An interesting piece of intel was sent our way by a source that we trust. The source is connected in the wealth management space and may or may not be a competing executive or a well known recruiter. Either way, the message was a bit startling…
It isn’t all peaches and cream at Rockefeller.
It may seem that it is if you take a look at the recruiting headlines in 2020 and so far in 2021. Rockefeller keeps grabbing respected advisors and large teams from rivals like Morgan Stanley and Merrill Lynch. Month after month they stay at or near the top of the ‘net’ winners in the recruiting wars. But even that is a bit of a smoke and mirrors play. No team of size has left the firm yet.
That may be about to change.
Here is a direct quote from someone we trust: “I’m hearing more than rumblings that a big team could be on their way out. Several people I talk to have confirmed that they are unhappy and looking around. The rumor is that there is a bit of arrogance at the firm and those guys are assholes. It wouldn’t surprise me if an unexpected headline hit the wires later this summer.”
When pressed about the ‘asshole’ comment the source left it somewhat vague, deferring to Greg Fleming’s (Rockefeller CEO) competence, but inconspicuously leaving out any further comment about other execs at the firm.
In an unrelated take, it is somewhat well known that Rockefeller is exceptionally picky about who and how they recruit advisors. They’ve been that way from the get go. But that’s different than what the internal unrest sounds like.
It will be interesting to watch and see if this particular piece of information plays out. If so, it will remind some of the growing pains that HighTower went through. Be certain, we’ll keep a sharp eye out.
