Swamped by Tony Robbins' referrals, Ajay Gupta launches national venture with Jemstep and United Capital as notable partners
The UBS breakaway mentioned in the self-help guru's book is now calling on RIAs nationwide to share the referral wealth
Rightly or wrongly the common understanding is if you are with a wire-house you can’t be as responsible as an RIA. The RIA is being positioned as a fiduciary that is above the wire-house “brokers’. I cry foul and say it is all false pretence and Anthony Robbins hasn’t done his homework and is contributing to a huge misunderstanding. (promoting his son’s employer basically-thanks Dad!) Read this article for my evidence:
“The study also found that commission income is an important revenue stream for both channels. Across the board, revenue from commissions makes up 40% to 47% of total revenue for RIA practices and large wirehouse practices, according to the survey — indicating that the business models are not as different as many believe.”
Yes it says commissions—you can’t be a fiduciary and earn commissions of any kind and yes a percentage of AUM is still commissions.
The bottom line is what makes the difference is the individual advisor, how he conducts himself and how people perceive you and the relationship they have. Everything else is irrelevant.
But I must say, as usual, nice marketing to Anthony Robbins and his team as usual—spinning the truth to suit his own means and usual ulterior motives.
I’m not sure I see much spinning or ulterior motives here. This is a fee-only RIA making referrals to other fee-only RIAs. There may be plenty of brokers out there wearing halos but steering clear of commission-earning advisors doesn’t seem to be bad. And as far as I can see, Tony himself is pretty removed from equation.
Fiduciary Advisor Advocate
I didn’t and wouldn’t read the book. It does seem odd for someone to write a book which essentially, as I understand, is intended to be educational and helpful yet at the same time promote a firm his son works at. Not very credible but who cares I betcha his son gets equity any day now. I would agree with the comment that Robbins genuinely wants to 'make a difference’- I just view this as he wants to make a difference for his son and his son’s firm.
The new 'Tony Robbins' book debut coincides with Ajay Gupta revealing plan to retire, which leaves Creative Planning to keep the referral spoils with Robbins down to a 'with' credit on the cover
Peter Mallouk's and Robbins' book, 'The Path: Accelerating Your Journey to Financial Freedom,' was released this week through a new publisher and word got out that 50 year-old Gupta was departing with little explanation
October 16, 2020 at 7:49 PM
Joe Duran's second RIA act is rocking with eight staff, four co-founders and a conspicuously anti-United Capital concept that will flip RIA stakes 'eventually' as a minority investor
The United Capital founder paradoxically promises to 'passively' buy minority stakes as a backdrop for going hyper-active with quick-strike capability to apply super-consulting and technology to create explosive growth as a prelude to a sale.
November 29, 2023 at 3:23 AM
Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn
Dozens of former 'United Capital' advisors are fleeing at once, but Peter Mallouk is still battling to keep them, and Goldman Sachs may play legal hardball, sources say.
October 4, 2023 at 2:16 AM
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
See more related moves
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran