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…
Effectively managing change requires a delicate balance between the excitement of new opportunities and the apprehension of leaving the familiar behind. At The Gershman Group, we understand that this process involves not only structural adjustments but also emotional considerations. A valuable tool we recommend is creating a comprehensive list of the current situation’s pros and cons…
Advisors are fleeing Merrill Lynch in unprecedented numbers, a trend closely tracked by The Gershman Group through a dedicated portal. This article aims to provide a comprehensive update on this exodus. Bank of America’s CEO, Brian Moynihan, consistently rebukes the Global Wealth division, branding it the “least efficient” within the firm, a sentiment he echoes every quarter. Co-presidents…
The honeymoon for First Republic Advisors after the acquisition by JPMorgan Chase has lost its luster. This wasn’t a choice, but a situation thrust upon them. About 70%+ of advisors including private bankers departed in the early days of the transition, the minority have weathered the storm, hoping for the best. Let us examine the…
Meet Roger: Having spent twenty-five years himself as a financial advisor at Hambrecht & Quist, UBS PWM, and Credit Suisse, Mr. Gershman brings a unique perspective to the recruiting and consulting world of financial advisors. With this real-life experience, he now runs the family consulting firm his father founded 40 years ago who also was…
Alex. Brown, formed in 1800, is the oldest and one of the best investment banks in America – a relatively small house that, while it may have lacked in diversity and reach, the firm more than made up for in service, knowledge, and attention to detail. This boutique nature is one reason why larger Deutsche…
Meet Haig: At Arax, Haig oversees all operations, strategic direction, and leadership of the firm. Prior to joining Arax, Haig was the President and CEO of Alex. Brown, America’s first investment banking firm. While at Alex. Brown, Haig oversaw 220 Financial Advisors in 18 offices and $70B in client assets. Haig was the Head…
Throughout the day, our schedules are filled with calls and meetings with the top advisors and teams in the US. The natural rhythm of conversation centers around identifying what’s effective and pinpointing pain points. At numerous major wirehouses, we consistently hear the refrain: “The compliance and operations oversight is overwhelming; I can barely compose an…
When advising advisors and teams, a crucial initial step is the evaluation of your true worth or value. Frequently, we tend to underestimate our own value—a challenge rooted in our innate subjectivity towards self-assessment. This is a pivotal factor in what we try to profess with most any advisor – understand the value of your…
For over half a century, The Gershman Group has partnered with advisors, guiding them to assess their practices and find the optimal fit. In the past decade, the perennial question has persisted: stick with the established wirehouses or embrace independence. Much like in investing, life demands a careful weighing of risks against rewards. While maximizing…