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.
In the News
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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 Andrew Welsch, OnWallStreet – A team that managed $175 million at UBS quit to open an independent practice with Kestra Private Wealth Services, according to the company. The team was driven in part by a desire to keep pace with changes in wealth management, according to team member Brendan McCarthy, who pointed to what he said were improvements in technology as well as greater accessibility to products and services for clients.
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.
Louis Diamond Quoted – By Ian Wenik, Citywire – The RIA community has a new kid on the block. You may be familiar with it. It goes by the name of Goldman Sachs. Will the multinational investment bank be a friendly neighbor or a bully after its $750 million deal to purchase Joe Duran’s United Capital Financial Advisers?
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.
By Michelle Abrego, Citywire – Independent network Sanctuary Wealth has added a Merrill Lynch breakaway team with $275 million in client assets.
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