An interesting statistic emerged recently from Cerulli Associates that states independent advisors will control more assets than wirehouse firms by 2020. This information comes as no surprise to our team here at Elite Consulting Partners
‘Fasten your seat belts, it’s going to be a bumpy ride’, might best describe life at Morgan Stanley as last week ushered in another round of dramatic leadership shifts within the organization.
We are pulling out of the protocol because we are going to put more resources back into supporting our advisors. This is the line, more or less, touted by firms like Morgan Stanley, UBS and Citigroup at the end of 2017 as they departed the Protocol for Broker Recruiting in favor of their own internal structures and incentives to retain advisors thinking of making a move.
The recent news of Oppenheimer offering an independent channel to bolster its traditional wealth management business, by tasking Derek Bruton, the former head of LPL Financials National Sales team, may not have come as a big surprise.
In the financial services industry, change is the only guarantee and evaluating your practice, for your sake and that of your clients, to truly address strengths and weakness is the only way to give yourself the ability to strategically plan for ongoing success.
