A few days ago Mindy Diamond hosted a “candid” interview with Andy Sieg, The President of Bank of America Merrill Lynch. In that interview many were disappointed with the questions asked and more importantly the answers. In this episode we answer without bias – understanding what the firm is actually going through as we speak with many advisors, managers and those close to the situation.

Roger Gershman is the CEO of The Gershman Group and has a wealth of experience in financial advising and asset management. Roger brings a unique advantage to the world of financial services recruiting. 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. He has built profound relationships through the generations and has fostered deep relationships with his clients on both the broker and management sides. He upholds the reputation of The Gershman Group by continuing to provide valuable consultation and advice to transitioning financial advisors.

 

thegershmangroup.com

 

0:00 Intro

0:24 Why Would Andy Speak With A Recruiter?

1:29 Is He The Culture Bearer of ML?

3:18 Ultimate Culture Degradation

5:30 Why FAs Are Leaving? 7: 57 The Model is Broken

11:10 The Shift to Private Banking

14:32 End of Entrepreneurship

15:08 Why Restart Recruiting?

17:36 “Join a Team!”

20:33 What ML Advisors Can Expect?

22:38 It’s Your Clients (.)

23:26 Closing Remarks