A HighTower-like consolidator rises from Texas ground
A UBS star is raising capital and recruiting up a storm
Related Moves
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
See more related moves
Jeff Spears
The branch manager has been marginalized over the years and many have either retired, resigned or been fired. They are the third most important component in a successful wealth management business behind the clients and the advisors. Big firms lost sight of this fact and incorrectly assumed that their brand was more important than branch managers and advisors, which they believe are replaceable.
We will see who is right.
My $ is on firms like this!
Insider
Unmentioned in all the praise being heaped upon the founder of this new firm is the fact that he is the infamous manager who fired the analyst at UBS who was trying to warn Enron’s shareholders to dump their holdings before the client firm went belly-up. He did this because UBS feared repercussions from an angry client, and Mendenhall was essentially ordered to fire the analyst AND to back the UBS company line that Enron remained a solid buy.
I’m not saying everything was Mendenhall’s fault, but let’s not go crazy bragging about how much he has an “impeccable” record of doing the right thing for clients and advisors.
johns
i would fact check whether Pat resigned or was fired. My contacts tell me he was fired
