By Mindy Diamond, WealthManagement.com – You may think jumping from one wirehouse to another is like moving to the familiar house next door, with no hassles and little due diligence necessary. But any move, including one where there are preconceived expectations and a lucrative transition package, should move the needle in a positive way for your business. While these opportunities to leave may be enticing, advisors should consider all aspects of a move, including how it will impact their business, clients and life.
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.
Mindy Diamond Interviewed, Investment News – Wirehouses used to discuss independence as a “nuisance” and an “annoyance,” but now it is a credible threat. Mindy Diamond of Diamond Consultants says Morgan Stanley, Merrill Lynch and UBS will create a new solution to stall attrition.
By Andrew Welsch, OnWallStreet – A team producing $4.2 million has joined Morgan Stanley. The team, known as the Bogart Group, left RBC Wealth Management-U.S. to join Morgan in McLean, Va., last month, a firm spokeswoman said. The group had been managing $622 million in assets while at RBC.
By Andrew Welsch, OnWallStreet – Former Barclays advisor James Fitzgerald joined Morgan in New York. While at the British firm he generated more than $1 million in annual production and oversaw $960 million in client assets, according to Morgan. He reports to Complex Manager Ben Firestein.
By Mindy Diamond – The emotional and financial freedom that many advisors have been waiting for is set to arrive in early 2016. That’s when the notes attached to retention packages offered in the wake of the financial crisis to more than 5,000 advisors are set to expire.
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.
Barbara Herman Quoted – By Mason Braswell, InvestmentNews – Jefferies Group, which has been looking quietly to build out its wealth management operation over the past two years, scored a significant win last week with the addition of a former Morgan Stanley duo with around $1 billion in assets under management. presentation.
by Rajashree Chakravarty, OnWallStreet – An advisor who managed $200 million in client assets left UBS to go independent with HighTower, a spokesman said. Advisor Michelle Murray formed Murray Wealth Management in Seattle.
By Barbara Herman – Advisors who see themselves as career wirehouse folks may assume that little to no due diligence is required when considering a move to another wirehouse. They often move forward, neglecting to ask a few important questions whose answers can define their future with the new firm.
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