Louis Diamond Quoted – By Cheryl Winokur Munk, Barron’s – For wirehouse advisors considering a leap to the independent channel, getting the process right can mean the difference between a smooth landing and a face-flop.
Louis Diamond Quoted – By Charles Paikert, Barron’s – It’s not just a seller’s market for RIA owners. Advisors looking for greener pastures are also finding demand for their skills is outstripping supply. Louis Diamond, president of Diamond Consultants, which specializes in executive search for RIAs, agrees. “Every firm is on the hunt for quality talent,” Diamond says.
By Barbara Herman – The strength of even the most successful partnerships may be tested when advisors consider changing firms. Many get stuck, reaching an impasse that can lead to a loss of momentum in both the business as well as the exploration process. Here are 4 paths to consider.
Louis Diamond Quoted – By Morey Stettner, Investor’s Business Daily – Few people propose marriage on a whim. In the financial advisor business, the same goes for those who weigh whether to enter into a professional partnership. It’s more common to think carefully about the commitment you’re considering — and examine the likelihood of its success.
By Wendy Leung – We often talk about the evolution of the industry landscape and new models born as a result. With all the changes taking place, the way in which advisors conducted business transformed as well. As solo practices gave way to teams, advisors gained significant advantages in building their businesses, but also inadvertently strengthened the ties that bound them to their firms.
By Barbara Herman – It seems to be the latest phenomenon: Advisors who are contemplating a move entertain the idea of assembling a group of unrelated advisors – friends with whom they’ve discussed the idea, colleagues they don’t currently partner with and even advisors from other firms – and moving en masse to a common destination.
By Mindy Diamond – When partnerships are formed, they are always done with the best interests of clients in mind. And done right, a partnership can – and should – also provide the perfect environment for synergy, added capacity and expertise, succession and overall success for the advisors. Yet like with any business, the shared mindset the advisors started out with years ago may not be the same today.
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 Mindy Diamond – No doubt that financial services firms strongly encourage their advisor ranks to form teams or partnerships because it works to the firms’ advantage: it makes the assets stickier and harder to move and in general, means that clients will receive a more well-rounded experience. But, the question I am often asked is whether the formation of a team or partnership is actually better for the advisor.
By Barbara Herman – What happens when partners no longer share the same vision? Does a lack of consensus about the future mean the end of the relationship? Advisors are seeing more value in partnerships than ever before, acknowledging that it has become extremely challenging to be a sole practitioner and motivating many to join forces with other like-minded professionals.
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