Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer. Advisors may also find more independence at regional firms or independent broker-dealers.
In the News
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Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – The trend of financial advisors breaking away from their brokerages doesn’t seem to be dying down anytime soon. Changes in the industry — the shift from commission-based compensation models to fee-based, increasing compliance and regulatory requirements and advances in technology — are all making independence more appealing to advisors.
By Jake Martin, Citywire – Sanctuary Wealth has added former Ameriprise Financial advisor Travis Grieb and his new firm, Centeras Private Wealth, to its partner network. Grieb, who spent the last 14 years with Ameriprise, will launch his new business in Portsmouth, New Hampshire.
Wendy Leung Quoted – By Jameson Berkow, The Globe and Mail – The COVID-19 pandemic has triggered a wave of succession planning among financial advisors that some experts believe could become the largest transition the industry has ever seen.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisors IQ – Morgan Stanley has told its financial advisors that any client referrals coming from its E*Trade unit will go to a pre-selected set of 500 teams, a source familiar with the matter says.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Morgan Stanley aims to continue aggressively recruiting financial advisors and halt their attrition, according to the bank’s senior executives.
Goldman CEO David Solomon is ready to make a push into RIA custody. Goldman Sachs lifts two superstar RIA recruiters from Schwab and Pershing, tipping its hand on a big push into the RIA space, targeting early 2021 custody launch
Louis Diamond Quoted – By Oisin Breen, RIABiz – Goldman Sachs made its first major hires — and poaches from Schwab and Pershing RIA custody units — as it prepares to leverage its Folio Financial acquisition for an invasion of their turf. Expect a hard launch early next year.
Barbara Herman Quoted – By Charles Paikert, Family Wealth Report – What keeps owners of wealth management firms up at night? Compensation, recruiting, retention and equity certainly top most lists. According to Schwab’s 2020 Compensation Report, median compensation costs are 70 percent of revenues for firms with over $100 million in AUM.
By Ian Wenik, Ctiywire – A family of advisors formerly affiliated with Oppenheimer & Co. has broken away to start a TruClarity Management Solutions-backed RIA. Jonathan Nadler, along with daughter Jessica Demler and son-in-law Masahiro Yamazaki, have exited to start Oxler Private Wealth in New York City. The trio managed roughly $421m in client assets while affiliated with Oppenheimer, TruClarity said.
By Andrew Welsch, OnWallStreet – Stifel signed on two teams managing more than $450 million in combined assets to staff two new branch offices, according to the firm, furthering the regional broker-dealer’s aggressive hiring streak in recent months.
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