A former wirehouse advisor team with $350 million in assets has left Wells Fargo to join RBC Wealth Management-U.S.The Krinsky, Eidson and Doege team join RBC’s office Leawood, Kan., a suburb of Kansas City. The team has $1.8 million in production and will report to branch director Mark Borcherding, according to the company.
via RBC Recruits Veteran Advisors With $350 Million AUM | On Wall Street.
Merrill Lynch has scooped up two advisors with $3 billion in assets under management from rival wirehouse giants UBS and Deutsche Bank. Howard Rowen and Halsey Smith joined the Merrill Lynch Private Banking & Investment Group’s Los Angeles office on April 9.The transition so far has been relatively smooth, but that’s not to say it’s an easy thing to do. Transitions are often “a little bit of a knife fight,” Smith says. “It’s a blood sport – it’s a mad dash to get those clients to stay and we’re trying to do the opposite, trying to get them to come join us at Merrill Lynch.”And so far the team has been successful in bringing many of their clients over. “It’s wonderful, it’s competitive, it’s a challenge,” he says. “And what we’re finding is that clients are coming over.”
When advisors talk about why they’re unhappy with their firm, they will often tell you that it’s “not about the money.” Instead, they commonly cite a lack of shared values, slow or no decision making and concern for the shareholder at the expense of the client.But while money may not always be their number one reason for deciding to go elsewhere, it almost always becomes an emotionally charged and critical consideration. So let’s talk about it.When planning a move, there are three financial elements that need to be taken into account: capital, cash flow and equity. Advisors need to consider all three to get an accurate picture of their new deal and to decide whether it’s one they should take.
via Advisors Beware: Do the Math Before Leaving Your Firm | On Wall Street.
Advisor Ileana Platt has left Barclay’s Bank, where she produced more than $2 million in annual revenue, to join RBC Wealth Management.Platt is taking an advisor position in RBC’s Miami office as part of the firm’s International Advisory Group-USA. She has two decades of experience working in the financial services industry, having started at Citicorp in 1994, according to FINRA documents. She also worked at Credit Suisse’s Miami office from 2003 to 2012.
via $2 Million Producer Joins RBC From Barclays | On Wall Street.
As the average age of the adviser force continues to tick up over 50, firms are getting competitive to try and lure advisers on their way out of the industry.Many wirehouses and independent firms are sweetening their buyout deals and making it easier to enter their succession programs. On top of already lofty upfront recruiting deals, more and more top-producing advisers are considering making a transition as part of their retirement plan.
Wall Street Bonuses Highest Since 2008Average bonus for securities industry in Big Apple tops $164,500, thanks in part to deferred compensationAverage Wall Street bonus paid to securities industry employees in New York grew 15%.The average bonus paid to securities industry employees in New York City grew 15% to $164,530 in 2013, according to the Office of the New York State Comptroller.Including both cash and deferred compensation, this is the largest average bonus paid out since the 2008 financial crisis and the third-highest on record. The average bonus in ’06 was $191,360; in ’07, it was $177,830.
Wells Fargo sought $76,152 from a former broker, but in the end was ordered to pay the adviser more than 10 times that amountBy Mason BraswellFeb 28, 2014 @ 12:28 pm Updated 2:55 pm ESTPrintE-mailOrder Reprints4Shares Wells Fargo & Co. got more than it bargained for when it went after a former broker for not paying back his upfront bonus.A three-person Finra arbitration panel denied Wells Fargo’s claim for the remaining balance of $76,152 and instead ordered the firm to pay the adviser, Michael Hawkes, $925,000 in compensatory damages and attorneys’ fees.
via Ex-Wells Fargo adviser wins nearly $1 million in promissory note quarrel.
Robertson Stephens Asset Management is a private and independent wealth management RIA, launched in mid-2013. Once one of the most well reputed boutique wealth management firms in the world, sold to Bank of America in 1997, “Robbie Stephens” has been rebuilt by the original management team headed by Joseph Piazza. Piazza’s goal is to recreate the culture of a closely-held boutique serving clients in the $10 million to $100 million range.
via The New, New Independence | Client Relations content from WealthManagement.com.