Lisa Shidler

Loving Merrill but leaving Merrill, two 38-year olds and an 'old guy' take $700 million of assets to an RIA citing the model's better mousetrap

Jeffrey Krum: It wasn't what we were missing at Merrill but we wanted more.

Fidelity

Merrill Lynch

MarketCounsel

Dynasty Financial Partners

PKS Financial

David Christian

Jeffrey Krum

Brian Hefele

Melissa Rennie

Kendra Biller

Amanda Peters

There are about $5 trillion of assets parked in traditional stock brokerage firms, but they're not likely to stay there. Every month, clients move some of their money to independent firms with fewer conflicts of interest. Brokers who want more control are moving their books of business, too.
In these Breakaway Stories, you'll find instructive, encouraging and sometimes funny stories about these breakaway brokers and their clients. The information in the stories is accurate as of the date of publication. We hope these tales are useful for breakaway prospects and for people interested in luring wirehouse talent to their firms.

Breakaway Stories

Adherents of the hybrid RIA model seem to understand the world in the same terms as Puritan dissenters, now known as Baptists, Quakers, Presbyterians, Unitarians and Congregationalists. The members of those offshoots avoided the fate of the Puritans who believed a little too ardently that grace could not be earned, only bestowed by God. The Puritans are now extinct. More inclusive splinter sects that accommodate striving sinners, on the other hand, have gone on to survive and prosper. Hybrid RIAs espouse a new world order of accountable advice that errs on the side of inclusion of brokers despite their propensity for sin inherent in their inevitable conflicts of interest. RIA purists see this more-the-merrier mindset as too much fiduciary disharmony to throw at clients and an unsettling bifurcation when building a successful, long-haul business. RIA hybrid enthusiasts say the success of this model – and it is the fastest growing in the advisory world -- speaks for itself and that such firms house the best of the transactional brokerage business and the fee business under one roof. Moreover, these evangelists see the hybrid model as a means of bridging the gap between a whole generation financial advisors by leading captive wirehouse brokers to a model that offers more objective, open- architecture advice. Whatever side a reader falls on this dynamic topic certainly deserves a reader section for itself and we are proud to present it.

Hybrid RIA

The three advisors found they had less and less in common with other Merrill advisors in the Portland, Ore. office

Loving Merrill but leaving Merrill, two 38-year olds and an 'old guy' take $700 million of assets to an RIA citing the model's better mousetrap

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