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…
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…
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…
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…
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 – 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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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 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 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,…
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…
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…
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 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…
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 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…
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 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 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,…
* 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 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…
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 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…
