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Fidelity gleans why so many 'attractive' advisors cling to wirehouses and Cerulli's newest RIA data shows plenty find courage

Those hefty retention bonuses aren't the only thing keeping brokers tied to their desks -- family sentiment has huge impact on 'fence-sitters'

Author Lisa Shidler May 8, 2013 at 10:16 PM
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Sanjiv Mirchandani: People in this business don't make a move until they get everyone in the family to make a sale.

Sanjiv Mirchandani


Tom Valverde


Tyler Cloherty

Elmer Rich III

Elmer Rich III

May 9, 2013 — 8:06 PM

Believe there is some evidence that support of spouse, usually the wife, contributes to entrepreneurs success. The wives father being self-employed may be an influence.

In our M&A work we have learned to always check the spouses’ and family’s goals in a succession plan – early on.

Doug Dannemiller

Doug Dannemiller

May 10, 2013 — 7:08 PM

There is more to this story. The 'fence sitter’ advisers identified by Fidelity have an unusually high AUM at $155 million per adviser. With most independent brokerage firms actively recruiting advisers with production (gross commissions) of $300,000, these 'fence sitters’ appear to be in a completely different league. This 'fence sitter’ segment deserves more attention, and perhaps a completely different recruiting effort, beyond getting the family on-board.

Poora Om

Poora Om

December 16, 2013 — 9:11 PM

I suppose if you are more interested in moving on than staying with “the whole family” then recruiting would be easier. Ironic that this article talks about “huge bonuses” and families in the same sentence when the “expert” not only left the family but withholds and hides compensation including “huge bonuses” from them. Is this part of the recruitment strategy for “fence sitters”?

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