A HighTower-like consolidator rises from Texas ground
A UBS star is raising capital and recruiting up a storm
Jeff Spears
The branch manager has been marginalized over the years and many have either retired, resigned or been fired. They are the third most important component in a successful wealth management business behind the clients and the advisors. Big firms lost sight of this fact and incorrectly assumed that their brand was more important than branch managers and advisors, which they believe are replaceable.
We will see who is right.
My $ is on firms like this!
Insider
Unmentioned in all the praise being heaped upon the founder of this new firm is the fact that he is the infamous manager who fired the analyst at UBS who was trying to warn Enron’s shareholders to dump their holdings before the client firm went belly-up. He did this because UBS feared repercussions from an angry client, and Mendenhall was essentially ordered to fire the analyst AND to back the UBS company line that Enron remained a solid buy.
I’m not saying everything was Mendenhall’s fault, but let’s not go crazy bragging about how much he has an “impeccable” record of doing the right thing for clients and advisors.
johns
i would fact check whether Pat resigned or was fired. My contacts tell me he was fired
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
Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor
Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.
April 29, 2023 at 1:36 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
See more related moves
