We’re here to debunk a myth that while true for decades, no longer holds. In the past, financial advisors felt that they were captive to their big wirehouse institutions because each held some unique value proposition, or points of differentiation from the other. It was essential to remain at a firm because leaving meant you could lose…
When the banking crisis hit First Republic, advisors were left with little time to consider their options. Suddenly, those who had transitioned from Merrill Lynch, Morgan Stanley, UBS, RBC, and Rockefeller Capital to FRB found themselves pushed back into yet another large wirehouse – JPMorgan. For FRB advisors seeking independence, there are platforms available that…
It is no secret that Brian Moynihan is intent on pushing Bank of America’s private banking model over the wealth management model. Moynihan often chastises wealth management stating that “it is the least profitable division in the firm.” Do advisors feel supported in that? We question where the plan is to aggressively invest and make…
Many ask why big firms and RIAs are getting more aggressive in recruiting and the deals they offer. It is a simple supply and demand question – there aren’t enough high-quality advisors to go around despite the fact firms are acting fast and furious to train younger advisors. Consider the stats: A recent Cerulli reports…
Finally, there’s a bit of good news out of Merrill Lynch, a respite for war torn advisors exhausted with massive compliance and operations oversight, the newly released 2024 compensation grid changes throw a little bone to advisors and repeal some dreaded policies. While we don’t believe this will stop the bleeding as far as seasoned…
As the United States recently celebrated the Fourth of July, the event brings to mind the true meaning of independence and freedom also for financial advisors. The ability to act and think without restraint is a concept that ignites the entrepreneurial imagination of many. However, in the wealth management industry, dominated by big firm culture…
Financial advisors are witnessing a significant shift in the wealth management industry, with many considering or making moves to new firms. In such transitions, one crucial aspect to consider is the valuation of an advisory practice. Recently, eye-catching figures have been thrown around, exemplified by Focus Financial Partners going private for a staggering $7 billion,…
When advisors contemplate a transition to a new firm, their minds are occupied with crucial considerations: the transition deal, deal economics, technology and platform capabilities, brand reputation, autonomy levels, the firm’s commitment to maintaining a stable GRID and fostering a positive culture. Therefore, evaluating a firm for a potential move requires a nuanced and subtle…
Big wirehouses have been buckling down on Reg BI (Best Interests) for years, adding to the already seemingly high compliance and operations oversight advisors experience. Advisors speak about the positive aspects of business at big firms, rather what you’d expect: loyalty to a firm an advisor has been with for years, a team, the clients,…
It’s amazing to think that in 2023 to date, 16 notable teams left Merrill Lynch for UBS, the sum total of assets approximately $14.3 billion. After touring the US noting they “listened to advisors,” Lindsay Hans and Eric Schimpf continue to come up way short despite the bones thrown to advisors in the 2024 comp…