Brothers reunite as a $3.8 billion ex-Graystone team forms its own RIA
Morgan Stanley Smith Barney's elite consulting unit pushed out the older brother based on alleged wrongdoing and his younger brother spearheaded a breakaway to rejoin him
Envestnet
|Finetooth
|MSSB
|Dynasty
|Fidelity Investments
|Sr. Consultant
|Graystone
|Bluepoint
|Callan
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March 25, 2023 at 1:32 AM
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March 8, 2023 at 3:28 AM
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BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..
January 13, 2023 at 3:01 AM
Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo
The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says
January 7, 2023 at 1:50 AM
See more related moves
Sr. Consultant
Asset Manager for RIAs
Top Executive: Stephen Winks
Envestnet Inc
TAMP
Top Executive: Jud Bergman
Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney
Jeff Spears
Wirehouses are using the FINRA outside business requirement to terminate brokers who are looking to set up an RIA before they resign.
This reality should be a boon for the services offered by Brian Hamburger and breakaway platforms that provide an established corporate RIA for their breakaway advisors.
Stephen Winks
Regulation goes both ways as the industry can abuse the broker as well as the broker can abuse the consumer. FINRA as regulator has a well documented history of turning a blind eye to industry abuses such as condoning that brokers are not responsible or accountable for their recommendations which has resulted in the loss of trust and confidence of the investing public.
It is about time FINRA stood up for the broker’s and consumer’s best interest rather than simply protecting the industry’s interests. If brokerage firms can terminate brokers, especially $3.8 billion brokers at will, simply because they seek to act in the best interest of the investing public because they are unable to do so in a brokerage format, it is an abuse of power counter to the best interest of the investing public. This clearily demonstrates when it comes down to doing the right thing—the interests of the industry take pecedence over the well being of the investing public.
SCW
