By Mindy Diamond, WealthManagement.com – Financial advisors who opted-in to Merrill’s CTP (Client Transition Program) are finding they are stuck in the ironclad agreement, bound by a strict non-compete and clawbacks. It’s a cautionary tale for advisors who have yet to sign on.
By Deborah Aronson, WealthManagement.com – Wirehouse retire-in-place or sunset programs offer senior financial advisors access to their firms’ built-in succession plans and a pathway to unlocking liquidity, while next gen advisors stand to grow their asset base. But rather than just sign on the dotted line, next gen inheritors (and their senior partners) are hitting the pause button and striving to be more educated consumers.
By Mindy Diamond, InvestmentNews.com – Most wirehouse advisors don’t typically spend a lot of time thinking about their end game. And industry studies bear that truth: It’s reported that some 70% of financial advisors do not have a formal or written succession plan. With the average age of financial advisors in the late 50s, that’s a pretty alarming statistic.
A new bi-weekly podcast segment that takes a look beyond independence into what’s going on in the wealth management world at large. 10-minutes on 3 key things happening now and the impact on how financial advisors serve their clients and grow their businesses.
Louis Diamond Quoted – By Alana Pipe, FundFire – More than a third of financial advisors are expected to retire in the next 10 years, which will result in an estimated $7.8 trillion in assets changing hands, according to a recent report from Cerulli Associates. In anticipation of this retirement boom, wealth management industry firms are scrambling to ensure the smooth transfer of clients to the next generation of advisors while keeping assets in house. For younger advisors, building a business at a wirehouse like this comes at a price, says Louis Diamond, executive v.p. and senior consultant of Diamond Consultants, a recruiting firm.
By Barbara Herman – The robo advisor phenomenon is clearly gaining momentum across the industry, from the major brokerage firms and banks to standalone RIAs. As this new technology-driven model is becoming more prevalent, advisors are beginning to question the impact of the new trend on their ability to grow, to service clients and to remain competitive.
By Barbara Herman – You are a 35-40 year old advisor who is 10-15 years out of your firm’s training program and you’ve built a quality and thriving business. You have strong, personal client relationships and have amassed $100-$125MM in AUM. You are the best of the industry’s next generation. There’s no question that you can stay the course as what you have done so far has delivered an enviable level of success and has well positioned you for the future. But you are forward-thinking and want to plan for this next chapter in your professional life.