We’ve captured some of the stories of advisors we’ve worked with to provide you with a unique opportunity to look “behind the scenes” at their complex and sophisticated businesses, their thought processes, and the impact a change of firm or model had on their practices.
After investing nearly two decades building their business and growing their client base, Terry Murray and Brian Westcoat, a $275mm team at Merrill Lynch in Walnut Creek, CA, knew it was time to make a change.
Since the Bank of America takeover, the Merrill culture transitioned to one that was more bank-oriented, with the focus shifting from serving clients to driving bank-related service metrics. The team did what they could to insulate their clients from the bank’s bureaucracy and red tape, but it had become clear that they could no longer protect their clients, act as fiduciaries and efficiently grow the business.
Yet they wondered if what they were experiencing was specific to Merrill or changes within the industry at large. As a seasoned entrepreneur and the longer-tenured Merrill advisor of the team, Terry wondered if there were better alternatives for the team and its clients.
It took a well-defined process to set them on a path to pinpointing their frustrations and outlining their goals—revealing 6 key areas that were most important to them. However, they were still not convinced about what their next step should be and here’s why…
Leaving a Broker Dealer for “Real” Independence—With a Private Equity Cushion
This team left the independent broker dealer (IBD) umbrella to pursue their dream of creating a premier regional RIA, with the help of a private equity investor
Making the Move from Wirehouse To Wirehouse Isn’t Necessarily “More of the Same”
A successful wirehouse advisor learns that not all wirehouses are created equal
Former UBS Advisors Launch IFAM Capital
Highly-established entrepreneurial wirehouse team moves to independence in partnership with Focus Financial
The Road Less Traveled
Independent broker dealer advisor joins wirehouse: advisor seeks to leverage more robust platform, greater operational efficiencies and succession plan options
Wirehouse to Regional
Wirehouse team moves to a regional firm: seeks cultural uptick and greater flexibility by moving to a regional firm
Wirehouse Superstar Goes Solo
Former wirehouse superstar launches her own RIA
An Independent Advisor Finds His Freedom
A principal of a predominantly fee-based practice leaves the IBD space to launch his own RIA
An RIA’s Second Wind: Solving for Scale, Support and Succession
A successful RIA starts a new chapter with HighTower Advisors
Going Independent – Twice
An advisor, who was unsatisfied with his current broker dealer, learns that all BDs are not the same and joins Commonwealth Financial Network
Wirehouse Team Moves to IBD
Wirehouse team goes independent with FiNet: advisors seek turnkey bridge to independence and significant transition support
Breakaway Team Opens RIA
Mega wirehouse team launches own RIA
Wirehouse Team Breaks Free
An Ex-Merrill Team Breaks Free with Focus Financial