Merrill says a big announcement is coming - hearing it could be about rolling out early retirement offers to entice senior advisors from leaving. Morgan and UBS already do this, it would be expected Merrill follow suit any day now
press is quoting inside sources that deal could close as soon as April2024. If it does, would allow Sanctuary to expand their offering to existing RIAs and their multi-custodial platform.
Protocol details the specific standards and ground rules that must be followed to take advantage of protections to avoid litigation and potential liability issues when brokers take information with them when they leave a firm.
Sophisticated advisors seeking independence have been flocking to New Edge for an independent UHNW solution.
Each week it seems we learn of another big departure out of Merrill usually either to UBS or to an independent platform. Within 5 years, will wealth management even be a thing at the former Mother Merrill?
Morgan Stanley has been under pressure for years from the SEC. Merrill is still standing. Will big firms stay in the game or will independent RIAs take over the space such as Sanctuary Global?
“The wealth business is actually in my blood,” said Pick, the CEO successor to James Gorman. “My dad and my father-in-law were both brokers once upon a time and I grew up studying that business as a kid.”
The main reason advisors leave big wirehouses is because they no longer believe that the can serve the best interests of clients in house. They require autonomy to do best for their clients, and to free their time from bureaucracy to serving clients with the white glove service they've come to know. Will it be 5 years or a bit more? Time will tell but the exodus is underway.
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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…