A Special Year-End Industry Update: 10 Ways That 2020 Will Reshape Wealth Management in 2021


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By Mindy Diamond - Financial Advisor Recruiter and Consultant and Mindy Diamond - Financial Advisor Recruiter. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

With the end of 2020 in sight, Mindy Diamond takes her annual look back—at the year no one could have ever predicted.

In this episode, Mindy shares that despite the pandemic and the disruption to everyone’s lives, there was plenty of good news for the wealth management industry, most notably:

  • Many advisors report having the best years of their careers.
  • Advisor movement has been incredibly robust, with year-end projections estimating 9% of all advisors will change firms or models in 2020—the highest in the past decade.

What contributed to this extraordinary growth and movement?

Mindy explores the key factors, including:

  • How the wirehouses aggressively got back in the recruiting game—and are working hard to make up for market share lost in the past 5 years.
  • The “work from home” mandate—and how it gave advisors time for self-reflection and the privacy to evaluate other options without interruption.
  • The new lens through which advisors viewed their business lives—and how it opened their eyes to the fact that they desire freedom of choice more than anything.
  • What’s changed for senior advisors—and how the next gen is stepping up in ways like never before.
  • How advisors have come to view their businesses as businesses—and are looking to build robust enterprises that have real value at the end of the day.
  • How the landscape has further evolved—revealing more turnkey models and capital options for those looking to monetize and de-risk a move.

Mindy digs deep into 2020 to reveal 10 trends that have already emerged and are destined to reshape 2021 in ways like never before—with a new generation of “change-makers” leading the charge.

It’s an episode for all advisors and independent business owners—one that will help define practices and alter the industry as we know it.

Related Resources

The Wealth Management Landscape At A Glance: What Financial Advisors Need to Know
The ever-expanding wealth management industry landscape represents a waterfall of possibilities for every advisor and their clients. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. Read->

Your Guide to the Wealth Management Landscape
An At-A-Glance Map for Financial Advisors. Download->

How Are So Many Advisors Moving During the Covid-Crisis?
With travel restrictions and advisors working from home, how can advisors conduct due diligence and change firms? Ultimately, it comes down to 2 key elements that haven’t changed: commitment and trust. Read->

Working from Home: For Some Advisors, It’s a Test Drive of Independence
The pandemic may be the “shock to the system” that further accelerates the already robust movement towards the independent space. Read->

One Outcome Of The Pandemic? For Financial Advisors, It’s New Opportunities At Home—And Beyond
Financial advisors are using this “work from home” environment as an opportunity to evaluate their firms as well as their own business lives. Read->

The Momentum of Movement: Where Advisors Are Going…And Why
Originally broadcast at the AdvisorHub Virtual Summit 2020. Watch->

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