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Oleg Tishkevich builds instant McKinsey-killer in RIA consulting by offering gigs and equity to six solo stars, but good luck managing egos and economics, says someone who's been there
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September 10, 2019 at 10:52 PM
Flemings’s emphasis on ethics was perfectly aligned with the industry’s evolution toward advisory services and fiduciary duty being embraced by FINRA, the SEC and The DOL. We are at an inflection point which requires principled leadership more so than ever. Clearly the trading desk and the conventional brokerage business model must adapt, a move less likely with Kelleher’s promotion over Fleming. At this critical juncture can MS adapt to a new business environment which requires Flemings skill set. Doesn’t Flemings departure expose the brokerage cultural challenge issues (where culture and conflicts of interest counter to the best interest of the investing public impede innovation), exactly when FINRA focuses on (a) leadership, (b) streamlining cost, (c) eliminating conflicts, (d) instilling trust and confidence of the investing public and (e) establishing the broker’s professional standing in advisory services. The industry is in conflict between two entirely different business models, the low cost, high value added advisory services business model based on fiduciary duty in the client’s best interest and the high cost, low value added brokerage business model based on a suitability standard in the b/ds best interest. It is professional standing and the best interest of the investing public vs. sales and the best interest of the b/d. The choice is clear for the investing public.