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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

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Corient principals: Clients looked at us with a strange look on their face, saying, 'Well, aren’t you my financial adviser?’

Related Moves

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


Mentioned in this article:

MarketCounsel | Hamburger Law Firm
Consulting Firm, Compliance Expert, Legal Services for RIAs
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

Stephen Winks

October 6, 2015 — 6:50 PM

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

RIAs1

October 6, 2015 — 7:57 PM

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.

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