By Mindy Diamond – More often than you would think, advisors tell us that they made a mistake by leaving one firm to join another. Sometimes it’s because the move was made in haste: that is, the advisor didn’t fully vet the new firm or complete his due diligence. Other times, the advisor was sold the proverbial bill of goods—and he later finds out that the ability to manage and grow his business is severely limited.
By Mindy Diamond – WealthManagement.com – It might surprise you to hear that it is often the most productive and successful wirehouse advisors—usually those who serve the highest net worth clients—who feel the most torn by how best to serve them. It is their belief that these wealthier and more discerning clients are married to the wirehouses. After all, these same firms created a culture where advisors and their clients are indoctrinated in the belief that they are only successful because of the firm name and the brand cache that comes with it.
By Mindy Diamond – I’ve written much about the decision-making process that an advisor goes through in order to determine if his firm is the one that will continue to serve him into the future. It occurred to me, though, that the most stressful time for an advisor who plans on jumping ship is the time “in between”—the time from deciding it’s time to go to the time one actually makes the leap.
By Mindy Diamond, InvestmentNews – ROB is a wirehouse adviser based in the Pacific North-west who has spent a professional lifetime with the same firm. He was 25 when he joined the wirehouse almost 30 years ago, and he earns a living that has far exceeded his wildest expectations. Over the years, he has largely been content. He has felt a sense of loyalty to his firm because he believes it has brought him a level of credibility and respect that he might not have gained elsewhere.
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