RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

An RIABiz advertising exec derives hard meanings from soft comments made by big shots at MarketCounsel Summit

Post-TD Tom Bradley, post-refinanced Elliot Weissbluth, post-divorce David Bach and Ric Edelman, post-protocol Shirl Penney and post-windfall Marty Bicknell were among execs who tipped their hands and hearts about where they are headed

Author Graham Thomas December 12, 2017 at 2:18 PM
Admin:
no description available
Shirl Penney (2nd from r., flanked by Rich Gill, Marty Bicknell and John Furey): ​Breakaways should expect to 'pay a 25% settlement fee moving forward.'

Jeff Spears

Jeff Spears

December 12, 2017 — 5:06 PM
Wealth management conferences can seem like a online dating site. We are ALL above average and choose me if you want to find happiness.
Pat Mulvey

Pat Mulvey

December 12, 2017 — 6:37 PM
That's hilarious Jeff Spears!
Rob S

Rob S

December 13, 2017 — 6:41 PM
“Typically talks are neither about wealth management nor the future, unless platitudes about digital wealth count” (Insert crying laughing emoji) Brooke - You are unquestionably the very best in the industry coverage game today, keep doing what you are doing!
Stephen Winks

Stephen Winks

December 14, 2017 — 9:52 PM
The take-aways from the observations garnered by Graham provide rare insight into how the advisory services industry is evolving in a distinctly different manner than that entailing Wall Street's conventional wisdom as it must: (1) Ric Edelman's observation that he is relying on his vendors to advance technological <a href="http://innovation.as" rel="nofollow">innovation.as</a> a means to win market share rather than the advisor having to directly advance blockchain and the digitization of financial products. and financial services. This puts immense pressure on vendors to be proactive in innovation to advance expert professional standing in advisory services, in order to earn market share. (2) Marty Bicknell points out that 80% of advisory firms are growing at low single digits which means that buying AUM is no indicator of economic merit of an acquisition. the ability to grow an advisor is a most important determinant of success. (3) Matt Brinker emphasized the importance of establishing a common culture (value proposition/ centralized portfolio construction, etc.) and the humility of the advisor in wanting to be outstanding as being essential to success. (4) Rusty Benton focused on the importance of leadership discipline.that led CapTrust to focus on serving the retirement business with none of the inhibitions of a brokerage business model. (5) Ongoing advisory services command a far higher valuation than transactions where relationships and value are not necessarily as transferable. For those who are torn about the direction of the advisory services business is taking, all these observations point us in the right direction. If are aggressively growing your practice, have an attractive ongoing value proposition advancing expert fiduciary standing, have wonderful vendors with supporting resources, you will meet with extraordinary success while others are still figuring things out and thus are a top advisory with a license to steal market share as a low cost, high value=added, expert advisor. SCW
Stephen Winks

Stephen Winks

December 16, 2017 — 5:32 PM
As Geoffrey Moore (Crossing the Chasm, which has become the bible for VCs in explaining the innovation lifecycle) tells us innovation starts with a small number of "early adopters" that become the "early majority". The advisors cited are well beyond the early adopter phase which tells us we just at the beginning of the evolution of the financial services industry's evolution from transactions to fee for service. So ignore these market leaders invaluable insight at your own risk. Harvard's Clayton Christensen (Innovators Dilemma) tells us the most common mistake made by industries facing industry redefining innovation is looking at innovation in the context of their existing business model when a new business model is in order. SCW

Related Moves

Shirl Penney hands over 'front end of the house' to Andrew Marsh as Dynasty reboots -- post-$100-million raise, post-IPO withdrawal and post-Schwab partnering

The Dynasty CEO is handing over sales, custody relations, breakaways and M&A sales to the un-retired Canadian -- and wildly promoting from within.

September 21, 2023 at 1:53 AM

Elliot S. Weissbluth, Hightower Advisors mastermind, cashes out and vacates chairman role as Pershing's ex-CEO Lisa Dolly takes a board seat

The Chicago rollup's founder got paid better by doing the second-stage exit and the new cast on the Board also includes Bob Oros ascending to chair and Darrell Horn of Green Square Wealth Management joining

February 19, 2021 at 8:58 PM

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.

September 24, 2019 at 2:02 AM

As Bob Oros-led HighTower reboots, it bags an ex-Goldman RIA, hires two, makes a CMO imminent, and clarifies mission

The new CEO will need to somehow weave together the debris of the first roll-up run and the new one to the satisfaction of RIAs and the hundreds of people already inside the HighTower umbrella

March 20, 2019 at 11:32 PM

See more related moves

Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey

Mariner Wealth Advisors
RIA Welcoming Breakaways, RIA Seeking to Hire Advisors, Advisory Firm
Top Executive: Marty Bicknell

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



RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo