In recent years, the financial services industry has witnessed a notable trend – a significant exodus of both senior management executives and financial advisors from big wirehouse firms to establish or join independent Registered Investment Advisor (RIA) firms. The moves have been significant and seem to buck a trend of consolidation in the wirehouse space…
The new year brings reflections on what transpired in 2023 and thoughts for the year ahead. 2023 was undoubtedly a record year for financial advisors transitioning from traditional banks/brokerages to more friendly advisor centric private wealth platforms, including the various choices of independent platforms. Even gestures by some large banks like Merill to modify their…
Financial advisors spend years developing their business, cultivating relationships, and serving clients. After all this work, the same care needs to go into thoughts about succession planning and retirement. For advisors at big firms, the options are limited, they are what they are if advisors have signed agreements with them. However, there are more ways…
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…
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…
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,…