independent broker dealers, no matter their size. Small broker dealers that lack the scale necessary to invest in their compliance and overall infrastructure are rapidly becoming an endangered species.
By Barbara Herman – Whether an advisor is one among thousands of employees of a wirehouse or is the owner of his own firm, creating a succession plan for the business is likely more of a priority today than a few years ago. Finding the right next generation talent has become an industry-wide challenge, crossing all models and firms.
Great Expectations: 4 Ways The Needs and Sophistication of Advisors and Their Clients Have Evolved the Industry
By Barbara Herman – Advisors – whether they sit within traditional firms as employees or are owners of independent practices – have expectations that are far different today than they were just 5 years ago.
By Deborah Aronson – Financial services is a people business—advisors spend years cultivating relationships, earning their clients’ trust and building their businesses. There’s a highly human element involved and many entrepreneurs are personally intertwined with their businesses. That said, thoughtful business owners recognize that there’s more at stake than themselves as they need to ensure that their clients and staff will be well taken care of, if and when the time comes that they can no longer serve as CEO.
By Barbara Herman – It has become very common for advisors – regardless of what firm they’re with – to believe they have one move in them; it’s only a matter of when. They often have a bucket list of what they need to accomplish or events that need to take place, and then it will be time to go. We all would like to believe that there will be this one perfect moment in time, when every aspect of life – both personal and professional – is perfectly aligned to support a change; we just need to wait for it to happen.
By Wendy Leung – In this day and age of stratospheric wirehouse deals, why are so many uber-productive, high-quality teams forgoing a huge transition incentive check to make the move to independence? While we can all agree that independence offers more freedom, flexibility and control (and for those with true entrepreneurial DNA, that is something hard to put a price tag on), at the end of the day advisors need to understand the economics of independence before they can determine whether it is a viable option for their business.
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