Featured Articles
Raymond James Pulse
Raymond James has been a large part of my family’s history since the days when my father, was an advisor for the firm for 25 years. Thereafter when he established The Gershman Group. Raymond James has one of the strongest platforms on the Street that can address all the needs of an advisor and his…
BOA Blatantly Slashes Merrill Costs
On March 30, 2023, Lindsay Hans and Eric Schimpf were promoted to co-presidents of Merrill Lynch after Andy Sieg departed for Citibank. The two have continued to live out Sieg’s mandate from Brian Moynihan, move Merrill Lynch as swiftly as possible to a dominating private banking model. As an example, Hans and Schimpf pointed to…
The Day Everything Changed at Alex. Brown
Alex Brown, formed in 1800, is the oldest and one of the best investment banks in America – a relatively small house that, what it lacked in diversity and reach more than made up for in service, knowledge, and attention to detail. That was the boutique firm that Deutsche Bank bought in 1999, and the…
Alex Brown – RayJay Survey
First things first As we converse daily with dozens of Alex Brown advisors, we noticed a recurring subject around uncertainty which would lead to the following question: “What are you seeing other FA’s like me do?” In this survey we set out to answer that question. The Gershman Group conducted an independent survey, anonymous compiling…
United Capital Advisors Are Tired of Being Controlled
For many former United Capital advisors who found themselves at GSPFM, the partnership has not been the harmonious union they had hoped for. As everyone knows, these advisors initially joined United Capital as independent business owners seeking a sense of community and collaboration, all conveniently offered under the visionary leadership of Joe Duran. United Capital…
GSPFM – Situation Room With Sanctuary
Introduction and Background: – A continuation of the tradition to provide valuable information for the audience. – Introduction of special guests discussing the independent space and supported independent space. – Introduction of CEO Roger Gershman from the Gershman Group. Role and Services of the Gershman Group: – Serve as advocates for financial advisors. –…
United Capital Legal Session
The meeting discusses a forum organized by the Gershman Group for United Capital Advisors in light of the recent acquisition of Goldman Sachs PFM by Creative Planning. Submitted by ChatGPT. 1. Introduction and Purpose: – Jenny Kim, a senior partner at Gershman Group, welcomes attendees. – The forum aims to provide United Capital Advisors with…
First Republic Advisors – JPMorgan’s Priority is the Private Bank: Is This Enough Juice for You?
JPMorgan’s Private Bank initiated a new family office practice geared towards the UHNW. For First Republic advisors sitting in the wealth management arm of the business, this announcement brings some concern given that the firm’s attention seems to be focused on the Private Bank. 17-year JPMorgan veteran, William Sinclair, is to lead the group and…
GS United Capital
Goldman Sachs has been a large part of my family’s history since the days when my father, was an advisor for the firm for 25 years. Thereafter when he established The Gershman Group. Goldman Sachs has one of the strongest platforms on the Street that can address all the needs of an advisor and his…
The Art of Executing a Firm Transition
Making a transition to a new firm can be exhilarating, but it’s essential to “think fast and slow” – we applaud the adrenaline and momentum but no so fast, the devil is in the details as always. Here are a few headlines to have top of mind to ease your transition. Ink It, Don’t Speak…
The humbling of Goldman Sachs
The struggle to reinvent a firm trapped by its own mythology Goldman sachs has always seen itself as exceptional. When the bank floated its shares in New York in 1999 it declared: “We have an uncompromising determination to achieve excellence in everything we undertake.” Conspiracy theorists have long paid it the backhanded compliment of imagining…
How Goldman Sachs Went From Apex Predator To Wall Street Laggard
Its attempts to diversify out of volatile businesses and into consumer lending have disappointed. Jan 26, 2023 Thirteen years ago, when Rolling Stone described Goldman Sachs as a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” the description stuck, not just because it…
Goldman Cannibalizes Its Wealth Management Division
What does the open architecture of the Goldman Sachs’ One platform mean for in-house advisors? A Landmark Deal Creative Planning and Goldman Sachs Forge Unprecedented Partnership. Creative Planning, helmed by visionary CEO Peter Mallouk and managing an impressive $210 billion in AUM, has entered into a strategic alliance with Goldman Sachs. Creative Planning will now…
AI Jobs: A Boom or Bust for Financial Advisors
There’s been much talk about AI recently, and we thought it would be worth evaluating how AI is set to impact advisors. As top-tier advisors know, AI isn’t going to replace those jobs, but it very might well replace jobs that call centers currently handle in the neighborhood of values $300,000 or less. The loss…
The Art and Science of Choosing the Right Platform
When top-notch advisors set their sights on new horizons, they know it’s not just about a change of scenery; it’s about finding their golden ticket to success. The financial world is a wild ride, and evaluating a potential firm demands the keen eye of a seasoned detective best navigated with a recruiter, lawyer, and CPA…
How Independent Advisors Receive 8-12x Valuations
The wealth management landscape is undergoing a thrilling metamorphosis, with financial advisors seizing the opportunity to break free from the chains of big firms and venture into independence. Picture this: a seismic shift in the industry, akin to the aftermath of JPMorgan Chase’s acquisition of First Republic Bank, has advisors itching to liberate themselves from…
Goldman Cannibalizes Internal Wealth Management
What does the open architecture of Goldman Sachs’ One platform mean for in-house advisors? A Landmark Deal Creative Planning and Goldman Sachs Forge Unprecedented Partnership. Creative Planning, helmed by visionary CEO Peter Mallouk and managing an impressive $210 billion in AUM, has entered into a strategic alliance with Goldman Sachs. Creative Planning will now be…
Assessing Asset Moves: What Stays & What Goes in a Transition?
Exciting new horizons await, but let’s get real here – not everything can just slide over to your new firm from your old firm. Sorry for the downbeat news flash but it’s the truth. You need to be smart about what assets can or should move during a firm transition. Let’s dive into the nitty-gritty!…
Advisors Embrace True Independence
In today’s financial landscape, the notion of independence has taken center stage for financial advisors. Top firms are imposing stringent compliance measures, facing financial penalties for misconduct, and subjecting advisors to invasive surveillance. As a result, many advisors feel trapped and long for personal freedom. Compensation structures are also becoming uncertain, leaving advisors unsure about…
BoA Merrill Lynch Faces Consequences for Unlawful Practices
Today, the Consumer Financial Protection Bureau (CFPB) has taken action against Bank of America for engaging in illegal activities that harmed its customers. The bank has been ordered to pay over $100 million to affected consumers and an additional $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency…
Bank of America – is it the next Wells Fargo?
Remember, Wells Fargo lost almost 4,000 advisors over years due to the exact headline risk. If this headline is picked up heavily in the press it could have far reaching consequences for advisors’ practices. At the least, these types of headlines do not bode well for client perception. Particularly since Bank of America leadership has…
A Framework for Evaluating a Firm for Advisors
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…
“We are Staying at JPM – How Bad Can It Be?”
In a scenario reminiscent of The Clash’s iconic song “Should I Stay or Should I Go,” First Republic advisors find themselves facing tough decisions. While JPMorgan Chase (JPMC) assures them that they will be treated differently, respecting their unique culture and franchise, skepticism abounds. Advisors are being enticed with promises that their former offices will…
Securities Attorney Speaks to the JPMorgan Contract
In today’s podcast, they discuss the employment and retention contracts presented to First Republic Advisors by JPMorgan and the points they should be aware of when reviewing these documents. Meet Rogge Dunn: Rogge Dunn handles employment, partnerships, FINRA, class actions, arbitration, defamation, privacy issues, shareholder oppression, “business divorce,” non-competes, trade secrets, whistleblowing, and significant personal…
Merrill Lynch Pulse
Merrill Lynch has been a large part of my family’s history since the days when my father, was an advisor for the firm for 25 years. Thereafter when he established The Gershman Group. Merrill has one of the strongest platforms on the Street that can address all the needs of an advisor and his or…
The Arranged Marriage 2.0: Pros and Cons for FRB and JPM
Overall, the acquisition of First Republic’s wealth management business by JPMorgan presents both opportunities and challenges for financial advisors. While the acquisition will give First Republic advisors access to new vast resources, they will also need to navigate the challenges of integration, client retention, and cultural differences. Ultimately, success will depend on the ability of…
First Republic Advisors Beware –Retention Bonuses May Disappoint
No doubt it has been a brutal six-week journey for First Republic advisors. Advisors may think they should be rewarded for their loyalty in staying the course when other colleagues fled early. The path of least resistance has certainly been to stay put, however, in doing so, advisors face changes in compensation, more bureaucracy, less…
JPM & FRB Arranged Marriage Pros and Cons
There is a tremendous sigh of relief for First Republic advisors and their clients after a very chaotic six weeks. Now, instead of the urgency to leave, advisors have a new great added choice of platforms to choose from to continue to service their clients. We hope to add some experience and historical precedent of…
When Loyalty Meets Instability: The Dilemma Facing First Republic Bank’s Financial Advisors
The run on First Republic Bank driven by clients’ fears has left financial advisors in quite a quandary. Many advisors are shell shocked by what’s happened and are in a state of confusion about the decision to stay or go. One group clearly has decided to be on the go, some have already departed, and…
FRB Legal Outlet
For the First Republic advisor on the move, it is essential to have legal representation in place as soon as possible. Ideally, counsel would have familiarity with First Republic contracts to begin with as well as with the go to firms such as: Morgan Stanley, UBS, Wells Fargo, Rockefeller, JPMS, or RBC. Any restrictions contractually…
FRB Pulse
Our loyalty is to First Republic Bank as a proud 30-year private banking customer and having recruited diligently for the firm for over a decade. Like all advisors, we are extremely hopeful for a positive outcome and recommend to advisors expend all options to stay at the firm. Of course, many have begun to formulate…
A Message To Alex Brown Advisors
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…
Roger Gershman + Vince Fertitta Interview
Meet Vince: Vince’s career spans 28 years in U.S. wealth management, international wealth management and private banking. He joined Sanctuary Wealth in 2019 after serving on Merrill Lynch’s senior leadership team and executive committee. As Managing Director, Vince ascended into the role of one of six divisional executives responsible for leading Merrill Lynch’s Wealth Management business. He also served as a Bank of America Market President in Texas, selected by the CEO to bring together various statewide lines…
The “Candid” Interview You Wish You Heard
A few days ago Mindy Diamond hosted a “candid” interview with Andy Sieg, The President of Bank of America Merrill Lynch. In that interview many were disappointed with the questions asked and more importantly the answers. In this episode we answer without bias – understanding what the firm is actually going through as we speak…
This Week On Wall Street – The Rapidly Declining Pool Of Advisors – Podcast For Financial Advisors
Roger Gershman here again for a three minute drill and landscape update on our beloved industry. Seeing it from your eyes, A really great week for Wall Street what Goldman Sachs announced layoffs. Well, the last bastion of profitability at the bank is the private wealth division. Very surprisingly, they’ve laid off several producers…
Do Advisors Really Leave For The Check? Ask Roger – Podcast For Financial Advisors
Roger Gershman here, with a three minute drill on the state of affairs of the markets, today’s podcast is, why not just leave for the check. And that’s what many advisors tell me, Oh, that advisor left for the check, or they leave for the check. And they have not as much of an…
The Penalty Box
The Penalty Box – financial advisors are opting to escape the big four wire houses now before it is too late. There have been a record number of top financial advisor teams leaving the big four wire houses for boutique firms or going fully independent themselves. This trend is occurring for a variety of reasons…
Turn Over Your Personal Cell Phone or Else!
On September 27, 2022 the SEC charged 15 broker dealers and one affiliated investment advisor over $1.1 billion in fines due to failure to keep appropriate records. This time, the focal point was text messaging, normally bundled with a more significant offense, but this time, a stand-alone. As an advisor, how many times have you…
The Value Of Independence! Ask Roger – Podcast For Financial Advisors
Today’s podcast is about the value of independence. And why seriously consider going in the banks and brokerage firms have become a real thorn in advisor sides. They’re more interested in shareholder value, they’re more interested in compliance are more interested in legal, and they’re interested in the lowest common denominator of the financial…
Value Of Banks And Brokerage Firms! Ask Roger – Podcast For Financial Advisors
Today’s podcast is about the value of banks and brokerage firms. You know, banks and brokerage firms have gotten a pretty bad rap over these last few years of compliance, cracking down payouts being cut just more and more difficult to do business clients being charged fees going down, lack of control. And there’s…
Is What Andy Sieg Says the Truth or Tea Leaves?
Understanding communications and signals has become something important for us all to understand in day-to-day living, in dealing with media, and now in our own jobs. In this article, we focus on what Andy Sieg at Merrill Lynch has being saying under the umbrella of Bank of America and Brian Moynihan. Before we do, let’s…
Private Banking Models Versus Traditional Brokerage Models! Ask Roger – Podcast For Financial Advisors
This podcast is about private banking models versus traditional brokerage models. There is essentially a philosophical and economical war between models. You have on one hand the JP Morgan, the US trust the Citibank, the BoA model. Versus the Morgan Stanley the UBS, the Wells Fargo, Merrill Lynch, Stiefel, Nicholas and Ray J model. So…
Why Would You Ever Consider Leaving Your Firm In A Tough Or Bear Market? Ask Roger – Podcast For Financial Advisors
Today’s podcast is about why would you ever consider departing your firm in a tough or bear market? Mean, frankly, it’s never a good time to exit. I mean, think about the last few years, I mean, the businesses have been booming and advisors to bring on new clients and bring on new staff. And…
Don’t negotiate your own deal! Ask Roger – Podcast For Financial Advisors
Why do advisors believe that they have the inside edge to negotiate their own deal and go direct advisors invariably know somebody on the inside of the, of the competition. They know senior leadership, they know the local manager, they might even know the CEO. They might be friends with them. They might be neighbors…
The Tug Of War Banks Versus Financial Advisors! Ask Roger – Podcast For Financial Advisors
This podcast is called the tug of war banks versus financial advisors. For years, there was a difference between banks and their products in their offerings, Merrill Lynch, UBS, Wells Fargo, Goldman Sachs, Morgan Stanley, Raymond James RBC, Hebert inquest, Alex Brown, Deutsche Bank. Lehman Brothers, Bear Stearns. And so each firm had their belly…
Why Your Business Just May Not Grow For The Next Decade ! Ask Roger – Podcast For Financial Advisors
This podcast is about why your business just may not grow for the next decade. Why not? Well, why wouldn’t we enter a bear market where markets are flat for 10 years, Stanley Drucken miller, who is one of the most respected minds on Wall Street, whose average any returns were 30% for almost 20…
The Greatest Retirement Boom ! Ask Roger – Podcast For Financial Advisors
This podcast is about the greatest retirement boom we’ve seen in a generation. And I’m not talking about Baby Motors. I’m talking about financial advisors entering the greatest retirement boom in the history of financial advisors. Today there’s mass buyers and many different exit strategies. The question is, do you want to be the last…
The Changing of the Guard at Goldman
Make no mistake, we at the Gershman Group take a backseat to no one when it comes to our appreciation of Goldman Sachs and its legacy of excellence. For decades, Goldman was our industry’s standard bearer for operational best practices, and, indeed, to this day its name can still conjure up mental images of America’s…
The Boogie Man is Watching! Ask Roger – Podcast For Financial Advisors
Who is the Boogie Man? The Boogie Man is your compliance department who knew this already? You knew that they’re watching, but we’ve seen a massive increase in the scale of firms watching over the shoulder of those advisors with massive divisions within your firm that are getting more and more efficient. Watching everything you…
Transitioning in A Tough Economy? Ask Roger – Podcast For Financial Advisors
Today’s podcast is about transitioning in a tough economy. Is this the time to move? There never is a good time to move. When markets are booming. It’s really busy. Really tough to consider when markets are getting smacked and things are down and you’re holding a lot of clients hands. Another really tough…
Why Start Your Own RIA? Ask Roger – Podcast For Financial Advisors
So this is a podcast regarding a monster trend that we’re seeing of traditional advisors that big banks and brokerage firms moving to start their own independent operations. The reason why we’re seeing this mega move and mega moves at all these big banks are because of the ease of creating your own independent…
Goldman Not So Golden Lately
It may not happen as often as you see from the larger firms but when it does, a move from Goldman is usually pretty monumental. The golden caches of the past no longer hold so strong as business becomes even more relationship-based and clients hold their trust and loyalty to their Advisors, more than the logo…
June – #1 – Advisors On The Move – Merrill Can’t Seem To Stop The Bleeding
John Calandro III and Kevin Calandro | $5.4M / $700M | Dallas, TX It’s a family affair – teams are making moves with the idea of controlling their retirement and/or preserving their business for the future. Brothers John Calandro III and Kevin Calandro, along with Kevin’s son Robert, announced their departure this past weekend in…
Rockefeller Lands Large Morgan Stanley Team
Rockefeller Capital acquires The Merlin Wealth Management team from Morgan Stanley in Atlanta. Michael Merlin leaves Morgan after 10 years with over a decade spent at Citigroup prior to joining Morgan. The team’s production was approximately $8 million, managing approximately $2 billion in assets. This is yet another great acquisition for Rockefeller Capital. About Rockefeller…
Wells Fargo: “You Want A 550% Recruiting Deal? Come Right This Way”
Wells Fargo announced today that they will continue, in perpetuity, the largest recruiting deals on the street. They also reiterated their commitment to significantly reward recruiters for pushing valuable recruits to their multiplicity of platforms with increased recruiting fees that dwarf the industry standard. Wells Fargo just extended the holiday season for eligible advisors, teams,…
Roger Gershman + Kevin McCluskey Interview
Meet McCluskey: Kevin has been a Capital Markets Portfolio Advisor for over 20 years. Most recently, Kevin was a Managing director for Deutsche Bank’s Private Institutional Client Group. While at DB, Kevin co-managed capital market portfolio’s for some of the Bank’s largest portfolio’s as well as consulted on Middle Market capital structuring. Prior to…
Roger Gershman + Rob Bartenstein Interview
Meet Bartenstein: As the chief executive officer of Kestra Private Wealth Services, Rob is dedicated to providing experienced advisors with the services and support they need to start their own successful, independent businesses. In 2011, he helped establish Washington Wealth Management, which rebranded as Kestra Private Wealth Services in 2016. Meet Roger: Having spent…
Roger Gershman + Bradley Bruce Interview
Meet Bruce: After a successful 30+ year career at Merrill Lynch, Brad launched mFORCE Capital in 2021 as an independent wealth management advisory firm. In mFORCE, he has found the freedom and flexibility to serve his clients as they truly deserve. Brad is driven by his passion to deliver effective and relevant solutions, and…
References of Former JPMA Advisors
Every advisor does their proper ‘due diligence’ whether choosing an investment opportunity, prospecting for a new client, and certainly choosing a new banking platform to conduct their business. This crucial due diligence process has consumed the minds of First Republic advisors as they approach the impending deadline, contemplating their fate with or without JPMorgan. While…
First Republic Hires A Monster Team
First Republic acquires a $10 million group, Sal Tiano and team in Florida. Sal leaves JP Morgan after 29 years. The team was managing approximately $2 billion + in assets at JPM. A great win for First Republic. ABOUT FIRST REPUBLIC First Republic has been on a major recruiting binge, recruiting top teams nationally. In…
Structuring Your Own Deal
Some financial advisors believe it is best to structure a deal on their own. Then there are some who believe using a recruiter is advantageous when shaping a deal. Which line of thinking is best? That depends on your situation, but we hope to provide some answers here to help you make that first step…
Bidding War Heats Up For GS Teams
UBS Private Wealth Management in Boston and Los Angeles picks one of the largest teams in the nation. The national practice is head up by Denis J. Cleary and Gregory M. Devine. They are one of the fastest growing PWM teams in the industry, managing more than $20M in production and $6B in assets. This…
Rockefeller On A Roll – Lands Two More Teams
Rockefeller Capital Management acquires The Sargent Team from Morgan Stanley in New York. John Sargent and team produced a trailing $5 million, managing assets of $1.5 billion. Sargent was responsible for the launch of the highly successful “Weekend Journal” at Wall Street Journal publications. In their other acquisition, Rockefeller bought on a $3.5M team that…
At The High! Elite Practice Valuations Have Skyrocketed
Seller’s Market Begging Advisors To Name Their Price During and shortly after the financial crisis recruiting deals skyrocketed to all-time highs No longer were practice acquisitions being had in the 200’s, rather the best teams were cashing in above 300%. First Republic, Wells Fargo, and even Morgan Stanley says ‘hold my beer’. Premium deals routinely…
UBS Flagship Team Set To Exit; Powerhouse Team Will Be An Eye Opener For Firm Brass
UBS is bracing for significant advisor losses throughout 2020. At least they better be. The aggressive comp grid changes provided the perfect cover for advisors and teams on the edge when considering a move to a new firm, to hit the bid. **There is a $14M dollar team we do not represent that is leaving…
RBC Poaches 3 High Caliber Teams In The Last Few Weeks
Another sign that moves in the turbulent coronavirus era are rare, but possible… Just this month, RBC Wealth Management-U.S. hired a five-broker team that had been managing $688M in assets at Wells Fargo. The team – Gregory Fuerst, John Welsch, Michael Korb, Carl Helleberg Barbara Frenz, including two client associates, Beverly Hebenstreich and Kristan Janssen,…
Rockefeller Acquires A Large $11M Stifel Team
Rockefeller Capital Management added a seven-person private wealth management team in New York City that produced between $11M over the past year and oversaw about $2 billion of assets at Stifel Nicolaus. The team is led by Ed Moldaver. Moldaver’s senior partner, James J. “Jimmy” Lee were among the top producers at St. Louis-based Stifel.…
Wells Fargo Winning Streak; Momentum Shifts As Wells Fargo Keeps Adding Rival Teams Of Scale
Wells Fargo made a commitment 18 months ago that ‘money was no object’ when it came to rebuilding its wealth management brand. Refilling the seats that were left be advisors that bailed out in 2018/19 was its top priority. Not only did they open the corporate coffers, but they bolstered their platform, upgraded senior leadership,…
ROCKEFELLER ROLLS: Greg Fleming Led Firm Attracts More Than $3B in AUM within Thirty Days
* Doug Linker, Noel Hedges, and their ten-person team in New Jersey made a huge move from Merrill Lynch (Paramus branch) to Rockefeller Capital Management. The team produced $6 million on about $750 million of client assets. All members of the team followed except for Kevin Ward, who is semi-retiring. * Rockefeller landed a husband-and-wife…
UBS PAIN: Losing Big Teams at Alarming Rate in 2020 – We Tell You Why
UBS brass has executed a cadre of missteps that is giving every large team in its firm ample reason to not only look elsewhere; but to protest with their feet and actually go elsewhere. Since the beginning of 2020 UBS (save one large private banking move) is a huge net loss leader across the wealth…
Amidst Pandemic Chaos Big Teams Accelerate Moves To New Firms; We Tell You Why
If it seems like larger and more frequent recruiting headlines keep hitting the tape, you are viewing the wealth management landscape correctly. Each and every week hundreds of millions, if not billions, in client assets are filling out asset transfer paperwork on Saturday and Sunday across the country. And there is no slow down in…
UBS Comp Changes Shock: ‘Biggest Grid Stretch I’ve Ever Seen’
UBS thinks it’s a good idea to play with fire. That’s the best explanation we can come up with when evaluating the 2020 comp changes that have been leaked. In this sense, playing with fire is a catchy way of saying they feel comfortable going to war with their own advisors. The changes that are…