$1.6 billion RIA nabs Fidelity's $1 billion-man and a United Capital advisor seeking a gilded local brand
Philadelphia-based Westcott brings on a recruiter and a specialist in women in transition
Ande
“He was a senior account executive at Fidelity Investments, the firm’s private-client division managing clients with a combined $1 billion in assets” —— $1 Billion, are you sure?
Lisa Shidler
Hey Ande, as the senior account executive he handled retail clients who on average had about $1 million in assets – a total of about $1 billion – just for the group he oversaw. The private-client division at Fidelity certainly does have more than $1 billion in assets!
Brooke Southall
This may be true, Joe, but it comes across as a potshot, not as helpful discourse.
Joseph
Didn’t mean for it to be a potshot, just think that as a matter of disclosure, a bankruptcy is very relevant as is the persons pedigree.
Stuart
Brooke – this is coming from a guy that bought a whole bunch of his own book so he could make the NYTimes best sellers list in the first month only to drop off completely the next month. He’s a flipper that got stuck and now has to run the firm. He recruits like minded individuals and you can see the high turnover among mid and low level staff as a sign of what it is like to work there.
Related Moves
Christa Carone, an ex-Fidelity and Xerox marketing whiz, steps onto a slippery slope at LPL with a daunting task -- to consolidate a NASCAR size brand portfolio... or not?
With no CMO since August, the chief marketing officer will play catch up for a company still hungry to buy more branded B2B and B2C players.
April 2, 2024 at 1:28 AM
Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units
At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask
December 16, 2023 at 2:22 AM
Joe Duran's second RIA act is rocking with eight staff, four co-founders and a conspicuously anti-United Capital concept that will flip RIA stakes 'eventually' as a minority investor
The United Capital founder paradoxically promises to 'passively' buy minority stakes as a backdrop for going hyper-active with quick-strike capability to apply super-consulting and technology to create explosive growth as a prelude to a sale.
November 29, 2023 at 3:23 AM
Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn
Dozens of former 'United Capital' advisors are fleeing at once, but Peter Mallouk is still battling to keep them, and Goldman Sachs may play legal hardball, sources say.
October 4, 2023 at 2:16 AM
See more related moves
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
Vantage Point Consulting
Consulting Firm, CRM Software, Tech: Other
Top Executive: David Cockrum
