News, Vision & Voice for the Advisory Community


This father-daughter-son team survived 9/11 but divorced Wall Street altogether 14 years later

The trigger was a demand by Morgan Stanley to sign a bank contract but there was much more that led the practice to LPL OSJ, Private Advisor Group

Author Sanders Wommack April 7, 2015 at 5:17 PM
no description available
Sara Botkin [with father Les and brother Lester]: We learned that it became a fireable offense to refer clients to other banks.

Breakaway Stories


Women of Wealth Management

Teresa Vollenweider

Teresa Vollenweider

April 7, 2015 — 7:55 PM

Did these folks somehow miss Morgan Stanley CFO Ruth Porat’s comment about the bank not penetrating (her word not mine) their so-called clients/customers with enough products? Maybe that will ease up now that she is moving to Silicon Valley—Google. Not!

I only wish that all the so-called clients/customers of these so-called advisors and their so-called firms knew what these greedy grubbers were doing to them. What a travesty of justice.

Gene Chaas, CFA

Gene Chaas, CFA

April 7, 2015 — 9:36 PM

My gosh, this is nothing new. The formerly innovative Merrill Lynch had similar promotions in the mid 1990’s.



April 8, 2015 — 4:36 PM

It just makes my stomach turn reading about these brokers and banks. How sad for our country.

Related Moves

April 2, 2024 at 1:28 AM

High wattage Shannon Spotswood starts spending Long Ridge capital on three big talents, including Abby Salameh, a 25-year veteran executive who pioneered marketing and advisor outreach

The president of the little-known Birmingham, Ala., advisory with $4.8 billion of AUA is using freshly raised funds to bring A-listers to the staff

March 8, 2024 at 1:25 AM

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

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

See more related moves

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LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Private Advisor Group
Specialized Breakaway Service
Top Executive: Frank Smith, Chief Executive Officer

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