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As a years-long exodus from Merrill Lynch seems to continue unabated, one recruiting firm has emerged as a leader amongst those seeking to find greener pastures across the wealth management landscape: The Gershman Group.

By the numbers, more than $200B in client assets have migrated away from Bank of America and Merrill Lynch in the past few years. As long-tenured advisors managing those assets seek to find firms that meet their clients’ needs, they’ve routinely turned to one company to manage that process on their behalf.

The Gershman Group, with over 50 years of wealth advisory recruiting. As a family company, Norman Gershman founded the firm after a 25-year career at Merrill Lynch.

“Our goal is never to urge a team to leave their current firm as the first option but only as a Plan B. An evaluation of their current firm is an important part of the process.” Says Roger Gershman, the firm’s CEO who, like his dad, spent 25 years as an advisor at prestigious firms like Hambrecht & Quist and UBS PWM.

“The wealth management landscape is rife with ‘top of the market’ opportunities for advisors of scale at large banks, boutiques, and independence. I spend much of my day answering many similar questions:

  • Why did they leave?
  • What was the economic package?
  • Bank vs Boutique vs Independent?

Not only are we seeing record economic structures but successful transitions of 80% of assets or more within literally 45-60 days vs the old days of 6-9 months or longer.” says Roger Gershman.

Quotes a former ML Advisor: “TGG was extremely knowledgable about my choices of platforms and helped me negotiate the highest possible deal.”

Their history as a family company within wealth management is unique and has engendered trust amongst Merrill Lynch advisors for decades. Advisors have come to see The Gershman Group as a bespoke organization that makes connections at every touchpoint in a potential transition: confidential concierge private meetings; deal construction; platform due diligence; legal contract language; and even negotiating banking referrals baked into deals.

“What we have found is that when advisors question BOA’s dedication to Merrill’s traditional advisor-centric culture, they reach out to us for an objective opinion about what is really going on there. Exploring other competitive platforms and having a Plan B is a healthy exercise that may just offer a better supportive working environment for them, their families and certainly for the better interests of their clients ” – Roger Gershman.

Sponsored by The Gershman Group

The original release can be found here.

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