This Atlanta roll-up start-up plans to reach $1 billion right quick by using hedge fund cash to execute a Schwab template

Interesting how powerful “trust” has become in an industry once deriven by honor and integredity. Tom Tracy, former CEO of the old Robinson Humphrey, is of the old school, where honor and integredity were paramount considerations in running a brokerage business. This has long been lost through decades of mergers and asquisitions each distancing the surviving firm from the consumer and the brokers that serve them. The resulting insularity to the best interest of the investing public (today’s industry pushback on actually doing the right thing) has not only lost the trust and confidence of the investing public, but has lost the trust of the broker.

Lakeview simply illustrates the brokerage industry disconnect with the best interests of the consumer and the broker. The industry has a bad case of wirehouse insularity.

Great for Lakeview but very sad for a once proud industry.

SCW

Told my Mom and Dad I was doing something unique.

Hope they don’t read RIABiz:)

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