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The Plano, Texas RIA sat at $112 billion when its owner made headlines for unfortunate remarks, but the firm has grown four-fold since then, including $88 billion-plus in just the last 18 months without writing checks to buy peers.
The $116-billion TAMP has a new CEO, a new owner, bought Morningstar's turnkey assets and now will tackle a quasi-existential RIA concern.
'Lifestyle'- and 'growth'-minded partners often share ownership and become a slow-growing unit but discussions and openness to restructuring can happen to beneficial effect
Sure, a $10 trillion business, with aging clients and advisors in an M&A boom, will see slippage, but running accounts on autopilot represents a betrayal that any firm should avoid.
Turnover rates hover near 50%, Cerulli and Ensemble report, and may be worsening as hires in market of talent scarcity has inevitable backlash.
RIA principals have killed Wall Street with semi-solo shops -- only 35% have 'specialized staff' -- but the comfort zone must evolve for growth
Paying staff too little, or too much, is always a risk, but 8% inflation and 20% dip in asset-based revenues from markets magnifies the downside potential of a cost-of-living default alienating talent or killing profits
Hiring 16,600 people last year just whetted the $11-trillion Boston company's appetite to make 12,000 more hires in a play to be a category killer in finance.
The New York City RIA consultant sugarcoats nothing and provides sweetly precise numbers, and stresses that money can't buy enthusiasm.
New Yorker writer warns against the amorphous marketing blob that GM and Dell succumbed to
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