Fidelity gleans why so many 'attractive' advisors cling to wirehouses and Cerulli's newest RIA data shows plenty find courage
Those hefty retention bonuses aren't the only thing keeping brokers tied to their desks -- family sentiment has huge impact on 'fence-sitters'
Related Moves
Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology
The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.
March 11, 2020 at 7:58 AM
Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance
Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.
March 25, 2023 at 1:32 AM
Biz Briefs: Fidelity says humans beat robots, even for Gen Z • Joe Lonsdale's Opto starts signing RIA test-drivers • Vanguard launches oddly delayed fund • Wealthbox hires, and Dynasty buys
Fidelity wins Delta Airlines business with sweetener • Opto pairs-up with Riskalyze and Merchant • Moonfare raises $15 million • CAIS bucks real estate trend • Vanguard launches "curious[ly]" delayed fund • WealthBox, Dynasty, and others buy and hire.
March 8, 2023 at 3:28 AM
Pershing restores Ben Harrison as sole heir to Mark Tibergien -- for now -- but solo tenure may be temporary, with other top talent in the wings
Co-Head Maura Creekmore's departure leaves Harrison at the top by default, but the company is mum on future hiring and how much RIA autonomy gets sacrificed in name of 'convergence.'
January 19, 2023 at 3:31 AM
See more related moves
Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien
Elmer Rich III
Believe there is some evidence that support of spouse, usually the wife, contributes to entrepreneurs success. The wives father being self-employed may be an influence.
In our M&A work we have learned to always check the spouses’ and family’s goals in a succession plan – early on.
Doug Dannemiller
There is more to this story. The 'fence sitter’ advisers identified by Fidelity have an unusually high AUM at $155 million per adviser. With most independent brokerage firms actively recruiting advisers with production (gross commissions) of $300,000, these 'fence sitters’ appear to be in a completely different league. This 'fence sitter’ segment deserves more attention, and perhaps a completely different recruiting effort, beyond getting the family on-board.
Poora Om
I suppose if you are more interested in moving on than staying with “the whole family” then recruiting would be easier. Ironic that this article talks about “huge bonuses” and families in the same sentence when the “expert” not only left the family but withholds and hides compensation including “huge bonuses” from them. Is this part of the recruitment strategy for “fence sitters”?
