Battered Morgan Stanley Breakaway Advisor Fights Back

By Jane Wollman Rusoff
Source: ThinkAdvisor

 

His name became mud with Morgan Stanley Smith Barney when the firm discovered that James C. Eastman, an esteemed, top advisor to ultra-high net worth clients, was planning to leave. After eight years with the wirehouse, heading the No. 1 producing team in his branch, the wealth advisor was fired.

 

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CFP’s Financial Planning Programs Struggle To Find Students

By Megan Leonhardt
Source: Wealth Management

 

The number of CFP Board-registered financial planning programs is on the rise, but schools say student enrollment and completion of the designation are still major challenges.

 

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Building A Niche Advisory Business: It Takes 3 Years For People To Know, Like, And Trust

By Michael Kitces
Source: Nerd’s Eye View blog

 

Starting a niche business can be very difficult. It’s hard to be a specialist for a particular type of clientele or need that they face from day 1; it takes time to learn the issues and the pain points, and acquire the knowledge and expertise. And even once you have the knowledge and expertise to provide the solutions, there’s still the simple challenge of actually finding clients to whom you can deliver those solutions! After all, it’s not enough to just know how to solve the problems of your target clientele; ultimately, people do business with people they know, like, and trust… which means even after getting the expertise, you still have to become known, liked, and trusted.

 

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How To Address The Industry’s Race Problem

By Charles Paikert
Source: Financial Planning

 

Newly minted financial planning assistant Airionne Givens didn’t have a lot of money when she was growing up in St. Louis. And she saw plenty of other African-American families who struggled with college costs, retirement saving and other financial challenges. Until Givens went to college, she had never heard of, or knew about, financial planning. But once she did, she was hooked. “I wanted to help people who were in the same predicament as the people I knew, and I saw that this was a way I could do that,” Givens says.

 

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Merrill’s New Training Could Put Advisors In ‘Sticky’ Situation

By Janet Levaux
Source: ThinkAdvisor

 

Starting in August, Bank of America-Merrill Lynch (BAC) says its advisor trainees will have the option of joining a team as a specialist and finishing the training program in about two and a half years, versus the traditional three and a half years.

 

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Who Moves From Indie To A Wirehouse?

By Chris Latham
Source: Financial Advisor IQ

 

As advisor Roxane Gehle recounts it, she had no plans in 2011 to leave the Raymond James–affiliated practice she was running with two assistants in Wayzata, Minn. Then a Merrill Lynch regional manager called her out of the blue and started an 18-month long courtship.

 

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Wirehouses Challenged As Retention Deals Fade

By Mason Braswell
Source: InvestmentNews

 

The next four years will present a final test of how well major brokerage firms have survived the rapid industry consolidation that followed the financial crisis, as the retention deals from 2008 and 2009 expire.

 

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No End To Breakaway Frenzy?

By Andrew Welsch
Source: On Wall Street

 

Anther breakaway wirehouse team, another consulting firm smoothing the way. Last week saw the launch of Encompass Wealth Advisors, a former Morgan Stanley team that managed $650 million. The group made the transition with the help of consulting firm tru Independence, which also used the occasion to announce its own entry into the market for servicing wirehouse advisors going independent. But are there too many businesses catering to breakaways to justify new entrants?

 

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7 Reasons Your Associate Advisor/Paraplanner May Already Be Looking To Leave

By Michael Kitces and Alan Moore
Source: Nerd’s Eye View blog

 

In today’s guest blog post, Alan Moore – a “young” Gen Y advisor himself and co-founder of the XY Planning Network that helps young planners develop viable businesses working with their young peers – lays out some of the most common reasons that today’s paraplanners and associate advisors are breaking away from the firms they started with to launch their own instead. And as Alan reveals, the common reasons articulated for why advisors leave really are often driven by firm owners who, in the process of fearing that their advisors might leave, may actually be accelerating the outcome they’re trying to avoid!

 

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Indie Reps Happier At Work Than Employee Advisers: J.D. Power

By Minda Smiley
Source: InvestmentNews

 

Independent advisers continue to be happier at work than their colleagues who are employees of broker-dealers but the gap in job satisfaction between the two groups is narrowing.

 

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