News, Vision & Voice for the Advisory Community


How Merrill Lynch's divorce of its own $2.5-billion team shows just how fed up the wirehouse is with RIA-bound breakaways

The sudden pick-up in these seemingly self-defeating dismissals by Wall Street firms suggest new vigilance against gradual breakaways

Author Brooke Southall September 22, 2014 at 5:48 AM
no description available
Stephen Brown writes: We advise several CEO's and CFO's of Fortune 500 companies, as well as some professional sports teams.



September 22, 2014 — 6:15 PM

This is the dumbest rule. Can you imagine criticizing a CPA for recommending a product that is firm didn’t recommend? Especially if it was better than anything the “firm” approved of? FINRA is using a firm-centric model rather than an client -centric model. Who cares what these firms think. This is between the professional and the client.

FINRA’s rules are designed to protect firms, not clients. That’s why they are afraid of the 40 act.



September 23, 2014 — 2:30 AM

Exactly why our team left this same firm several months ago. They have no clue on how to manage a culture and only want to manage to the lowest common denominator. Can’t wait to see the next article in a few months discussing how Stephen and James successfully took their entire 2.5B in assets and then some independent! Wirehouse firms have no long-term future. If you disagree, just look at the trends or conduct your own client study—no one wants the B.S. product push disguised as advice.

Related Moves

Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'

Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.

September 1, 2022 at 5:11 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

Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

Diamond Consultants
Top Executive: Mindy Diamond

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo