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In the News

Why Advisors Are Afraid to Go Solo…and How They Overcome These Fears

Posted by Mindy Diamond

The Wall Street Journal

 

 

Mindy Diamond Quoted

Going independent is a dream of some financial advisers. But there is often plenty of fear mixed in as advisers contemplate breaking away from a big brokerage firm. They may worry that their clients won’t follow, they’re not qualified to run a business or their earnings will shrivel.

When advisers go out on their own, they’re not only responsible for servicing their clients but may have to deal with all the responsibilities of running an office, including bill paying, compliance and fixing the printer when it breaks, he says.

While entrepreneurship isn’t appropriate for every adviser, they shouldn’t underestimate the resources available to help them, says Mindy Diamond, president of Diamond Consultants in Chester, N.J.

“There’s a whole cottage industry to support the indy adviser today, and there is easy access to whatever they need,” she says.

The most successful independent practices are professionally managed or use third-party service providers to manage the middle-office and back-office minutiae, Ms. Diamond says.

Read more…

 

 

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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