Loving Merrill But Leaving Merrill, Two 38-Year Olds And An ‘Old Guy’ Take $700 Million Of Assets To An RIA Citing The Model’s Better Mousetrap

By Lisa Shidler
Source: RIABiz

 

Three career Portland, Ore.-based Merrill Lynch brokers walked out the door Friday taking their roughly 70 years logged at the firm and $700 million in assets to Fidelity Institutional Wealth Services — and a new life as independent advisors mostly under an RIA.

 

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J.P. Morgan Securities Goes On Recruiting Offensive

By Mason Braswell
Source: InvestmentNews

 

J.P. Morgan Securities is stepping up its game and hoping that top financial advisers will take notice. The firm, which operates as the retail brokerage arm, has made a number of notable moves in recent months to make sure that its name is more prominent in the eyes of top advisers. After bringing on nearly $1.2 billion in assets from veteran advisers, it signed the Protocol for Broker Recruiting last month and has been enlisting most top-name recruiters to help spread the word.

 

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More On Building A $250 Million Practice

By Dan Richards
Source: Advisor Perspectives

 

In last week’s column, I outlined the first four steps a rookie advisor needs to take to build a $250 million practice within 10 years: Find the right client community in which you can stand out; clearly define how you’re going to deliver value to that niche; identify the clients with whom you work; build your profile and credibility to become the safe choice for investors in your niche.

 

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A 32-Year-Old Kansas Advisor — At All Upheaval Costs — Followed His Mentor To Mariner Wealth Advisors

By Kelly O’Mara
Source: RIABiz

 

When Justin Richter left a bank last year to join a different one in the same city, he went through the process of gradually moving his clients over and building up a new book of business. Changing firms typically causes upheaval.

 

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After FINRA Win, Breakaway Advisor Wants Others To Follow

By Charles Paikert
Source: Financial Planning

 

A breakaway broker who beat back a costly legal challenge from Edward Jones is hoping other advisors will follow his lead. John Lindsey, who left Edward Jones in 2012 and won a FINRA arbitration case against his former firm last summer, has launched The Bold Advisor website to provide support, guidance and information to other advisors considering leaving large wirehouses to go independent.

 

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Raymond James Program Grooms Associates For Advisor Roles

By Janet Levaux
Source: ThinkAdvisor

 

Raymond James (RJF) said Wednesday that it aims to train a number client associates each year to become advisors. This move comes on the heels of a pilot program for associates, which it started last year, to boost the number of female advisors and to groom successors for retiring advisors.

 

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Wirehouse Breakaways Must Wait For Profits

By Chris Latham
Source: Financial Advisor IQ

 

Brokers who break away from wirehouses often do so because they’re tired of handing 60% to 70% of their hard-earned revenues over to their employer. But advisors who have taken the plunge into independence say they generally have to wait quite a while before breaking even, let alone turning a profit. Many face unexpected costs when setting up shop for themselves, and even those who partner with hybrid RIAs make sacrifices in the early days, experts say.

 

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The New, New Independence

By Mindy Diamond
Source: Wealth Management

 

With more wirehouse and regional advisors seeking greater independence, control, autonomy, superior economics, and the ability to customize the client service experience, independent models have been big winners. In fact, more independent models have been born in the last two years than ever before. Today, those who had been reluctant to leave their firms, thinking no exceptional alternative existed, may want to take another look at the expanded landscape.

 

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Breakaway Brokers Have A New Suitor

By Charles Paikert
Source: Financial Planning

 

Securities America and United Advisors are teaming up to get into the breakaway broker business. The two firms have recruited Kevin Hughes, a top former Morgan Stanley branch manager from Long Island, to head up the new hybrid independent wealth advisory business, which will be part of United Advisors Private Client Group.

 

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Wirehouse Breakaway Market Seen Thawing

By Trevor Hunnicutt
InvestmentNews

 

Until last month, Timothy B. Kneen and Clayton E. Hartman were locked in what some might consider a textbook example of “golden handcuffs.” The longtime brokers still owed their employer, UBS Wealth Management Americas Inc., forgivable loans that they received as part of their compensation. And their deferred compensation wasn’t yet within reach.

 

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