By Mindy Diamond, WealthManagement.com – There is an interesting trend emerging in the wealth management industry: banks and traditional brokerage firms starting to acquire registered independent advisory businesses. It should come as no surprise—as the proverbial puck heads toward independence with advisors large and small trading their W-2s for 1099s—that we’re seeing more of these two scenarios.
Mindy Diamond Quoted – By Cheryl Winokur Munk, Barron’s – For many years, Goldman Sachs has been a firm where financial advisors hunkered down and planted roots. Lately, however, some advisors have grown more willing to transplant themselves elsewhere. In roughly the past 12 months, five sizeable, high-quality teams have left Goldman for other positions, writes executive recruiter Mindy Diamond in a column for WealthManagement.com. One team went to Morgan Stanley Private Wealth Management, one to First Republic Wealth Management, and three left to pursue various forms of independence, she writes.
By Mindy Diamond – WealthManagement.com – With an increasing number of advisors leaving Goldman Sachs, it’s time to take notice and understand why. I write a lot about changes in the industry landscape—whether it’s a new business model, relevant trends that we’re seeing, or the headline-gripping announcements from firms. What strikes me about the past 12 months is the frequency and speed of transformation that we’re seeing. Even more striking are the courage and determination of advisors to find the best firm or model to suit their business needs, regardless of the obstacles they may encounter.
By Mindy Diamond – WealthManagement.com – As wirehouses battle to retain control of their channel and maximize profit, expect more advisors to vote with their feet in search of freedom and flexibility. Corporate profit seems to driving the bus these days, and as it rolls along, it’s increasing the distance between advisors and the firms they call home. As a result, advisors are often left feeling as though they’re being forced to choose between maintaining their income level or best serving their clients’ interests.
By Mindy Diamond – WealthManagement.com – In the moments when we need to make a critical decision that could alter everything, the “what if” scenarios often rise to the surface, only to stop us dead in our tracks. Then one of two things happens: You make a decision and move boldly on with your life, or fear takes hold.
By Mindy Diamond – WealthManagement.com – With so much choice in terms of business models and affiliations, advisors have little excuse to stay at a firm that no longer serves their clients or their careers in a way that’s anything short of optimal. Yet the day-to-day of business and relationship management often takes priority, and few rarely stop to take a closer look at their firm.
By Mindy Diamond – WealthManagement.com – In a world where ensuring asset growth and gaining scale is important to every firm, you are on the radar of every recruiter and manager in your market. Of course you should accept the invitations from them. It’s flattering to be wanted, and it’s certainly important to get an understanding of what the competition is doing. The only problem with this approach is that it isn’t strategic.
By Mindy Diamond – WealthManagement.com – Asking the right questions and paying attention to the answers is key to ensuring the next step is the right one. The most stressful time for an advisor who’s thinking about leaving their firm is the time “in between”—that is, the time between deciding it’s time to go and actually making the leap. What questions should an advisor ask of the prospective new firm(s)?
By Mindy Diamond – WealthManagement.com – When LPL announced their purchase of four National Planning Holdings (NPH) firms, it wasn’t just another day at the office for advisors in the independent broker/dealer space. “I feel like I’m riding a wave of disruptive uncertainty,” one IBD advisor said to me. “Are we next?”
Mindy Diamond Quoted – By Barron’s – While it’s normal to feel unnerved, advisors whose firms are transitioning ownership can take several concrete steps to feel more secure, writes Mindy Diamond, president and chief executive of Diamond Consultants, in a column for WealthManagement.com.
