The Diamond Podcast for Financial Advisors

A few thoughts from Mindy Diamond. Times like these are both unprecedented and challenging, to say the least. What all of us crave more than anything is stability. And a global pandemic, massive disruptions to business and personal lives, and volatile market conditions certainly provide anything but that. I’ve been grappling with one question, in particular, the last few days—and that is, “How can a recruiter for financial advisors add value at a time like this?” I’m neither a politician, nor scientist, nor doctor and so I can’t stabilize the markets nor slow the spread of the Coronavirus. But, what I can do is share information and perspective that might be helpful as our financial advisor listeners weather this storm. The truth is we were ready to launch a new episode of this series today—an interview with Bill Williams, EVP of The Ameriprise Franchise Group. It’s a great conversation that I expect you will find of interest. But, I couldn’t, in good conscience, launch that episode without first acknowledging the crisis that is at the front and center of everyone’s mind. Like everyone else, I’ve been trying to figure out the best way to manage my business through these turbulent times. And, then it hit me. The universe sent me exactly what I needed, the answer to my question: “how can I add value?” Late yesterday, my son and business partner, Louis Diamond, sent to everyone here at Diamond Consultants, a piece written nearly 2 decades ago by Dan Sullivan, Strategic Coach® founder and president. It addressed the uncertainty which followed the horrific events of 9/11. I found it most inspiring and still relevant today and think you might too. It is called the “Scary Times Success Manual” and it gives 10 strategies for how we can focus our energies and attention in order to move forward on a more positive path—even when the world is at its most turbulent. Dan’s 10 suggestions for navigating the days and weeks ahead are as follows: 1. Forget about yourself; focus on others. 2. Forget about your commodity; focus on your relationships. 3. Forget about the sale; focus on creating value. 4. Forget about your losses; focus on your opportunities. 5. Forget about your difficulties; focus on your progress. 6. Forget about the “future”; focus on today. 7. Forget about who you were; focus on who you can be. 8. Forget about events; focus on your responses. 9. Forget about what’s missing; focus on what’s available. 10. Forget about your complaints; focus on your gratitude. Points number 3 and 8 are my favorites. Forgetting about the sale, as he shares, is a tough one for me as a recruiter. While its always been our priority to provide value, at this time, it is even more important. It is my job to talk with people about considering change. But, change is not what people want right now. They want stability. So, how can a recruiter who cold calls for a living add value? I’m figuring that out as I speak, but I do think that sharing information like this can be helpful. At least I hope so. As for number 8, the notion of focusing on my response to challenging events instead of the events themselves seems particularly relevant now. We are in the midst of a crisis. I can either spread panic or I can be a source of calm—to my staff, my family, and my clients. I can help people to remember that we are never really in control of events. What I know, without a doubt, is that while I can’t control the weather or the stock market or the virus, I can work to come up with creative responses to how I deal with it all—even when I am feeling pretty uncomfortable. And, I’d like to think that my ability to calmly and sincerely respond to a crisis can be a teachable moment for my family, friends and others around me.

Industry Update: Are the Wirehouses Getting Ready to Give Independence a Run for the Money this Year?

The 10-minute download that takes a broader look at what’s going on in the wealth management world and the impact on an advisor’s business. In this episode, Mindy explores the “resurgence” of wirehouse recruiting and its impact on the industry at-large, including: - The important signals firms are sending to advisors—and how recent high-profile hires and Morgan Stanley’s E*Trade acquisition are the strongest signals yet. - Why the wirehouses are still the right fit for many advisors and their clients—and how these firms are starting to differentiate from the pack. - How advisor sentiment has helped to shift the tides—and why trends in movement may be readying to make a shift. And ultimately, what this all means for employee advisors—regardless of whether you’re considering a move or not. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully. For more resources related to this topic, visit the episode page at https://www.diamond-consultants.com/industry-update-are-the-wirehouses-getting-ready-to-give-independence-a-run-for-the-money

Brian Hamburger Talks Trends, Options and Opportunity—and What Advisors Need to Consider Before Making the Leap

Few people in the wealth management space are as well-versed as Brian Hamburger. And no surprise as he wears many hats. He is the Founder and Managing Member of Hamburger Law Firm, a practice focused on the investment and securities industry, as well as the Founder, President and CEO of MarketCounsel, one of the industry’s leading business and regulatory compliance consulting firms. No other industry consultant or attorney has counseled more breakaway brokers than Brian. And that is why he is known as the architect behind many of the best independent firms launched in the past decade. In this episode, Mindy taps into Brian’s unique combination of legal acumen, business knowledge and entrepreneurialism to weigh in on the following: - How the “perfect storm” of the 3 colliding forces of advisor sentiment, client expectations and brokerage firm retention efforts are driving movement and change—and how these forces will impact the momentum towards independence. - What’s driving the robust M&A market—and how some of the biggest deals over the past year serve as key indicators for much more to come. - What an advisor needs to know to prepare for a move—and why these steps should be taken well in advance of a transition. - What to be aware of in a post-Protocol world—and his expectations for more departures from the seminal agreement. - How technology has been the real game-changer in the wealth management space—and why the leveled playing field it’s created has served as one of the greatest drivers of movement away from the wirehouses. As Brian shares, “Advisors just want to get what’s best. They want access to best of breed technology, investment options and support—and they don't want to have to go through a firm in order to get it.” And in the new world order, they can have all that and more. Listen in to a fascinating conversation around the possibilities that exist now and the opportunities coming down the pike. For more information about this episode and links to related resources and other shows from the series, visit: https://www.diamond-consultants.com/brian-hamburger-on-trends-options-and-opportunity-what-advisors-need-to-consider

Industry Update: The Bull Market for Advisors, Where They’re Moving to and Why

The 10-minute download for financial advisors that takes a broader look at what’s going on in the wealth management world and the impact on their businesses. In this episode, Mindy explores the industry landscape as a “continuum,” recent data on advisor movement and its impact on: - Where advisors are going—and how movement is fueling the evolution of the landscape. - The flow towards regionals and boutiques—and why these firms are winning the race for top talent. - The movement of the “advisor elite”—and how that serves as a barometer for the wealth management industry at large. It’s 10-minutes of insights with value for all advisors—just what you need to know to see your way forward clearly and thoughtfully. To learn more about this series and for related content, visit: https://www.diamond-consultants.com/industry-update-bull-market-for-advisors-where-theyre-moving-to-and-why/

Advisor as Client: The Raymond James Model of Supported Independence

A conversation with Jodi Perry, President of Raymond James Financial Services Independent Contractor Division Regional firms have been on a hiring tear in recent years, and no surprise: The model provides independent-minded advisors an opportunity to realize their entrepreneurial dreams, but with the scaffolding and support they’ve become accustomed to. It’s a formula that is well-aligned with a changing advisor mindset, positioning these firms for even higher levels of growth in the coming years. One such firm, Raymond James, has been at the top of their game in recent years, with a multi-channel association that’s resonating with advisors. In this episode, we take a closer look at their Independent Contractor Division, which accounts for nearly 60% of the firm’s advisory force—some 4,700 advisors as of this recording. Jodi Perry, the President of Raymond James Financial Services (RJFS) Independent Contractor Division, joins the show to share insights on what’s behind the firm’s success, including: - How the RJFS model fits in the Raymond James ecosystem—and how their multi-channel association is a platform for their “advisor as client” culture. - Why the RJFS model resonates so well with advisors—and the types of advisors who are the “right fit” for the firm. - How the firm is differentiated from other similar models in the space—and how the firm’s focus on technology serves to enhance their success. - How their model compares to independent broker dealer and RIA options—and the benefits that “supported independence” offers. - How brand and reputation play into an advisor’s decision-making process—and how support and culture are often stronger drivers. - How the firm is responding to changing advisor mindset—and what she anticipates will be the driving forces over the coming years. Jodi also shares some case studies on wirehouse advisors who recently joined the firm, their motivations and how their business has changed since. Raymond James has always defined itself by its culture and client-first ethos, and what makes the firm unique, as Jodi put it, “is that advisors themselves are viewed as clients of the firm.” It’s an interesting story about how RayJay has achieved tremendous success in a crowded and competitive landscape—particularly appealing to advisors who are looking for a model that offers the best of support, culture and independence. For more information on this episode plus links to resources and other episodes in the series, visit: https://www.diamond-consultants.com/advisor-as-client-the-raymond-james-model-of-supported-independence

Industry Update: On Clashes, Sleeping Giants, and the Handwriting on the Wall

Joe Duran on What Advisors Need to Know to Succeed in an Evolved Client-Centric World

The 10 Most Valuable Insights from Breakaway Advisors

What are Top Advisors Doing Differently?

How “Transparency” Propelled Growth from $1 to $4 Billion in 8 Years

How This UBS Breakaway Team Increased Their Client Base by 50%