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…
Overall, the acquisition of First Republic’s wealth management business by JPMorgan presents both opportunities and challenges for financial advisors. While the acquisition will give First Republic advisors access to new vast resources, they will also need to navigate the challenges of integration, client retention, and cultural differences. Ultimately, success will depend on the ability of…
The Penalty Box – financial advisors are opting to escape the big four wire houses now before it is too late. There have been a record number of top financial advisor teams leaving the big four wire houses for boutique firms or going fully independent themselves. This trend is occurring for a variety of reasons…
Some financial advisors believe it is best to structure a deal on their own. Then there are some who believe using a recruiter is advantageous when shaping a deal. Which line of thinking is best? That depends on your situation, but we hope to provide some answers here to help you make that first step…