On March 30, 2023, Lindsay Hans and Eric Schimpf were promoted to co-presidents of Merrill Lynch after Andy Sieg departed for Citibank. The two have continued to live out Sieg’s mandate from Brian Moynihan, move Merrill Lynch as swiftly as possible to a dominating private banking model. As an example, Hans and Schimpf pointed to…
Alex Brown, formed in 1800, is the oldest and one of the best investment banks in America – a relatively small house that, what it lacked in diversity and reach more than made up for in service, knowledge, and attention to detail. That was the boutique firm that Deutsche Bank bought in 1999, and the…
First things first As we converse daily with dozens of Alex Brown advisors, we noticed a recurring subject around uncertainty which would lead to the following question: “What are you seeing other FA’s like me do?” In this survey we set out to answer that question. The Gershman Group conducted an independent survey, anonymous compiling…
JPMorgan’s Private Bank initiated a new family office practice geared towards the UHNW. For First Republic advisors sitting in the wealth management arm of the business, this announcement brings some concern given that the firm’s attention seems to be focused on the Private Bank. 17-year JPMorgan veteran, William Sinclair, is to lead the group and…
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…
The struggle to reinvent a firm trapped by its own mythology Goldman sachs has always seen itself as exceptional. When the bank floated its shares in New York in 1999 it declared: “We have an uncompromising determination to achieve excellence in everything we undertake.” Conspiracy theorists have long paid it the backhanded compliment of imagining…
Its attempts to diversify out of volatile businesses and into consumer lending have disappointed. Jan 26, 2023 Thirteen years ago, when Rolling Stone described Goldman Sachs as a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” the description stuck, not just because it…
What does the open architecture of the Goldman Sachs’ One platform mean for in-house advisors? A Landmark Deal Creative Planning and Goldman Sachs Forge Unprecedented Partnership. Creative Planning, helmed by visionary CEO Peter Mallouk and managing an impressive $210 billion in AUM, has entered into a strategic alliance with Goldman Sachs. Creative Planning will now…
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…