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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. […]

If you’re considering making a move to a new opportunity or are currently recruiting financial advisors, it is important to be aware of the latest financial advisor compensation and pay trends. We’ll cover the latest trends to help inform your negotiations. […]

Are you planning on making a change? Whether you’re changing broker-dealers, starting or joining an RIA, or looking for M&A opportunities, it’s important to plan your transition carefully. To help, review these financial advisor transition tips from Bridgemark Strategies. […]

Based on the numbers, finding a prospective buyer for a financial advisor’s book of business shouldn’t be all that difficult. Today, there are fifty buyers out there for every seller. Those numbers sound good, but financial advisors look for quality, not quantity. Your book of business is not a retail product to be sold to the highest bidder. It’s a list of clients that you have a fiduciary responsibility to. That doesn’t change when you sell the business or retire. Transitioning is about finding a buyer who will properly service your clients. In addition to adhering to your fiduciary standards of client care, the buyer also needs to be willing to meet your price. That willingness will be based largely on how you handle the sale. In this article, we’ll discuss how to find a buyer for a financial advisor’s book of business. We’ll go over timing, buyer options, and the [...]

The ever-increasing demand for holistic wealth management has created an increase in Broker/Dealer changes. Independent Broker/Dealers (IBDs) are the main beneficiaries of this trend. Is that the direction you are heading? In this article, we’ve outlined the process for how to choose a Broker/Dealer, including a list of questions to ask during the “interview” process. This information is for established advisors and firms seeking a Broker/Dealer affiliation and change. […]

The time has come to make a decision. Do you want to be an employee or a business owner? The former comes with a certain level of security. The latter offers independence and a chance to build something on your own, which can ultimately lead to a highly valuable and sellable company. This article is not meant to sway you in one direction or the other, but the benefits of independence abound in a scenario where one third of the workforce will be moving on in the next decade. If you’re wondering how to become an independent financial advisor, these are the steps you need to take. […]