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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Financial advisors work hard to earn the trust of their clients, and as Haig Ariyan formerly of Raymond James, now of ARAX states “advisors own the client relationships, not the…
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…
There was significant chatter over the weekend that an impending reshuffling of the deck chairs at the J. P. Morgan Private Bank is in the offing. The whispers are that the first chair to be ‘shuffled’ could be David Frame, CEO of the J. P. Morgan Private Bank, as attrition isn’t slowing, but rather accelerating on his watch.
Rockefeller remains a darling firm for larger producers. The elite advisor numbers and tire tread marks that have migrated to the firm in the past year isn’t slowing down, and if anything, is picking up momentum. Geographically, the firm is set to win big in a couple of states that matter to growing wealth management firms: Texas and California.