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Understanding—and Responding to—the Key Drivers Behind a Move to Independence

What’s inspiring folks to jump ship from where they’ve built their life’s work to pursue other firms or even business models?


By our count, of the 19 moves made by $1B-plus teams leaving traditional brokerage firms between Jan. 1 and June 30 of this year, nine went independent. And these $1B-plus teams typically serve as proxies for the rest of the industry, a bellwether if you will for what’s happening in wealth management.

Historically, when an advisor decided to change jerseys it was because the weight of frustration with the status quo became too much of a burden. Today, while an increasing lack of control can still serve as impetus to push an advisor out of the nest, more often than not advisors and teams are more often being “pulled” towards new opportunities.

In this episode Mindy explores:

  • The most common frustrations we hear from advisors who feel pushed from their current firms.
  • The solutions to these frustrations offered by other firms or models.
  • Steering clear of the “negativity vortex.”
  • The value of getting educated about your options—even for advisors who don’t plan to make a move.

While the negative pushes may spur the initial restlessness, the ultimate decision to stay or go (and yes, staying put is a decision) should be based upon the pulls: the positive draws offered by a new opportunity. The process of getting educated isn’t a commitment to move, but the chance to proactively make a decision rather than allowing yourself to be pulled along a path not of your own choosing. Ultimately, this process will guide you to answer the all-important question: Do I stay or do I go?

Listen to the podcast

Browse more episodes in this podcast series.


Mindy Diamond is President & CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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