It was a snowy Sunday, January 13th, morning in the Northeast, around 1AM when a LinkedIn post indicated the Schultz team, a Wells Fargo Private Client Group team based in Berwyn PA, was the “first to be ‘permitted’ to transition to the Wells RIA Pilot Program. This struck an odd cord with industry insiders. Why was a news-worthy move of this magnitude communicated during the wee hours of a Sunday via an advisor’s LinkedIn profile update and post and not handled by the Wells Fargo public relations team? Sunday came and went. Monday morning came and went. It wasn’t until Monday afternoon when the story became officially public with the publication of an AdvisorHub article.
Genstar Capital made news last week as reports surfaced the company is in active talks to secure a majority interest in Advisor Group from Lightyear. As of a late, Genstar has become a major player on the financial services acquisition playing field, only four months ago acquiring Cetera Financial Group for $1.72 billion dollars.
It was a snowy Sunday, January 13th, morning in the Northeast, around 1AM when a LinkedIn post indicated the Schultz team, a Wells Fargo Private Client Group team based in Berwyn PA, was the “first to be ‘permitted’ to transition to the Wells RIA Pilot Program.
Advisors coming off the forgivable loan deal should make it their New Year’s resolution to assess their business practices and confirm that their existing firm is in alignment with their goals and vision.
How will Wells be able to deliver autonomy, independence, and an unsullied brand image to support their new RIA advisors when they have clearly had difficulty achieving that result in all of their other business channels?
Whether you have spent all or part of your career at a wirehouse or retail wealth management firm, retirement or pre-retirementis an ideal time to consider a transition to independenceor even another retail firm.
