Although departures of financial advisors may have slowed at certain large firms, that doesn't mean the problem's been squelched.
"We have a handful of open cases against Arete Wealth, and some involve Center Street, as well," says a plaintiff's attorney.
'We’re back to more normal, or maybe slightly below normal, attrition levels across the [financial advisor] business, which is good,' says CEO Charles Scharf.
'The problem is, when an NAV gets shaved, advisors and investors get pissed off,' one executive says.
Atria's financial advisors might be getting M&A 'whiplash,' one recruiter notes.
'It looks like Blackstone is value-investing and hunting,' a senior industry executive says.
Broker-dealers are increasingly chasing registered investment advisor assets.
‘One broker sitting in a strip mall in a rural town is history,’ one executive says.
Targeting a group who could turn into financial advisors' clients is a dubious marketing strategy, executives said.
MML Investors Services reps can earn an "advisor growth bonus" this year that rewards net new assets.
