Today’s podcast is about the value of banks and brokerage firms.
You know, banks and brokerage firms have gotten a pretty bad rap over these last few years of compliance, cracking down payouts being cut just more and more difficult to do business clients being charged fees going down, lack of control. And there’s been a massive movement away from banks and brokerage firms to independence.
But why isn’t it so bad to be still working at a bank or brokerage firm that is considered a different one?
Great value a. A name-brand. JP Morgan UBS, Morgan Stanley, first republic bank Rockefeller capital, Raymond, James Stifel Nicolaus, some pretty impressive, powerful names. Clients like to know that they’re a bank for safety. They know they’re gonna get serviced. And they know that the capital markets and desks of these firms can service their clients and utilize the breadth and capital of their, of their net capital and their lending capabilities, their reporting capabilities.
And so banks arguably may need You more today than they ever have. Why? Because again, there’s a fairly large movement away from them. But also there is a mass amount of advisors who are retiring advisors who feel confident that they need you more than you need them.
Now, where’s there are fewer and fewer choices of banks and brokerage firms to come Manage your client’s money. There are banks and brokerage firms that are now paying more than ever to have you. A go-to firm with recruiting deals that always seem to go higher and higher.
Well, they’re really high right now at record highs. And because there are so many advisors that are retiring, these banks and brokerage firms see the light that they want you to retire at the firm and offer you a terrific package to stay in.
Some firms will even offer you a retention package to stay. Those are few and far between but we have seen it and we’ve helped negotiate those deals. So the net of it is that whereas it’s a pain, compliance operation systems, oversight, always on your back.
There really is a great value to banks and brokerage firms. And a reason to stand for these firms and grow with these firms and reap the benefits of these firms along with your teammates, as well as your end clients. Thank you for listening.
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.
