The advisor who sailed off grid and found a new business model for his $550-million RIA on the way
The head of a latter-day Swiss Family Robinson has been running his firm from a 50-foot catamaran for more than two years -- with unexpected results
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Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
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TradePMR - Frederick Van Den Abbeel
Congratulations to Mr. Leonard — he is truly taking mobile office and operating in the clouds to a whole new level!
Josh Meyer
I love hearing about this guy’s story, so awesome!
Maria Marsala
This is a story that I’m going to send the many FAs I know who won’t delegate but have BIGGER goals than working 80 hour work weeks!
Maria Marsala
P.S. I should have added the link to this story about getting started in delegating! http://www.riabiz.com/a/13336391/how-a-change-in-mindset-and-business-structure-can-get-you-off-the-hamster-wheel
Brooke Southall
I suppose if an advisor’s job is to help you realize your dreamy goals and he or she is working 80 hours a week then you have to question whether or not you have the right advisor to get you past x’s and o’s. Somebody on turtle patrol will make you a believer.
Brooke
Maria Marsala
I certainly hear you Brooke! :) I’m off the next few days going to the lake as the cold will come to the Pacific NorthWest soon!
It’s just amazing how many FA’s hire cheap — and get cheap, of course, if they hire anyone full time at all. The answer to “so tell me again why are you doing that?” is usually met with the usual … it takes too long to train someone, I don’t want to have to pay more in payroll fees, I’ll hire them when I make “x” dollars etc. just boggles my mind.
This article shows them the end result of delegating and hiring so that your business can be run w/o you.
If not, one day the pain of not living life in firefighter mode — putting out the fires that come from not delegating — will get to them — if a heart attack or divorce doesn’t do it first.
Brooke Southall
It sounds like column topic: Why delegating can build your practice and save you medical and divorce-lawyer fees in the bargain
Maria Marsala
he, he. Maybe the hamster wheel article I wrote should get changed. It was about delegating and running around in circles working — vs. working and enjoying life more.
Maria Marsala
I do thank you for this article because if someone can see someone else living an extraordinary life — their way they can picture themselves doing that, too. And vision is the first step in turning dreams into reality.
TradePMR - Frederick Van Den Abbeel
Mr. Leonard’s location on the water….now THAT is definitely the headquarters of the RIA world!
:-)
Robert Boslego
Great story that makes a lot of sense! Here’s something anyone can try without having to sail the South Seas: try quieting your mind in meditation. Concentrate on breathing. (Being in nature helps.) Once your mind is still, watch your creativity soar with new ideas! It usually takes being OUT of the office to realize the best results!
Maria Marsala
Robert,
You are so right about quiet time. Whether it be meditating, spending time away from all technology for a few hours or days, sitting in your yards — whatever floats your boat — it’s so important to find ways to reenergize.
For some of us more introverted types that energy comes from being away from folks; and for the extroverts in the world, that energy comes from being with other people. Generalizations? For sure.
