Contrasting two breakaways: one a success story, one a cautionary tale
One broker lost 30% of his book. What can you do to avoid that fate?
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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
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Jeff Spears
I couldn’t agree more. The only experience I would add is that breakaway advisors underestimate the time and value of management, which is understandable since their legacy managers weren’t much value-add. Legacy managers focus on increased profitability (lower payouts to advisors) recruiting (always a prettier girl) and compliance. I can’t blame the breakaway advisors for not assigning much value.
Great article.
