LPL, Raymond James and TD data -- and Walt Bettinger, Mike Durbin comments -- reveal rotten first quarter for breakaways
Mark Casady's explanation is hard to swallow for Danny Sarch, Mindy Diamond; Bettinger inveighs against 'rat trap' of checkbook recruiting; Ryan Shanks says advisors are "numb to the chaos"
Related Moves
Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership
The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.
July 30, 2022 at 12:41 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
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
See more related moves
LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold
Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law
Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks
Diamond Consultants
Recruiter
Top Executive: Mindy Diamond
Private Advisor Group
Specialized Breakaway Service, RIA-Friendly Broker-Dealer, RIA Serving Other RIAs
Top Executive: RJ Moore, Chief Executive Officer
FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks
Stephen Winks
Could the slowing down in recruiting have anything to do with there is little actual custodial and IB/D support for advisory services for brokers who wish to become advisors. If so, why go to wirehouse lite, when wirehouses don’t support advice either. And wirehouses write BIG checks for success.
The industry is starving for advisory services leadership that is unambiguous in supporting brokers and advisors being accountable for their recommendations and their associated ongoing fiduciary responsibilities for every thing they have ever sold and all client holdings including inherited assets. Simply acknowledging fiduciary standing and having the ability to prove one is acting in the consumer’s best interest, will restore honor and integrity which in turn restores the trust and confidence of the investing public.
There is a leadership vacuum the SEC is trying to resolve, which when filled will determine the winner of the recruiting wars..
SCW
Jeff Spears
The recruiting environment does feel bad.
When I feel this way it usually signals a bottom.
Last time I had this feeling was March 9, 2009….:)
Have a great weekend
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