Why a $3 billion UHNW team in Newport Beach bolted Merrill Lynch and what breakaway bugs are reading into it
The alternating carrot/whip spurs for wirehouse mega-teams has the breakaway buggy bolting along
Related Moves
Seven 'RIA' chief executives are stepping aside for CEO 'operators' as PE backers get 'trigger' happy in adverse market; here are their stories
Whether it's Edelman Financial Engines, SMArtX, Allworth or InvestCloud, the re-CEO-ing process follows a fat 2020 capital raise and thinner results in stormy financial markets.
September 7, 2023 at 9:46 PM
Rich Steinmeier power poaches Jeremy Holly, who returns to LPL as EVP to head Dan Arnold-directed 'liquidity' project to buy -- but not hold -- LPL firms
Holly had bolted LPL for SageView with fanfare but he retained a fanbase back in San Diego which dreamed up a dream job for him
July 7, 2023 at 9:36 PM
Dave Welling's rollup hits $39 billion of AUM and hires a 37- year-old breakaway from BlackRock to turn internal five-click shopping into a 'single conversation'
The Mercer Advisors CEO in Denver now has a 'president' reporting to him from the Big Apple to take on the specific mission of wiring a national RIA, rather than day-to-day operations at a rollup.
October 21, 2022 at 5:48 PM
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
MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger
The Law Offices of Patrick J. Burns, Jr., P.C.
Specialized Breakaway Service
Top Executive: Patrick J. Burns, Jr., Esq.
Advanced Regulatory Compliance, LLC
Compliance Expert
Top Executive: Patrick J. Burns, Jr., J.D.
Stephen Winks
Great turnkey innovation for brokers, but is there baked-in fiduciary standing, not possible in a brokerage format? Though fiduciary standing is the next step in innovation, Hamberger et al are still not assuming responsibility for every recommendation these brokers have ever made which is essential for “continuous, comprehensive counsel(fiduciary duty )” and professional standing.
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RIAs1
The gates are open for the smart wire house advisors to leave. Working with firms like Dynasty and Hightower make the transition much easier.
RIA’s can think for themselves. Wire house advisors hands are tied. They can only purchase securities for their clients that are on a (revenue sharing list) recommended list. They can only use technology that is provided for them. How is this helping the advisor? Better yet, how is this helping the client become more financial fit?
Good luck attracting younger HNW clients. They’ll laugh at you if you can’t produce better returns then what they can do online in a few minutes. You need to be able to offer alternatives to retail data. Again, everyone has access to this data. They don’t have access to institutional data. That’s what will set you apart.
