By Allison Brunwasser – Many young advisors start their careers in wealth management at bank branches—roles which often come complete with a steady flow of referrals. It’s a great place to launch a career as it provides a way to learn the ropes and build a book of business. Yet it’s important to understand that along with all the early potential comes some strong restrictions – because banks view the clients they refer to advisors as owned by the institution – an issue that is of particular concern for advisors who may want to change firms down the road.
About Allison Brunwasser
Consultant – Super-organized. Well-informed. “Allie” – as she is known to most – is a natural synthesizer: One who takes various inputs, digests them, and provides direction in a meaningful way. Learn more...
By Ian Wenik, Citywire – Rockefeller Capital Management has added a five-advisor team from Merrill Lynch. Dallas-based advisors Neil Rubenstein, James Sandfort, Anna Gorman, Ryan Barcena and Michael Buss have all joined the Viking Global Investors-backed firm, according to their Financial Industry Regulatory Authority (Finra) BrokerCheck profiles. The five advisors operated under the RSA Group brand name while at Merrill.
By Allison Brunwasser – In a previous article, With Demand Comes Supply, Deborah Aronson discussed how service and platform providers have evolved to serve the needs of a growing population of prospective breakaways in the $50 to $150mm range—and advisors in this constituency who are seeking independence now have plenty of options to choose from. Yet with optionality often comes “choice overload”—that is, with all the available options, many advisors get stuck when attempting to discern one provider from another.
By Allison Brunwasser – An advisor’s choice to go independent is typically driven by a strong desire for greater freedom, flexibility and ownership. Yet with that desire comes what is for many the biggest hurdle in making the leap: Choosing between building your own firm with complete control and 100% equity, or joining an established firm with turnkey operations, infrastructure and an opportunity to gain an equity stake in a more mature business.
By Allison Brunwasser – Who doesn’t want to have their cake and eat it, too? However, in an imperfect world such as ours, trying to satisfy all your needs at once typically leaves you in a holding pattern. And this is often true for advisors when planning a move: The one place that many get stuck at is trying to identify that perfect “go date.”
By Allison Brunwasser – Whether you’re an employee at one of the major firms, an independent advisor with a broker dealer or the principal of your own RIA, acquiring a book of business is likely a topic that has captured some of your mindshare. And there’s good reason: It’s a quick way to increase your client base and assets, while also solving for succession. That said, it’s a crowded marketplace with many competing would-be buyers. The good news is that there are several ways for a buyer to differentiate from the pack—and you may have some already in place.
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