Results for "breakaways"

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Controversial adviser Ed Butowsky launches broker-dealer aimed at smaller breakaways

November 7, 2019

While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed...

Testing the breakaway waters

September 4, 2019

Breakaway, transition, "going indie" — no matter how you characterize it, a wave of financial advisers is moving away from traditional wirehouses and big-name brokerage firms in favor of launching or joining more independent-minded businesses....

A higher standard of client care

July 8, 2019

The financial services profession is about more than just numbers. It's about helping people navigate life's complexities. Financial advisers serve an important role as their clients prepare for milestones. So it's no surprise that the client-adviser...

Morgan Stanley breakaway team forms $215 million RIA in N.J.

July 3, 2019

QP Wealth Management in Eatontown, N.J. joins the breakaway trend by leaving Morgan Stanley to establish a registered investment adviser with $215 million in client assets. Co-founders James Lloyd, Thomas Leidner and Lisa Heerwagen partnered...

Former brokers say breaking away to be RIA went better than they feared

July 2, 2019

An appetite for control, independence and an opportunity to build equity in a sustainable business continue to fuel the migration by wirehouse brokers toward the independent registered investment adviser ranks. A new report from TD Ameritrade...

Broker-dealer pays $9.5 million to settle alternative investment claims by Native American tribe

June 26, 2019

Purshe Kaplan Sterling Investments will have to pay $9.5 million related to the sale of alternative investments to a Native American tribe in Michigan, according to a recent filing with the Securities and Exchange Commission. The independent...

What does it mean when superstar breakaway brokers bolt again?

June 12, 2019

In 2008, when a group of advisers in charge of $7 billion left Merrill Lynch to set up their own RIA, Luminous Capital Holdings, the financial advice industry was aghast. It was an audacious move, particularly for a team of all-star financial...

Why aren't more women advisers making the leap to independence?

June 4, 2019

The wealth management industry seems to have all the markings of being a "natural fit" for women. Women tend to be more nurturing and relationship-driven than their male colleagues. They thrive on their innate abilities to connect and be empathetic...

Superstar advisers with $17 billion in AUM bolt from First Republic

June 3, 2019

A team of All-Star financial advisers who manage $17 billion in assets for wealthy clients has bolted from First Republic Bank's elite wealth management group to set up two RIAs in California. The advisers — David Hou, Mark Sear, Robert Skinner...

Bob Oros of HighTower calls protocol exit 'form over substance'

May 15, 2019

HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol. "It's a little bit of form over substance," said Bob Oros, chief executive of the $50 billion...

Merrill loses $450 million breakaway team

May 7, 2019

Craig Robson, an Atlanta-based adviser managing $450 million in client assets has left Merrill Lynch to create the independent firm Regent Peak Wealth Advisors. Mr. Robson had been with Merrill Lynch since 1994. Joining Mr. Robson at his new...

Choppy stock market leads to fewer wirehouse reps fleeing the coop

April 30, 2019

The stock market correction at the end of last year is being credited with putting a damper on breakaway broker activity during the first three months of this year. The latest data from Echelon Partners show that just 94 advisers exited the...

RIA M&A sets another record in 2018

January 14, 2019

The financial market volatility that picked up in earnest last year was not enough to derail the pace of consolidation among registered investment advisers. Echelon Partners reported Monday that merger and acquisition activity in the RIA space...

LPL affiliate Private Advisor Group launches new plan to attract wirehouse brokers who may want to go RIA

January 10, 2019

LPL Financial's largest affiliate, Private Advisor Group of Morristown, N.J., is launching a new platform its partners believe will give it the ability to attract wirehouse brokers who want to transition to the RIA channnel. Private Advisor...

Bob Oros takes over as HighTower CEO

January 7, 2019

HighTower Advisors confirmed on Monday that industry veteran Bob Oros has taken over as CEO of the Chicago-based RIA consolidator. The news, which was originally reported in November, puts Mr. Oros at the head of a $60 billion wealth management...

Chief operating officers lift advisory firms to the next level

November 2, 2018

If you're not sure whether your advisory firm is ready to hire a chief operating officer, it probably is. While COOs are often dismissed as simply an added expense, adding one can be a key ingredient in helping a firm grow to the next level,...

Advisers carve wealth management unit out of $16 billion asset manager

October 30, 2018

The wealth management ranks inside Madison Investment Advisors have gotten a little thinner after veteran advisers Walter Dewey and Benjamin Dickey spun off last week, along with $400 million in client assets, to launch their own firm, Resonant...

Top lessons learned during a breakaway transition

October 30, 2018

More than two years ago, our team began to explore whether the registered investment adviser platform was better for us than the independent broker-dealer world we were in. Although business was good, we felt it would be beneficial to learn...

RIA consolidation on pace for sixth straight record year

October 18, 2018

The pace of consolidation among registered investment advisers slowed slightly during the third quarter but remains on track for a sixth consecutive record year. The latest report from Echelon Partners counted 43 RIA acquisitions during the...

Sanctuary Wealth Partners rolls out red carpet for breakaway brokers

October 1, 2018

Sanctuary Wealth Partners has signed its fifth advisory team in as many months, bringing its total assets under to management to $5.5 billion. The Indianapolis-based hybrid RIA announced Monday the addition of RiceBarrett Family Wealth, a $240...

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