Stan brings nearly 40 years of experience in wealth management, having led advisor practices and senior roles across major firms like Citi, Fleet Boston, and Wells Fargo before transitioning to the Summit platform. His journey reflects both a deep frustration with traditional models and a radical vision for empowering advisors through partnership, ownership, and innovation.
Having spent twenty-five years himself as a financial advisor at Hambrecht & Quist, UBS PWM, and Credit Suisse, Mr. Gershman brings a unique perspective to the recruiting and consulting world of financial advisors. With this real-life experience, he now runs the family consulting firm his father founded 40 years ago who also was an advisor at Merrill Lynch for 25 years. Now as CEO of The Gershman Group, his reputation is exceptional throughout the wealth management industry including many of today’s largest Barron’s and Forbes teams and is also highly regarded with leadership throughout Wall Street including large and small banks, boutiques and independents. Roger is widely published via Podcasts, private white papers, and quoted and published articles in Advisor Hub, BrokerChalk, Forbes and Barron’s amongst many others.
In today’s podcast, they discuss the shift in the industry toward independence.
In This Conversation
Roger and Stan dive into the evolution of Summit into what Stan describes as “the wealth management firm for the future.” Key discussion points include:
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From Advisor to Architect: Stan recounts his decades handling his own book of business and frustrations with big-bank limitations—spurring his move into leadership and management.
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The Summit Difference: He reveals how Summit, unlike the attrition-heavy big firms, builds advisor loyalty through internal support, technology integration, transparency, and independence.
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Partnership Over Promissory Notes: A key highlight is Summit’s equity-based model—framing advisor compensation as an investment, not a trap—with full transparency and shared ownership.
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Technology as an Ecosystem: Summit’s infrastructure emphasizes seamless integrations—think SSO, encrypted systems, and tools like DocuSign, eMoney, HiddenLevers—to make technology work for advisors, not burden them.
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Strategic Growth & Merchant Alignment: From $3B in 2020 to nearly $25B today (half from organic growth, half through affiliate firms), Stan underscores Summit’s alignment with Merchant’s broader ecosystem and shared vision for scalable, value-driven expansion.
Key Takeaways
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Advisor-Centric Culture Wins: Advisor loyalty is rooted not in retention schemes, but in transparent partnerships and best-in-class support.
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Strategic Investment > Retention Tactics: Summit’s equity-based approach fosters true ownership and long-term alignment—far beyond front-end bonuses.
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Tech That Empowers, Not Burdens: Integrated, secure platforms are foundational to service efficiency and advisor independence.
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Compound Growth, Solid Foundation: Summit’s model combines infrastructure, technology, and embedded equity to drive scalable performance.
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Merchant Ecosystem as a Force Multiplier: Advisors benefit from network effects and financial opportunities that transcend individual practice growth.
As the Editor of The Gershman Group, a boutique financial services consulting firm, TGG brings expertise in financial analysis, strategic planning, and market research. With a keen eye for detail and a passion for helping businesses navigate complex financial landscapes, TGG delivers insightful, high-quality content to empower informed decisions. Backed by years of industry experience, TGG makes complex topics accessible through clear and compelling communication, shaping the firm’s thought leadership and commitment to excellence in financial services.
