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Podcast

Independence for Financial Advisors

Industry Update: What the Wealth Management Landscape Looks Like Today

Posted by Mindy Diamond

The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model.

The wealth management industry has been on an evolutionary streak, where new models seem to be born almost daily. In fact, the top questions we are asked by advisors are all about the landscape—what it looks like, what’s changed and how each of the models compare.

Up until 2 years ago, we put together an annual whitepaper called “The Landscape of the Industry.” It represented an enormous effort on our part, increasing in size and depth year after year.

And yet things changed so fast that within a day of publishing, it was already considered outdated.

Taking lessons learned in building the whitepaper, we found that the best way to describe it is as a “continuum of options” with categories of firms and models where a financial advisor could choose to practice.

So in this episode, we’ve decided to take a different approach to exploring this continuum, comparing and contrasting each model in terms of these key characteristics:

  • Freedom and Flexibility
  • Restrictions
  • Net-Payout

As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it here.

The ever-expanding landscape represents a waterfall of possibilities for every advisor. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. So listen in to broaden the knowledge that drives your decision-making process.

 

Podcast: Play in new window | Download (Duration: 23:26 — 27.5MB) | Embed

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Parts 2 and 3 Are Now Live

A Deep Dive into the Wirehouses and Regional Firms

Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors

Related Resources

At a Glance: The 2020 Landscape of the Wealth Management Industry
The infographic described in this episode that outlines the landscape continuum. Download->

10 Predictions for Financial Advisors in the Post-Crisis World
In an industry where widespread change was already underway, there’s a new wave of evolution ahead—and much of it will be for the better. Read->

Why Billion-Dollar Teams Move: 7 Drivers That Impact Financial Advisors At All Levels
When mega-teams move, the entire wealth management industry takes notice—and for smart financial advisors who are paying attention, there’s much to be learned. Read->

What’s Changing at the Wirehouses—and Why You Need to Pay Attention
As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read->

 


This podcast is also available on…

Mindy Diamond on iTunes           Listen on Google Play Music           Diamond Consultants Podcast on YoutUbe

 

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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    WHAT OUR LISTENERS ARE SAYING…

    • Your podcast helped me a ton during my due diligence. There is no replacement for hearing from others who were successful leaving the wires. You are doing great things for the industry.

      Rory O’Hara
      Founder, Senior Managing Partner – Ausperity Private Wealth
    • A fantastic bundle of wisdom from one of the very best Curators of all things Wealth Management.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.

      Brock Moseley
      Founder, Miracle Mile Advisors
    • I didn’t realize what I could do until I heard what other advisors were doing. Then week after week, it was like the gaps were filled in. Without it, I wouldn’t have had the confidence to go independent. Even after transitioning, I still can’t wait for Thursday mornings to hear the latest interview.

      Jerry Davidse
      CEO, Presilium Private Wealth
    • Best new resource I have come across in a long while.

      Daniel Gude
      Senior VP at LPL Financial
    • I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.

      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • This is outstanding. Every team considering independence should listen.

      Chris Cooke
      Managing Partner, Cooke Financial Group
    • Every advisor at a brokerage firm should listen to this podcast. I’m convinced that most advisors don’t realize their real value. Do your research. You deserve your true value and going out on your terms. It’s your life’s work. Even if you don’t transition to independence, know your value and options in order to make an educated decision.

      Robert Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

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