When people think of Goldman Sachs, they think of excellence and potentially of access to an investment suite they wouldn’t have elsewhere. Goldman is one of the world’s preeminent investment banks, known for mergers and acquisitions and IPOs such as Sears, Merck, General Foods, Ford, and Disney years ago, and recently Alibaba, Facebook, Snap, Spotify,…
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…
It is no secret that Brian Moynihan is intent on pushing Bank of America’s private banking model over the wealth management model. Moynihan often chastises wealth management stating that “it is the least profitable division in the firm.” How can advisors feel supported with a statement like that? We question where the plan is to…
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. That of course remains a question about…
Finally, there’s a bit of good news out of Merrill Lynch, a respite for war torn advisors exhausted with massive compliance and operations oversight, the newly released 2024 compensation grid changes throw a little bone to advisors and repeal some dreaded policies. While we don’t believe this will stop the bleeding as far as seasoned…
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,…
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…