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…
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…
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…
Alex. Brown, formed in 1800, is the oldest and one of the best investment banks in America – a relatively small house that, while it may have lacked in diversity and reach, the firm more than made up for in service, knowledge, and attention to detail. This boutique nature is one reason why larger Deutsche…
Throughout the day, our schedules are filled with calls and meetings with the top advisors and teams in the US. The natural rhythm of conversation centers around identifying what’s effective and pinpointing pain points. At numerous major wirehouses, we consistently hear the refrain: “The compliance and operations oversight is overwhelming; I can barely compose an…
When advising advisors and teams, a crucial initial step is the evaluation of your true worth or value. Frequently, we tend to underestimate our own value—a challenge rooted in our innate subjectivity towards self-assessment. This is a pivotal factor in what we try to profess with most any advisor – understand the value of your…