The 10 things Morgan, Merrill, UBS and Wells Fargo could do if they really, really wanted to stem the RIA tide
Advisors are happy to hand over the blueprint to wirehouses because they're certain the firms are too fainthearted to execute it
Related Moves
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'
Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.
September 1, 2022 at 5:11 AM
AssetMark suddenly parts ways with president/CEO Charles Goldman; protégé Natalie Wolfsen named CEO; Michael Kim president
AssetMark chairwoman Xiaoning Jiao provided no details, faint praise for Goldman amid his unexpected departure, but was effusive over Wolfsen appointment.
February 24, 2021 at 3:31 AM
See more related moves
Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh
The Ensemble Practice LLC
Consulting Firm
Top Executive: Philip Palaveev
John H
What NOT to do:
Actually give a detailed fee breakdown with a total that sums up: wirehouse FA fee, commissions, loads & redemption fees, sub-advised mutual fund fees, sub-advised hedge fund fees etc… And definitely don’t show the brokers personal fees made off the account.
And most especially don’t do it as a detailed comparison vs a reasonable RIA TCO (total cost of ownership).
Nope, can’t do that.
Those are a few ideas for 10 things not to do Brooke.
Dennis Gibb
Stop giving advise to the wirehouses on how to slow down or stop the outflow of assets! We in the RIA community love it when these guys get what has been coming to them. This is a target rich envrionment. These are the guys who want to change Federal law to benefit them and disadvantage the RIA community, they want to confuse the investing public as to who is and is not a fiducary( hint it’s not them), they want their self created regulatory monster to regulate everyone all to support a business model that died in the harsh winds of September 2008.
it has been so easy taking people and assets from these supposed smartest guys in the room I would have to go back to really working on marketing if they ever got their acts together.
