Elite Consulting Partners
An interesting study was released this week by SourceMedia detailing advisor compensation plans for the $2 million producer. The study also included comparative reporting on the top compensation packages found at wirehouse, regional, and national firms.
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Financial services firms are investing in technology, but it might not be where you would expect.
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By now it has become commonplace to read in the news about the misadventures of Wells Fargo as turmoil and upheaval at the organization have become a near daily occurrence.
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Last year financial services saw a boom in mergers and acquisitions that strategically redefined the landscape of the industry. Statistically speaking, 2018 registered a 6% increase in financial services mergers and acquisitions, representing a cumulative 461 deals according to a White & Case research report.
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It was a snowy Sunday, January 13th, morning in the Northeast, around 1AM when a LinkedIn post indicated the Schultz team, a Wells Fargo Private Client Group team based in Berwyn PA, was the “first to be ‘permitted’ to transition to the Wells RIA Pilot Program. This struck an odd cord with industry insiders. Why was a news-worthy move of this magnitude communicated during the wee hours of a Sunday via an advisor’s LinkedIn profile update and post and not handled by the Wells Fargo public relations team? Sunday came and went. Monday morning came and went. It wasn’t until Monday afternoon when the story became officially public with the publication of an AdvisorHub article.
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Read Elite Consulting Partners Founder & CEO Frank LaRosa’s latest Voices column in Financial Planning.
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Genstar Capital made news last week as reports surfaced the company is in active talks to secure a majority interest in Advisor Group from Lightyear. As of a late, Genstar has become a major player on the financial services acquisition playing field, only four months ago acquiring Cetera Financial Group for $1.72 billion dollars.
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It was a snowy Sunday, January 13th, morning in the Northeast, around 1AM when a LinkedIn post indicated the Schultz team, a Wells Fargo Private Client Group team based in Berwyn PA, was the “first to be ‘permitted’ to transition to the Wells RIA Pilot Program.
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Advisors coming off the forgivable loan deal should make it their New Year’s resolution to assess their business practices and confirm that their existing firm is in alignment with their goals and vision.
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How will Wells be able to deliver autonomy, independence, and an unsullied brand image to support their new RIA advisors when they have clearly had difficulty achieving that result in all of their other business channels?
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Elite Consulting Partners consulted the $850 million Pennsylvania-based Stonebridge team on their move from Wells Fargo FiNET to Triad and was featured recently in trade media articles on the subject.
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Whether you have spent all or part of your career at a wirehouse or retail wealth management firm, retirement or pre-retirementis an ideal time to consider a transition to independenceor even another retail firm.
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Promoting, supporting, and recruiting female advisors is not only an over-arching diversity and inclusion effort on the part of financial services firms, but is simply smart business when you consider the statistics.
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The hybrid RIA model is alive and well as its attractiveness and flexibility continues to prompt advisors to maintain an affiliation with both the corporate RIA and their independent broker-dealer partner.
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The Solo Advisor may appear to be the lone wolf of the financial services industry. As we discussed in Part 1 of this series, the rise in competition presented by multi-advisor teams, the importance of service differentiators, and the customer perception of succession planning are all posing a threat to the Solo Advisor’s ability to achieve.
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