By Wendy Leung – When considering a move, it’s natural for advisors to wonder whether clients will follow them to the new firm. Yet the desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move.
By Mindy Diamond, WealthManagement.com – In today’s increasingly competitive marketplace, brokerage firms have doubled down on their efforts to retain top talent. With a vast arsenal of retention tools at the ready, advisors regularly face choices that solidify their obligations – as well as their assets – to the firms they work for.
By Mindy Diamond, WealthManagement.com – It was September 2004 when I wrote my first “Of Myths and Moving” article—a piece designed to help address some of the common concerns that advisors shared when considering a move. But the wealth management industry landscape bears little resemblance to that of years past; advisors have more options for how and where to run their businesses than ever before.
By Alex Padalka, Financial Advisor IQ – Raymond James and RBC Wealth Management both poached brokers from Merrill Lynch this week.
By Andrew Welsch, OnWallStreet – A team that managed $1 billion in client assets quit Merrill Lynch to join J.P. Morgan Securities, the bank’s high-end brokerage unit. Financial advisors Christopher Andrews, Jacob Robert Webb, David Luther signed on with J.P. Morgan Securities in Palm Beach, Florida, where they report to regional director Rick Penafiel.
By Mindy Diamond, WealthManagement.com – When I was 6 years old, my father insisted I was ready to ride my bicycle without training wheels. I was comfortable riding around our neighborhood on my hot-pink bike outfitted with multicolored tassels hanging from the handle bars and the extra set of training wheels bolted on the back. Although I knew it was time to give up that added security, I was absolutely terrified.
By Barbara Herman – It’s human nature to want to protect the status quo— familiarity is reassuring. Comfort level aside, quality advisors still periodically reevaluate where they are. And those who believe they can do substantially better for their clients and teams opt to move elsewhere.
By Allison Brunwasser – Who doesn’t want to have their cake and eat it, too? However, in an imperfect world such as ours, trying to satisfy all your needs at once typically leaves you in a holding pattern. And this is often true for advisors when planning a move: The one place that many get stuck at is trying to identify that perfect “go date.”
By Mindy Diamond – Sadly, it’s a scenario that plays out quite often: A top-notch team meets with the hiring manager at a firm that has all the markings of a good fit: A culture and vision they could align with, great technology and a client-focused value proposition. The team describes their needs and goals in detail, and outlines their financial expectations. The manager nods in agreement. He’s enthusiastic about the team and gets them excited about the firm’s culture and how much better their professional lives would be if they joined.
By Mindy Diamond, WealthManagement.com – Truth be told, no advisor purposefully sets out on a path of missteps when making a move; in fact, most aren’t even aware of what can actually go wrong. There are some common pitfalls that can add layers of difficulty or even derail a move altogether. Being aware of them can alleviate much of the stress while paving the way for a far smoother transition process.
