News, Vision & Voice for the Advisory Community


First Republic buys an eight-year-old RIA for $115 million

The BoA spin-off gets Paul Tramontano's Constellation Wealth Advisors and its $6.1 billion of assets

Author Brooke Southall June 17, 2015 at 4:12 PM
no description available
Jim Herbert: They align with and complement our existing wealth management capabilities.

Stephen Winks

Stephen Winks

June 17, 2015 — 9:19 PM

Exceptional wirehouse talent with billions under advisement have outgrown the brokerage format. There is not much their b/d can do for them and in fact it impedes their value proposition, cost structure, margins and professional standing. So what keeps great talent from becoming independent? There are very few places to go that are additive.

Brian Riley joining Republic played a major role in the Republic Value Proposition as he could articulate through his initiative all the frustrating advisory services imperatives that were not possible in a brokerage or roll up format. A true expert advisory services alternative does not exist for top wirehouse talent. Roll-ups are principally an extrapolation of conventional brokerage when an advisory services model is in order and in much demand. The mile stone here is that no one any longer aspires to the outdated brokerage business model, it is in the enlightened best interest for all to get serious about advisory services and as Jamie Dimon counsels make it politically expedient to ask and resolve advisory services questions in the best interest of the investing public. That is where the free market takes us and where we all are best served.

Stephen Winks

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