The Engineer
Mindy Diamond Quoted – By Diana Britton, WealthManagement.com – Since Brian Hamburger started MarketCounsel in 2000, over 1,500 RIA firms have crossed his path.
More Brokers Break Away to Form Independent Firms
By Matthias Rieker, The Wall Street Journal – On a Friday in early May, financial adviser Herman Rij put on his Merrill Lynch tie—pink, with light blue bulls—and went to work at the brokerage’s third-floor office in Bethlehem, Pa. He met with a client who had flown in from Arizona. Then he went in to see his boss—and resigned.
Jonathan Blau & Harvey Radler of Fusion Family Wealth
By Brooke Southall, RIABiz – Fusion Family Wealth LLC has a why-didn’t-I-think-of-that strategy for building its business that had one potential weak underpinning, now seemingly corrected. The New York City- and Long Island-based RIA that broke away from UBS on Friday expects to have about $900 million of assets under management when the dust settles after re-materializing as a legally fiduciary advisor.
More Wirehouse Advisors Will Bolt Firms in 2014
By Paul Golden, FundFire – Wirehouse advisor mobility will increase significantly in 2014 as retention packages expire and the independent route becomes more attractive, according to a FundFire reader poll and expert interviews.
$1 Billion Advisor Team Ditches Wirehouse For The Independent Life
By Mindy Diamond, Forbes.com – Meet Tim Kneen and Clayton Hartman just once and you would know that they were never meant to be wirehouse advisors. This billion dollar Colorado based duo, generating almost $8 million in annual revenue, with combined industry experience of not quite six decades left UBS in mid-January to form their own wealth management firm. It was the shot heard around the industry. Such a high profile move will always attract attention, but when a team like Tim and Clayton’s goes independent, it is particularly compelling.
Billion-Dollar Team Leaves UBS, Goes Independent
Wendy Leung Quoted – By Andrew Welsh, OnWallStreet – A UBS team of advisors with a billion dollars under management has left the Swiss bank to form IFM Capital Advisors, an independent RIA.
Focus Draws $1B UBS Breakaway Team
Mindy Diamond Quoted – By Janet Levaux, ThinkAdvisor – Focus Financial Partners, a group of wealth management firms, said Tuesday that two former UBS (UBS) advisors have worked with it to start IFM Capital Advisors, a Denver-based independent RIA. Timothy Kneen and Clayton Hartman, who managed about $1 billion in client assets, recently started the firm, which also has offices in Fort Collins, Colo., and Sioux Falls, S.D.
In largest deal of year, Focus nabs $1B UBS team
Mindy Diamond Quoted – By Trevor Hunnicutt, InvestmentNews – Focus has been actively looking to facilitate breakaway deals by helping wirehouse teams form their own firms or join existing Focus partners. In the largest announced deal of its kind this year, a group of financial advisers who managed $1 billion in assets at UBS Wealth Management Americas left the massive Swiss-owned brokerage to start an independent firm with offices in the Western United States.
Press Release – Former UBS Advisors Launch IFM Capital Advisors
Mindy Diamond Quoted, BusinessWire – Focus Financial Partners, LLC, the largest partnership of independent wealth management firms, today announced the launch of IFM Capital Advisors (“IFM”), a Colorado-based independent Registered Investment Advisor (RIA) with offices in Denver, CO, Fort Collins, CO, and Sioux Falls, SD. Established by former UBS advisors Timothy Kneen and Clayton Hartman, who managed approximately $1 billion in client assets, IFM has been launched through Focus Connections, a program that helps wirehouse teams successfully transition their business and launch their own independent wealth management firm.
Fast-Growing Fla. RIA Molds ‘Decentralized’ Biz
Mindy Diamond Quoted, FundFire – A fast-growing independent brokerage practice of LPL Financial transformed itself this year to focus on registered investment advisor (RIA) compliance – but aims to keep the “fast-growing” part. By flicking the switch to send its brokerage compliance work to LPL and using its own advisor registration, Independent Financial Partners, which bills itself as the “largest RIA in Florida,” is keeping many elements of its old business model.
