Added on August 2014 in Join an RIA
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Summary: oth boutique and major wealth management firms say they've successfully recruited both independent and empolyee advisors over the past few weeks. Lebenthal Wealth Advisors of New York said early Monday that it added a team of advisors to its operations. The Goldstein-Patterson Group managed more than $600 million in client assets at BNY Mellon, specializing in clients within the sports and entertainment industries. GPG founders Brendan A. Goldstein and William F. Patterson, formerly private bankers, have joined Lebenthal as managing directors.
Added on August 2014 in Join an RIA
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Summary: As the breakaway movement continues to gain momentum with wirehouse advisors moving into the independent space, the product and service solutions available are becoming more diverse and sophisticated. Compliance, marketing, and technology are well established and are on the top of most advisors’ checklist. However, insurance is still often viewed as an afterthought for many breakaways who often take a figure it out as I go approach.
Added on August 2014 in Join an RIA
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Summary: Yes, I know employee financial advisors don’t have shareholders per se. But I suggest to the advisors I talk to every day that they are the CEOs of their own practices, each a unique profit center within a corporation that is measured and valued daily. And each advisor’s shareholders are the families that have a stake in the relative success or failure of that advisor’s enterprise.
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Summary: Amid the typical competition for top adviser talent, there has been another recruiting war unfolding this year over the recruiters who can get those advisers in the door.
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Summary: It’s tough making the decision to move towards independence, to leave the wirehouse. There can be a lot of hesitancy around the move and a lot of fear: fear of leaving the known, fear of failure, fear that you don’t know what you don’t know. While I’m sure there are many very healthy egos amongst the readership, when we’re alone in a quiet place, we tend to give ourselves much less credit than we deserve.
