By Barbara Herman, WealthManagement.com – It’s impossible to come through what the world has endured over the past few months without being changed in some way. Yet people are incredibly resilient, demonstrating an ability to reinvent themselves and rethink both their behavior and mindset when circumstances require it.
About Barbara Herman
Senior Vice President – Known for her sound advice, unique perspectives and ability to identify creative solutions. Barbara has developed deep and longstanding strategic relationships with financial services firms – from wirehouses to boutiques, as well as the diverse independent space – and works with some of the most sophisticated teams and individual advisors. Learn more...
By Barbara Herman – It’s quite evident that the industry landscape has expanded dramatically—and an advisor in exploration mode has more to consider than ever before. As a result, it may be a daunting task for most to face the prospect of performing due diligence. Nonetheless, there is value in periodically exploring to gain an understanding of the legitimate options that exist—whether you’re thinking of moving or not.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – News of employee layoffs signals no likely reductions in financial advisor ranks at two wirehouses, with Morgan Stanley cutting 1,500 workers and reportedly eliminating a possible 500 jobs. Indeed, those two wirehouses and Wells Fargo have actively engaged in recruiting veteran FAs in recent months, recruiters say. Even Merrill Lynch has tapped outside recruiters this year to help hire experienced FAs — even though that wirehouse primarily has been known in recent years for hiring and training FAs through its and its parent Bank of America’s trainee programs.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – In what is regarded as a conciliatory move, UBS extended the deadline for its advisor teams to meet new higher production revenue thresholds announced earlier this month as part of the wirehouse’s 2020 comp plan.
Barbara Herman Quoted – By Jeff Benjamin, InvestmentNews – While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed at recruiting smaller wirehouse reps.
By Barbara Herman and Allison Brunwasser – We’re accustomed to having advisors speak candidly and confidentially to us, sharing the things that annoy or disappoint them most about their firms, the industry and about being an advisor. But over the past 6 to 12 months, advisors have become more vocal about areas of discontent. That is, more seem to openly admit that they’re not happy with their firm.
By Andrew Welsch, OnWallStreet – Of 37 advisors RBC hired since Aug. 1, two dozen came from Merrill Lynch, according to the regional BD’s hiring announcements. Those former Merrill advisors, some of whom are industry veterans, managed $2.9 billion, RBC said.
By Alex Padalka, Financial Advisor IQ – RBC made a string of new advisor hires from rivals last week, but the firm must also pay close to $3 million over alleged failures in sending out fund prospectuses. In Scottsdale, Ariz., meanwhile, RBC has added Bill Herf, a 22-year veteran of the industry, the company says in a separate press release. Herf previously managed around $230 million for 150 families and foundations at Stifel Nicolaus, Stifel Financial’s broker-dealer subsidiary, RBC says.
By Alex Padalka, Financial Advisor IQ – Raymond James and RBC Wealth Management both poached brokers from Merrill Lynch this week.
UBS ALFA Program: Understanding the Real Impact on All Advisors, Their Clients, Their Teams and Their Future
By Barbara Herman – The opportunity for an advisor to monetize his life’s work without having to change firms can be very compelling. However, the reality is that the decision to do so comes with some important caveats requiring careful consideration by the advisor looking at retirement as well as his successors. Uncovering the potential and hidden risks of retire-in-place programs like ALFA often comes down to answering these 8 questions.
Recent News & Articles
- Advisor Choice: How Models Like Wells Fargo’s First Clearing Offer Optionality and Flexibility
- The Trapeze: A Parable for Advisors Considering Change
- Industry Update: Answers to the Top 10 Questions Advisors Ask When Considering Change
- How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space—and why it matters
- In Pursuit of Purpose: The Story of a Billion-Dollar Breakaway Turned Fee-Only Independent Entrepreneur
Subscribe for Updates
Get updated by email when a new article is added.
Please note that all requests are handled with complete discretion and confidentiality.