The deal with bloodletting is that it is supposed to cure a problem, is that what Andy Sieg thinks he’s doing? After massive AUM and revenue losses in 2022, Sieg is starting the year off with a bang with another $3 billion gone in just the first few weeks of 2023. I’m sure the podcast with Mindy helped.
The teams. David Mohamed and Justin Merola from Wellesley Hills, MA took their $8 million in revenue to First Republic Bank, perhaps the direct bank referrals are not only useful but lucrative. Alex Ladage, David Landon Smith, and Jorge Garcia in Austin, TX moved their $7.5 million in revenue and $900 million in AUM to Rockefeller Capital Management. Mark Karstaedt, Daniel Zomback, and Raymond Lin of New York, NY moved $2 million in revenue and $400 million in AUM to JP Morgan Advisors. Jeffrey Klinger and Bradley Quinn in San Francisco, CA moved $7 million in revenue and $1 billion in AUM to UBS. While two of these moves are still too big financial firms, what is clear is that the exodus at Merill just won’t stop – no matter where it is to.
Roger Gershman of the Gershman Group worked with Mr. Klinger at Credit Suisse, he stated “Jeff is a top-notch advisor, Merrill should be ashamed to put pressure on the best advisors to leave for other shops. Best of luck to all the teams leaving Merrill.”
As we’ve covered extensively, advisors are leaving Merrill in droves for a number of reasons from grid and bonus cuts to creepy culture, to pushing products the bank wants sold, to playing to the lowest common denominator with firm established model portfolios. If advisors don’t fit the model, the firm wants them out and has made it downright impossible for many to continue their practice in the way they see fit. It will be interesting to watch the numbers to see just how much Merrill will lose in 2023. Any guesses?
