February 17, 2022

Industry Update: If Business is Good, Should You Still Consider a Move?

32 minutes

A conversation with Louis Diamond

Overview

Many advisors are coming off their best years ever, driven by increased client demands and a run-up in the financial markets. Yet movement is at record-breaking levels. So why are they disrupting momentum and taking-on the risk and hassle of a move, to change jerseys or break for independence when things are good?

Listen in…

> Download a transcript of this episode…

About this episode…

Many advisors are coming off their best years ever, driven by increased client demands and a run-up in the financial markets.

So it seems odd that there has been a streak of record movement over the last few years.

No doubt, any move is disruptive, a ton of work, carries plenty of risk, and is not for the faint of heart. But for those who are in the steep part of their growth curve, the calculated decision to take a step back and reassess is that much harder.

Why would anyone disrupt momentum and take on the risk and hassle of a move, opting to change jerseys or break for independence when things are good?

When might it “make sense” for a rapidly growing advisor to even give a second thought to conducting due diligence or transitioning to another firm or model?

In this episode, Mindy Diamond and Louis Diamond look at the phenomenon, including:

Whether an advisor or team is successful because of their firm or despite it.

Whether they and their clients are best served in the current environment.

How overall “happiness” and satisfaction play in the decision.

Whether their vision for growth – both organic and inorganic – can be realized at their current firm.

If succession plans or the prospect of inheriting a book can benefit the business.

And more.

The reality is that changing firms – when done for the right reasons – has the potential of creating greater opportunity for growth and to serve clients. If you’re at all wondering whether “now” is the time to consider change – particularly if business if good – this is the episode to listen to.

Related Resources

5 Reasons Why You Should Mess with Success

Amid a banner year, it may feel counterintuitive to even think about disrupting momentum—but it may be wise to do just that. Read ->

Why Advisors in “Growth Mode” Are Sacrificing Momentum to Change Firms or Models

It seems to be counter-intuitive for an advisor or team who may be riding the wave of their “best year ever” to change jerseys or break for independence. Yet it’s happening in record numbers. Read ->

The Limitations of Building a Billion-Dollar “Boutique Firm” within a Wirehouse: A UBS Breakaway Story–A conversation with Terry Cook, Managing Partner of Parcion Private Wealth

As a wirehouse advisor, Terry Cook found it became too difficult at UBS to meet the increasing demands of his high net worth clients. The only way to act as a true fiduciary meant “taking the ankle weights off” by making the leap to independence. Listen ->

How an ex-Wells Fargo Team Turned a “Paper Tablecloth” Vision into 3X Revenue and $8.5B in Assets in 5 Years–A conversation with Gerry Goldberg, CEO and co-Founder, GYL Financial Synergies

Gerry Goldberg, of GYL Financial Synergies, joins the show to share why he felt Wells Fargo FiNet wasn’t independent enough and how, as an RIA, his team tripled their assets and revenue, in partnership with Focus Financial Partners. Listen ->

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By Mindy Diamond Financial Advisor Recruiter and Consultant

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