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The six traits that separate successful independents from wirehouse denizens

Mindy Diamond's advice on how to see the realistic reflection in the mirror.

Friday, April 29, 2011 – 5:36 AM by Mindy Diamond
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Mindy Diamond: In a perfect world, most advisors would say that they would love to have their own business, and control their destiny. But it’s not a perfect world.

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Diamond Consultants
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Top Executive: Mindy Diamond




Jeff Spears

Jeff Spears

April 29, 2011 — 4:14 PM

The only items I would add to Mindy’s good lists are:

Traits of a successful breakaway:

Desire to build your own unique investment advisory solution that is more sophisticated and current than the larger wirehouses will allow.

15 year+ business time horizon (not ready to retire)

Who should stay at a wirehouse:

Advisor who generates more than 40% of their revenues from syndicate, derivatives and brokerage

Advisor looking to retire in 9 years who plans to sell their business one last time and use the proceeds to fund their retirement

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