Louis Diamond Quoted – By Lynnley Browning, Financial Planning – Financial advisors increasingly want to work for themselves. “Newly independent advisors often become so intoxicated by opportunity (establishing ancillary business lines, M&A opportunities, participating on social media and in the press and literally screening out hundreds of vendor options) that they sometimes lose sight of the basics.
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Transition Announcement: $1B Merrill Team Leaves for Regional Firm
Transition Announcement: $850mm UBS advisor Breaks Away For Independence. Top Advisor Barry Mitchell launches RIA Next Level Private.
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – A five-person Greenville, South Carolina team, led by two Merrill Lynch lifers, left the wirehouse for Raymond James & Associates on September 29, according to their new firm’s website and BrokerCheck records.
By Mason Braswell, AdvisorHub – A three-broker Merrill Lynch team that had generated around $3.1 million in trailing-12 month revenue in Wisconsin left the wirehouse on Tuesday to join Steward Partners, an independent firm that clears through Raymond James Financial Services.
Louis Diamond Quoted – By Jeff Berman, ThinkAdvisor – The number of brokers and advisors at the four wirehouses — Bank of America Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — has been declining for several years and is expected to continue dropping for the foreseeable future.
By Sabrina Escobar, Barron’s – An eight-person advisor team managing $1 billion in client assets became the latest to break away from the thundering herd, joining RBC Wealth Management’s Pacific Northwest complex. The team, which calls itself Inter Alia, is composed of advisors Stephen Groth, Patrick Cummings, Robert Chavez, and Katrina Stump, and client associates Susan Junell, Mimi Jue, Deborah Jenkins, and Rachel Akerson.
By AdvisorHub Staff – Four career Merrill Lynch brokers who had spent a total of 73 years at the “thundering herd” left on Friday for RBC Wealth Management-U.S. in Portland, Oregon, punctuating ongoing attrition at the wirehouse.
Louis Diamond Quoted – By Andrew Kessel, Financial Advisor IQ – Raymond James executives have informed managers that the compensation plans for the firm’s nearly 3,400 employee-channel advisors will remain unchanged in its 2022 fiscal year, according to a source familiar with the situation.
Louis Diamond Quoted – By Andrew Welsch, Barron’s – For more than a decade, a steady stream of advisors have quit their jobs at wirehouses and other big brokerage firms in order to open independent practices. A multitude of companies have since sprung up to offer so-called breakaway brokers support in making the transition from employee to owner. Today, there may be just as many ways for advisors to go independent as there are flavors at Baskin-Robbins.
Recent News & Articles
- IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider
- Motivated by the Long Game: Why a UBS Breakaway Left a Deal Behind for Independence with Summit Financial
- A Losing Battle at Merrill: Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom
- ‘Crawl before you run’ and ‘wear all the hats’: Uncensored tips for going independent
- Transition Announcement: $1B Merrill Team Leaves for Regional Firm
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