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Hiring 'ringer', Big Four wirehouses launch joint RIA custody unit to stem breakaway broker tide as its leader delivers a reluctant 'sorry' for the 2008 financial debacle

Out of retirement, F. Siddley Barth takes reins of 'dark' effort that will gain light at upcoming Tiburon CEO Summit

Author Brooke Southpaw April 1, 2015 at 3:30 PM
no description available
F. Siddley Barth: I apologize on behalf of Wall Street and hope we can smooth things over.

Breakaway Stories

Stephen Winks

Stephen Winks

April 1, 2015 — 5:29 PM


Though this is a joke, wouldn’t be great if there were a place for brokers to go that was (1) not built around products but prudent process. Where (2) real time holdings data were possible (impossible to manage through in product packaging) in support of continuous comprehensive counsel required for ongoing fiduciary duty and professional standing. Where (3) a more modern approach to portfolio construction was supported (real time holdings data achieved in private trust banks) advancing professional standing (fiduciary duty). Of course, none of this is now possible in a brokerage culture nor would be possible in a wirehouse controlled custodian, were the broker is (4) neither accountable for their recommendations (5) nor is there is any ongoing responsibility to act in the client’s best interest.

This fantasy you suggest in supporting professional fiduciary standing, so there is a place for brokers to go, is readily achievable for want of market leadership. Let’s hope that wirehouses do wake up for the good of their brokers and the investing public. Hopefully Mary Jo White and the SEC get the wirehouses attention with the new Fiduciary Standards.

Stephen Winks

jeff bischoff

jeff bischoff

April 1, 2015 — 5:55 PM
Funny story. Well played. While we’re having a laugh, I was wondering if you could tell me: Is this the place I submit rumors? Sometimes I get riabiz confused with Advisor Hub.
Marty Bicknell

Marty Bicknell

April 1, 2015 — 7:52 PM

Well done. I have received multiple emails from people who didn’t make it all the way to the last sentence. Hysterical. It will be weeks before some realize it was a joke.

Jack Waymire

Jack Waymire

April 1, 2015 — 11:20 PM

Independent RIAs capture the assets of bigger, more sophisticated investors. The Robos and Online Financial Advisory firms will be capturing more of the low end. Meanwhile Wall Street is still selling mutual funds and annuities for commissions. Is Wall Street trying to stop the exodus of higher quality advisors or is it finally admitting its old business model is becoming extinct. Perhaps both?

Teresa Vollenweider

Teresa Vollenweider

April 8, 2015 — 7:11 PM

Stephen Winks, what/who are wirehouse controlled custodians? Can you or anyone provide me with examples, as I proceed on my journey to learn the modus operandi of this industry’s players?

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MarketCounsel | HamburgerLaw
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