By Mindy Diamond – Rumors are swirling that a Merrill retention package for their advisor elite is pending announcement. And while Merrill and other wirehouse advisors feel they are in line for a retire-in-place program like that of Morgan Stanley, certain realities simmer in the background, the most prominent being, “There is no free lunch.”
By Mindy Diamond, WealthManagement.com – Top breakaways say the move to independence was far less about a desire to have their own businesses and more about doing better for their clients and careers.
Prospective breakaways often ask, “How can an independent firm possibly compete on a technology level with the wirehouses?” Eric Poirier, CEO of Addepar, joins the show to answer that question and explores the role of fintech in independence.
By Ian Wenik, Citywire – Sanctuary Wealth is on a recruitment roll after adding two more Merrill Lynch breakaway advisor teams to its independent RIA network that run a combined $530 million in client assets. The latest recruits are Sanctuary’s third and fourth teams to join its network this month. Indianapolis, Ind.-based Sanctuary now has a combined $10 billion in assets under management on its platform.
A conversation about the IBD model with Commonwealth Financial Network Managing Principal of Business Development, Andrew Daniels. Learn how the firm, 40 years in the making, has evolved, and their model differs from others in the independent space.
Morgan Stanley breakaway Steve Schwarzbach, Founder and Managing Partner of $800mm RIA Icon Wealth Partners, shares how he and his partners – free of the “big firm agenda” – regained the power to define their firm’s culture and offer best-in-class products and services.
Mindy Diamond Quoted – Financial Advisor IQ – Many of the qualities that make women excellent financial advisors are also keeping them from making the move toward independence, Mindy Diamond writes in InvestmentNews. At the same time, many female advisors who have taken the plunge share certain characteristics, she writes.
Mindy Diamond Quoted – By Bruce Kelly, InvestmentNews – In 2008, when a group of advisers in charge of $7 billion left Merrill Lynch to set up their own RIA, Luminous Capital Holdings, the financial advice industry was aghast. It was an audacious move, particularly for a team of all-star financial advisers.
By Garrett Keyes, Financial Advisor IQ – The financial advice team of Enclave Wealth Advisors, responsible for $275 million in client assets, has left Merrill Lynch for independence through Sanctuary Wealth’s network of financial advisories, according to a Sanctuary press release.
By Mindy Diamond, WealthManagement.com – When I was 6 years old, my father insisted I was ready to ride my bicycle without training wheels. I was comfortable riding around our neighborhood on my hot-pink bike outfitted with multicolored tassels hanging from the handle bars and the extra set of training wheels bolted on the back. Although I knew it was time to give up that added security, I was absolutely terrified.
