By Mindy Diamond – Advisor Group’s acquisition of American Portfolios Financial Services reminds independent reps whose broker dealer recently sold that whether content or not with your firm, the news is unsettling. So what does an IBD advisor do next?
If you are an advisor who is looking for a greater level of freedom and a chance to build what our forefathers saw as the American dream – that is, a business based on choice, flexibility and an opportunity to build equity for your future – then you’ll want to read these articles.
By Mindy Diamond – As the cost of doing business rises, there’s no doubt many owners of wealth management firms are feeling the pinch. With the promise of an ever more onerous regulatory environment bearing down on these same folks, many find themselves in the unenviable position of running unprofitable enterprises. So what are these business owners to do when they are at this juncture?
Mindy Diamond Interviewed, Investment News – Wirehouses used to discuss independence as a “nuisance” and an “annoyance,” but now it is a credible threat. Mindy Diamond of Diamond Consultants says Morgan Stanley, Merrill Lynch and UBS will create a new solution to stall attrition.
Howard Diamond Quoted – By Bruce W. Fraser, OnWall Street – After 19 years at a large bank brokerage office in Basking Ridge, N.J., financial advisor Alan Becker joined the Florham Park, N.J., office of LPL Financial about a year ago. The RIA model is popular because it is easy to understand and offers freedom and independence, says Howard S. Diamond, managing director and chief operating officer of Diamond Consultants, a recruiting and consulting firm in Morristown, N.J.
Howard Diamond Quoted – By Bruce W. Fraser, OnWallStreet – Two veteran industry recruiters – Howard Diamond, managing director and general counsel of Diamond Consultants of Chester, N.J., and Mark Elzweig, president of Mark Elzweig Co. of New York – discussed some of the top reasons advisors venture forth on their own.
By Mindy Diamond, WealthManagement.com – The independent broker/dealer model can be an ideal option for an advisor who comes from an employee environment, wants more flexibility and control, likes the idea of supported independence and does some or a lot of commission business. But one of the biggest concerns among advisors considering the IBD route is how to choose a firm.
By Mindy Diamond – What does the principal of a successful RIA do when he is likely 5 years away from partial or complete retirement and the appropriate successor for his/her business has not yet been identified?
By Michael Shagrin, FundFire – Dennis Barba joins Wells Fargo Advisors Financial Network (FiNet) from UBS with $175 million in client assets. His independent practice will have offices in both Beachwood, Ohio and New York City.
By Wendy Leung – The migration to independence has huge momentum and has prompted many advisors to look inward and ask themselves whether they have the entrepreneurial DNA and the mindset to make the leap to independence. In the end, there is no one size fits all answer to this question but here is some food for thought to help you determine whether independence is right for you.
