Firm Releases Annual View of the Landscape for Wealth Management Professionals

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Financial advisor recruiting firm releases annual white paper that provides objective and comprehensive look at changes in the wealth management industry, key players and trends that can impact financial advisors and their businesses.

Diamond Consultants The Landscape of the Wealth Management Industry

The Landscape of the Wealth Management Industry from Financial Advisor Recruiting Firm Diamond Consultants

With an industry experiencing this much change, an advisor needs every advantage to have a clear picture of what’s going on in the way of new opportunities, compensation and business models.

For nearly 2 decades, Diamond Consultants – a financial advisor recruiting and consulting firm – has conducted an annual survey of the wealth management industry, identifying key players and trends. Their initial goal was to gather the information and build a single document for the firm’s recruiters to use as a reference tool. After a few years, the document grew in detail and depth, and became an “annual report” that was sent out to advisors and industry leaders.

In an industry where change has become the new norm, the “document” has taken on a new life, becoming a hands-on endeavor for the entire staff over the first quarter of the year.

The Landscape of the Wealth Management Industry” has developed into a professional white paper, distributed free of charge by email and via the Diamond Consultants website.

“Our clients started to see value in the piece, and would make suggestions for topics they wanted more information on,” Mindy Diamond, President and CEO of the firm said about the white paper. “At first, it was just a few of us gathering information, then as the industry grew, so did the content. Now, it’s an annual gathering of the minds at Diamond Consultants, sifting through vast amounts of information, qualifying the inputs, and objectively distilling it down to key information that would benefit any advisor at any level or from any firm.”

“The Landscape” as Diamond refers to it, is designed to be an objective and comprehensive look at changes in the industry, key players and trends that can affect advisors and their businesses.

“With an industry experiencing this much change, an advisor needs every advantage to have a clear picture of what’s going on in the way of new opportunities, compensation and business models,” Diamond offered.

Diamond notes that she and her team take a “consultative approach” in their recruiting practice focused on the wealth management industry, a firm she started in 1997. She contends that they work very hard to help educate advisors on their options, but not before ensuring they coach the advisors through a process of asking themselves the hard questions, allowing the answers to guide them to the right solution.

“At the end of the day, not everyone wants to move,” she shared. “There are some advisors who may be annoyed by changes enacted at their firm, so they decide to start exploring. But when they look at the big picture, they determine that they are able to serve their clients to the best of their abilities and decide to stay put. Then there are other advisors who are looking for something better aligned with their goals or a way to alleviate frustrations that may impede their growth, and find a better fit in another firm or business model.”

One of the key areas they have seen the most significant amount of growth in recently is the independent model.

“The independent space has grown tremendously in size, variety of options and levels of autonomy in the past few years. Advisors looking for less bureaucracy, and greater freedom and flexibility are seeing independence as a real legitimate option in the market,” Diamond explained. “They can design a business as they see fit, with the ability to do it completely from scratch or by working with any of the service providers that were born just for this purpose.”

Diamond noted that The Landscape, along with other tools they provide, helps advisors to learn about each of the different models, their features and benefits, giving advisors the ability to compare and contrast each. They also provide other “tools” on their website to help advisors identify their own needs and requirements.

Diamond concluded, “Whether you’re planning on staying where you are or considering a change, knowledge is power. Those advisors who have a better understanding of what’s going on in the industry are able to better align their goals and their business, operating from a position of strength, rather than fear or concern.”

The Landscape is available at the Diamond Consultants website: https://www.Diamond-Consultants.com/Landscape2018

For more information, visit Diamond Consultants’ website at https://www.Diamond-Consultants.com or call 908-879-1002.

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Caryl Felicetta

Howard Diamond
@diamondconsults
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