Barbara Herman Quoted – By Susan Konig, WealthManagement.com – A looming advisor shortage and a limited pool of prospects means retaining advisors is the top job for many managers. Here’s how to spot, and keep, talent on the brink of jumping ship.
By Mindy Diamond, WealthManagement.com – Breakaway broker? More like breakback broker. While the wirehouses continue to lose advisors to the independent channel, they are also luring some large teams of their own back to their ranks.
Mindy Diamond Quoted – By Paula Vasan, Financial Planning – According to a new study, the financial advisory industry is growing rapidly, while it’s shutting out women. Although women’s involvement in the sector has increased — women now comprise 36% of the industry, up six percentage points from 2003 — the gender pay gap has also grown over the past decade, according to a study by consumer website NerdWallet.
By Mindy Diamond, Investment News – I can think of very few industries that are as male-dominated as the financial services industry. In fact, according to a 2012 Cerulli Associates Inc. report, only 7.9% of financial advisers were women, whereas according to a 2012 U.S. Census, 50.7% of the population was female. This small percentage of female advisers becomes more of a mystery to me the longer I work in this field, and the more I meet and work with high-caliber female advisers.
Mindy Diamond Quoted, Investment News – If you haven’t had to fill any vacancies in a while, your next job posting may bring a rude awakening. Recruiting and hiring experienced client-facing advisors has become very difficult, with demand high and supply low, say a number of executive search specialists.
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Mindy Diamond of Diamond Consultants is skeptical about LPL’s explanation for its sluggish recruitment quarter and wonders if the reasons lie more with LPL than with a hot market. “Yes, it’s true advisors are focused on clients, but they’ll still move and go to another firm. Advisors are listening and hungrier than ever before to leave,” she says. “LPL has lost its luster and it’s not necessarily the best choice out there for advisors like it used to be years ago. I’m not at all surprised by LPL’s numbers.”
Mindy Diamond Quoted, OnWallStreet – Would Alex Rodriguez have landed his unprecedented $275 million contract with the Yankees without super-agent Scott Boras guiding him along the way? Would Vice President Joseph Biden think about running for President without trusted advisors by his side?
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Raymond James is hoping to stand out among breakaway teams with $100 million in assets by dressing up its payout structure so it is more RIA-like and, ultimately, more competitive with RIA custodians. Their previous payout structure was more complex and costly to advisors, and industry leaders say the company, with its splashy new policy letting advisors keep 100% of their advisory fees, is now poised to compete head-to-head with RIA custodians.
By Mindy Diamond, RIABiz – My husband and partner, Howard and I must have passed by our current office a million times in our travels over the years. It’s only minutes from our home and located on the main street we travel daily. At that time, it was an A.G. Edwards office, and we often remarked about what a cool old house it was and how much we would love office space like that.
Mindy Diamond Quoted – By Jeff Schlegel, Financial Advisor Magazine – Mindy Diamond, president and CEO of her namesake recruiting firm in Chester, N.J., characterizes 2012 as an average to down year for advisor transitions and says the humdrum pace was attributed to several factors, such unforgiven wirehouse retention packages that keep advisors tethered to their current employer.
