Who’s Really in Control: The Advisor or the Firm?

Greetings,

Advisors often spend years at one firm (especially those at the big firms), satisfied with their ability to serve clients and grow their business, without much consideration of who’s “really” in control.

That is, until that sense of calm is broken…The press leaks news of upcoming changes, a colleague shares a rumor, or the firm announces updates at an annual meeting.

No one likes the disruption that change brings, and even worse, feeling like they are out of control.

However, there is a certain reality to this that most advisors working at the big firms don’t even consider. It’s the answer to the question: Who’s really in control: the advisor or the firm?

This week’s featured podcast episode provides actionable advice on how to navigate the inevitable changes that can lead to a loss of control. It’s an important update (especially for wirehouse advisors), so be sure to listen in.

Then we shift gears in this week’s featured article to the topic of “scale.” It’s one of those buzzwords that gets tossed around as an unquestioned good. And there’s truth to that—it can provide a real competitive advantage. But is scale good for advisors? Or is it just good for the firms and their stakeholders? Read the article to find out…

Plenty to keep you busy and learning as we lean into the start of summer.

Here’s to your continued growth,

Mindy Diamond

Transitions of the Week: Moves from Merrill

It’s great to see Merrill aggressively recruiting again after years on the sidelines. Ultimately, the increased competition is good for all advisors, even existing Merrill advisors, and these new recruits will inject some positive energy and morale into the firm. Merrill touts a world-class brand, a robust platform that integrates banking, lending, planning, and wealth management, and tremendous scale. For advisors who can manage the red tape and bureaucracy, it can be a compelling option.

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