Counterpoint to Mark Hurley study: Wealth management firms are in rapid transition
Painting RIAs with a single no-value brush ignores vast technological strides and growth
Hurley serves an important purpose.
The question Hurley raises is where will the much needed industry redefining innovation come from when by definition the needed scale is beyond the reach of the individual advisor. It is not a questioning of the RIA format itself, it is a question of how to maximize the value of the advisor—creating a preemptive advisor value proposition offering continuous comprehensive counsel and unassailable fiduciary standing. This is a forward looking optimistic vision. Hurley is simply establishing where we are—which is not optimal. What he says is true.This causes us to take stock in where we are and raises the all important question of the need to be open to innovations which will take us where we and our clients want us to go.
There at at least 15 major innovations the brokerage industry chooses not to embrace which cripple the brokers ability to act in their clients best interests. Here Hurley too is valuable as he establishes brokers are at least two generations behind our most progressive RIAs and it will only get worse as the brokerage industry continues to be hostile toward advice and as RIAs serve as a catalyst for industry redefing innovation.
Karl Heckenberg files with SEC to raise a staggering $1 billion, (presumably) to buy, buy, buy RIA stakes in a 'crowded' market
The former CEO and president of Emigrant Partners has launched the Constellation Wealth Capital Fund with a ten-figure funding target.
August 18, 2023 at 3:56 AM
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
Oleg Tishkevich builds instant McKinsey-killer in RIA consulting by offering gigs and equity to six solo stars, but good luck managing egos and economics, says someone who's been there
The restless Invent.us founder names (thus far) Tim Welsh, Suzanne Siracuse, Gavin Spitzner, Mark Hollingsworth and Brian Bleasdell as owners in exchange for being on call to tackle big gigs as a superteam
September 10, 2019 at 10:52 PM
Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine
The billionaire-owned New York bank eschewed the quick buck of a top-of-market sale to bet Karl Heckenberg can make Fiduciary Network function even better as its new CEO
November 22, 2018 at 12:07 AM
Top Executive: Timothy D. Welsh