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Podcast

Independence for Financial Advisors

Push vs. Pull: Understanding – and Responding to – the Key Drivers Behind a Move to Independence

Posted by Mindy Diamond

What’s inspiring folks to jump ship from where they’ve built their life’s work to pursue other firms or even business models?

By our count, of the 19 moves made by $1B+ teams leaving traditional brokerage firms between January 1st and June 30th of this year, 9 went independent. And these $1B+ teams typically serve as proxies for the rest of the industry, a bellwether if you will for what’s happening in wealth management.

Historically, when an advisor decided to change jerseys it was because the weight of frustration with the status quo became too much of a burden. Today, while an increasing lack of control can still serve as impetus to push an advisor out of the nest, more often than not advisors and teams are more often being “pulled” towards new opportunities.

In this episode Mindy explores:

  • The most common frustrations we hear from advisors who feel pushed from their current firms;
  • The solutions to these frustrations offered by other firms or models;
  • Steering clear of the “negativity vortex”;
  • The value of getting educated about your options – even for advisors who don’t plan to make a move;
  • And more.

While the negative pushes may spur the initial restlessness, the ultimate decision to stay or go (and yes, staying put is a decision) should be based upon the pulls; that is, the positive draws offered by a new opportunity. The process of getting educated isn’t a commitment to move, but the chance to proactively make a decision rather than allowing yourself to be pulled along a path not of your own choosing. Ultimately, this process will guide you to answer the all-important question: Do I stay or do I go?

 

Podcast: Play in new window | Download (Duration: 14:15 — 13.0MB) | Embed

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Related Resources

Stop Feeling Pushed: 6 Steps to Leveraging the Positive Pulls
No one likes to feel “pushed” into making a decision. So how do you turn the tables and regain control of your career? Read more->

Push vs Pull: When Desire Wins Out Over Frustration
The motivation for many advisors who are moving these days has been gravitating from a “push” to more of a “pull.” Read more_>

Why Advisors and Their Affluent Clients are No Longer Looking the Other Way When it Comes to Independence
As advisors make the move to independence, their high net worth and ultra-high net worth clients reap the benefits of a more personalized approach. Read more->

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? Read more->

The Real Beneficiaries of Independence: Your Clients
While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read more->

 

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

     

    Other Recent Episodes

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