Many RIA sellers who were already contemplating an exit in the near- to mid-term are likely to see the handwriting on the wall and scramble to complete their sales before the tax increase takes effect. Read Full Article
In the do-it-yourself world of wealth management, the concept of turning your future over to an outside entity is not easy to digest. Controlling one’s own fate is one of the primary reasons many advisors go into the profession—so why work with a financial advisor recruiting consultant when contemplating a change in venue? In today’s article, we’ll cover the advantages of asking for help. At Bridgemark Strategies, we are leading financial advisor recruiters and consultants serving Financial Advisors, RIAs, and Broker/Dealers nationwide. If you’re considering a transition, we can leverage our vast network and experience to help you discover and vet new firms so you can make the best choice for your needs. Contact Us Reason #1: Due Diligence is Time Consuming Let’s assume you’ve already made the decision to leave your firm. Now what? As a fiduciary, you have an obligation to continue servicing your clients to the best of [...]
Some industries offer clear career paths. You start with an entry-level position, move up the corporate ladder, advance to executive management if you’re qualified, and then retire with a nice pension or 401(k) plan. That is not the typical career path of a financial advisor. Financial advisors have multiple employment options, from the moment they enter the field until the time they either retire or sell their practice. During that journey, FAs sometimes choose to change their business model. In today’s article, we’ll consider the following career paths for advisors: Wirehouses Banks Independent RIAs Broker Dealers These are in no particular order, because every advisor situation is different. Choices are dictated by circumstances. As the advisory world evolves, certain business models may lose their allure. To ensure profitability and retain clients, you might need to make a move. We hope this guide helps you find the right fit for you. [...]
Transitioning to a new firm has its share of challenges. Leaving the familiar to venture into the unknown is always difficult, so it’s best to do some homework prior to making a move. An analytical approach is recommended. When it comes to the financials of an opportunity, advisor payouts are important—but they are not the only factor to consider. In todays’ article, we’ve broken down some of the key financial factors that you should consider when comparing financial advisor opportunities. […]
The path to become a financial advisor is not for everyone. It’s a long journey that requires earning an undergraduate degree, getting some solid hands-on experience in the industry, passing a series of exams, and then potentially going on to more specialized education such as a CFP, which today is almost as important as the licensing exams. In today’s article, we’ll cover the basic steps of the financial advisor career path and what to focus on in 2021. […]
We only need to go back a few short years to understand how company culture can affect financial services. In 2018, Wells Fargo was banned from growing by the Federal Reserve for opening fraudulent accounts. Their internal investigation blamed it on culture. There’s documented evidence in multiple industries that an unhealthy corporate culture leads to unethical behavior by employees. That’s not the type of environment you want to work in, so measuring culture when comparing firms is important. Here’s how to do just that. […]
Everyone has days when they aren’t motivated to work or don’t like their firm. That’s not necessarily a sign that you’ve outgrown your firm. It could be a simple human reaction to being overtired, overworked, or just in need of a mental health break. String a few of those days together, though, and it may be time to make a change. Should you start looking for a new firm? Obviously, no one else can make that choice for you, but we’ve put together a list of warning signs that might indicate you’ve outgrown your current firm. […]
There are different ways to affiliate and grow your business as a financial advisor. Some advisors choose the traditional route and work for a brokerage house or larger RIA to gain experience. Others go independent right way—by either building or buying a practice. Regardless of which direction, developing a client base is hard work, and it takes years to grow a solid client base. Is it better to simply buy another practice? There are pros and cons to buying a practice. There’s also some due diligence you need to attend to before putting together a purchase agreement. Here’s what you need to know about buying a practice. […]
Effectively managing clients’ money doesn’t necessarily translate into running a profitable business. The most successful financial advisors know how to do both. That’s primarily what makes them the highest paid in the field. Are you in this category? Increased profitability is achieved by growth. That requires marketing knowledge, analytical superiority, and an ability to make prospects comfortable enough to become new clients. In this article, we’ll go over some key characteristics and habits of the highest paid financial advisors. […]
Moving to another firm or breaking away to form an independent RIA is stressful by nature. This type of life transition ranks right up there with buying a home, getting married, or having your first child. It’s more than a change of employers. It’s a life altering event. What makes this so impactful is how it affects not just your path going forward but that of your clients as well. You’re not moving alone. Clients move with you—or don’t in some cases. Before making a change like that, it’s important to review financial advisor protocol to ensure your following best practices. Here’s what financial advisors on the move need to know. […]
