News, Vision & Voice for the Advisory Community


Lehman Bros.' binding ties and culture spur another $1B team -- that stayed at their posts as Lehman burned -- to flee Stifel-owned Barclays for RIA

Newly created Summit Trail, with a Shirl factor, allows the Lehman swagger, kinder and gentler, to reassert itself in 2015 after seven years of smoldering

Friday, October 23, 2015 – 7:10 PM by Lisa Shidler
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Members of the Summit Trail team stayed at their desks through the Lehman crisis earning enduring client loyalty.

Related Moves

Dynasty Financial hires 'real deal' TD Ameritrade RIA sales talent who left after Schwab deal; he'll again mine for RIAs on Florida's Gold Coast--first big news since IPO disclosed

The St. Peterburg, Fla., technology outsourcer made its 10th Florida hire since start of year but first one on the state's Southeastern Coast

February 17, 2022 – 2:50 AM

Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product

The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.

July 23, 2020 – 1:42 AM

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.

September 24, 2019 – 2:02 AM

Mentioned in this article:

Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey

Stephen Winks

Stephen Winks

October 26, 2015 — 5:02 PM

Summit Trail’s search illustrates the limitations of a conventional brokerage format in supporting advisory services. Dynasty has emerged as an attractive candidate, yet there is extraordinary room for innovation. Recruiters are swift to sell what they have (triggering a transaction and their compensation) and are rarely introspective concerning the advisor. There is a difference in a firm acting in fiduciary capacity as a money manager (which is geared to avoiding fraud) and an advisor rendering individualized advice fulfilling their many ongoing fiduciary duties. The industry’s primary focus on asset management has ignored the advisor’s principal fiduciary duties in rendering ongoing individualized advice, which is presently not supported by anyone for fear of fiduciary liability. This is not a good thing. The key to authenticity and reliability in advisory services (and market share) is the authentication (back to statute) and support of expert advisory services. This is beyond the challenging asset management/portfolio construction function. As Summit Trail discovered there is not a single brokerage firm, including Lehman, or a rollup that has distinguished themselves in being accountable for every recommendation their advisors have ever made, achieving continuous comprehensive counsel required by statute of all those rendering “individualized” advice (acting as advisors). This is an industry wide problem, yet for those that embrace the requisite innovation in the best interest of the investing public, market share is theirs for the taking.

Stephen Winks

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