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…
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…
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…
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…
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!…
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…
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…
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…
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…
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…