By Mindy Diamond – The evolution of the landscape has provided advisors with more choice than ever to build the business they envision, yet many are still looking for a utopian model that likely doesn’t exist. So do you hold out and wait for perfection—learning to live with whatever shortcomings that exist in your current circumstance? Or, are you willing to be flexible in your expectations and choose a better, albeit imperfect, solution?
By Mindy Diamond – There’s no doubt that recruiting deals have taken a big hit—that is, dropping to levels we haven’t seen in years. With that, advisors who are considering a move are left with an uncomfortable decision. For those advisors for whom money is the primary motivator, staying put may be their best option – that is, to wait things out.
By Mindy Diamond, WealthManagement.com – After spending a professional lifetime building and nurturing relationships, the last thing an advisor wants is to lose ground. Advisors who are considering a move often lie awake at night asking themselves…
By Mindy Diamond – Advisors have long held on to the certainty that when, and if, they were ready to change jerseys, they could do so and be paid the record-level deals that exist today. Everyone thought that we recruiters were crying wolf when we said, year after year, that at some point the gravy train would end and if you had a move in you, we strongly suggested making it sooner rather than later. While some advisors heeded our warnings, most believed that the rivers of wealth would never dry and that deals would just keep rising.
By Mindy Diamond – “Will my clients follow me?”
“How deep are my relationships?”
“Do I have the confidence to test their loyalty to me?”
“Do I want ALL of my clients to follow, or is this a good time to clean house?”
These are the questions that keep anyone who is thinking of changing firms up at night.
By Mindy Diamond – While it’s human nature to strive for “perfection”, one thing I’ve learned: Perfection is nearly impossible to achieve when it comes to one’s work. Certainly, it’s everyone’s right to hold out for that perfect scenario; however I find that those who are the most unyielding in their expectations are typically not that unhappy with where they are—and that’s as it should be. But, there are others who have reached their pain threshold; they will typically loosen their grip on perfection, become more willing to be flexible in their requirements and to give on the things that aren’t essential.
By Mindy Diamond – I’ve written much about the decision-making process that an advisor goes through in order to determine if his firm is the one that will continue to serve him into the future. It occurred to me, though, that the most stressful time for an advisor who plans on jumping ship is the time “in between”—the time from deciding it’s time to go to the time one actually makes the leap.
By Mindy Diamond – It’s an exceptionally active time for the financial services world. No headline is fully dressed without the words “merger” or “acquisition” attached to some of what once were the most exclusive names on the street. As the scale, resilience, and stability of “boutique” firms – such as what was Barclays, Credit Suisse, and now Deutsche Bank – come into question, advisors that work there are living in a world that becomes more uncertain with each day. Then a wirehouse or large regional firm swoops in – seeming to save the day – adding another layer of uncertainty and the possibility of a stay-worthy retention deal or a “free pass” to move on to something better.
By Mindy Diamond, WealthManagement.com – I’m betting that the chorus of “Should I Stay or Should I Go,” the 1982 song by The Clash, has come to mind for every Barclays-affiliated advisor over the past several months. When Stifel Financial announced its intent to acquire Barclays’ 180+ advisor wealth management unit, the news sent shockwaves throughout the advisor world.
By Barbara Herman – Many advisors who moved from one major firm to another during the financial crisis now believe that their future is in the independent space, yet are uncertain as to the ideal timing to make this shift.
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