By Deborah Aronson – It’s natural to begin an exploration process with preconceived notions, guided by confirmation bias; that is, the desire to “prove” our thoughts are well-aligned with reality. Yet, as the due diligence process unfolds, you may find yourself more confused than when you started—maybe even losing sight of what prompted you to explore in the first place.
June 15, 2018 – Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – In wake of U.S. courts axing the Department of Labor’s retirement savings rule, Merrill Lynch told its field of more than 14,000 financial advisors on Friday that the brokerage is reevaluating its policies and procedures, especially those related to retirement accounts.
Independence may sound “isolating” to many financial advisors exploring the space. In this episode, Mindy dispels that myth, exploring how independent advisors can find support, synergy and a community to share ideas. [podcast]
By Mindy Diamond – There are many times in life when we find ourselves in a position where we need to make a life-altering decision. Whether you consider yourself pragmatic or not, it can be hard to remain focused on what really matters most.
May 24, 2018 – Louis Diamond Quoted – By Brooke Southall, RIABiz – Focus Financial filed the paperwork to complete an initial public offering. The New York-based roll-up, which recorded revenues of $663 million in 2017 filed an S-1 form with the U.S. Securities and Exchange Commission and the Nasdaq symbol will be FOCS. No pricing information was given.
By Barbara Herman and Allison Brunwasser – We’re accustomed to having advisors speak candidly and confidentially to us, sharing the things that annoy or disappoint them most about their firms, the industry and about being an advisor. But over the past 6 to 12 months, advisors have become more vocal about areas of discontent. That is, more seem to openly admit that they’re not happy with their firm.
May 18, 2018 – Louis Diamond Quoted – By Barron’s – Wells Fargo Advisors experienced fewer advisor departures early this year than during the same period of 2017. This could signal its advisors are less worried by the parent company’s banking scandal or that Wells has figured out how to better retain advisors. One recruiter said Wells Fargo appears to have addressed the problem.
May 17, 2018 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That’s when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening accounts for a few million customers without their knowledge or approval — a public relations nightmare that also alienated some of the firm’s advisers. One recruiter said it looked like Wells Fargo had gotten its arms around the problem of watching valuable advisers walk out the door after the banking scandal.
By Louis Diamond – While the financial advisory profession is still largely a meritocracy, your production and book of business no longer solely dictate how attractive you are to prospective employers. As wirehouses have scaled back on hiring advisors (not entirely by choice), regional firms, boutiques and independent platforms now control the recruiting market. The result? Cultural fit and likeability can make or break a deal.
May 10, 2018 – Barbara Herman Quoted – By Bruce Kelly, InvestmentNews – At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones’ move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential female candidates seeking to work as an adviser, industry observers said. “I think two things are meaningful to advisers. First, that leadership comes from the rank and file, one of their own,” said Barbara Herman, a senior vice president at Diamond Consultants, a recruiting firm for advisers. “She started as an FA and that resonates with advisers.”