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First Republic Advisors continue to be on the move after the JPMorgan acquisition. For big wirehouses that choice has been between UBS and JPMorgan, but for many, the choice has been going independent. #wealthmanagement #financialadvisors #strategy #independence #wirehouses

For Financial Advisors currently in a wirehouse such as Merrill Lynch, this move may be just the tip of the iceberg. While every year we see a steady drip of teams leaving Wirehouse broker-dealers, the last time we saw a huge exodus of these advisors was 2009, and 2024 maybe another one of those big shift years. As an industry consultant that works with financial advisors, the most surprising thing about this consistent trend line is that leadership at these Wirehouse firms don't seem to care that they advisor ranks are falling year over year. As an advisor at one of these firms, what does it take to recognize there is a better mouse trap. Thanks Dan Shaw for asking my thoughts on this article in Financial Planning Magazine. #financialplanningmagazine #financialadvisor #wealthmanagement #merrilllynch #bridgemarkstrategies #UBS #morganstanley #wellsfargo

The Financial Services industry is experiencing a significant consolidation phase. Major broker-dealers are being acquired and RIA's are merging or being acquired. The Independent side of the space is brimming with opportunities and potential in various ways. Advisors who have been considering moving their business to independence should take advantage of the current market conditions. Even if the bank and wirehouse space is the right fit for many advisors, moving to independence can prove to be a game-changer. Now is the time to explore and be curious about the possibilities.

Banks spend a great deal of time and effort fighting for a level playing field with credit unions. You should. An uneven playing field is a threat to shareholder value. This is a double-edged sword, however. When it comes to selling, you have a fiduciary obligation to maximize shareholder value there too. It trumps personal feelings. Your role changes. Not holding a meeting with an interested party could be a breach of your fiduciary duty. It's tough because you're wearing two hats. It’s important to keep an open mind. You've got this. Tomorrow, in my free weekly newsletter "The Savvy Banker" we're going to go a little deeper on the topic of: Bank Mergers: How does a successful “deal team” and data room work? Click here to subscribe: https://lnkd.in/gS8ZsFyc

Barclays Capital Inc. is fined for not recording accurate order entry times for thousands of manual options orders between July 2017 and March 2022. The firm also failed to establish adequate supervisory systems, leading to violations of Cboe rules and previous disciplinary issues. The fine totals $437,500. #Orderentry, #Supervisoryfailures, #Penalties, #Recordkeeping, #Compliance, #Cboe, #BarclaysCapital, #Trading, #Forexnews

Bloomberg reports that JPMorganChase is expanding its reach in the private credit market through partnerships with Cliffwater, FS Investments, and Shenkman Capital Management, Inc. This strategic alliance allows JPMorgan to originate loans and co-invest with its partners, potentially enhancing its presence in the $1.7 trillion private credit landscape. With contributions from authors Gillian Tan and Paula Seligson, this story sheds light on how major financial players are navigating the growing demand for private credit. https://lnkd.in/eu-rjVPD #PrivateDebt #PrivateCredit

Ever heard about the avalanche that hit Credit Suisse in 2021? 🏔️💥 It wasn't snow; it was the fallout from its ties with Greensill Capital. And let me tell you, it was a chilling reminder of why cutting corners on processes and compliance isn't just risky—it can be catastrophic. Here's the gist: Credit Suisse had to freeze $10 billion in funds linked to Greensill Capital, a finance company that imploded due to mismanagement and lack of transparency. This wasn't just a financial blunder; it was a stark illustration of the domino effect in asset management when due diligence and compliance take the back seat. 👀 Why am I, a CEO deeply invested in the power of processes, bringing this up? Because it underscores a truth we often sideline in our quest for innovation and growth: the indispensable value of robust, transparent, and compliant processes. The incident throws a spotlight on the dire consequences of overlooking the fundamentals of asset management. It's a vivid reminder that in our field, cutting corners can lead to a steep fall - one that not only affects financial standing but also erodes trust, credibility, and market position. So, what’s the takeaway? 🤔 ✅ Compliance is not a checkbox; it's the foundation of trust and integrity in our operations. 🔍 Due diligence is non-negotiable; understanding the intricacies of where and how your assets are managed safeguards against unforeseen disasters. 👁️ Transparency is key; it fosters trust, not just with regulators but also with clients who place their hard-earned money in our hands. The Credit Suisse-Greensill saga isn't just a tale of financial loss; it's a lesson in the critical importance of maintaining rigor in compliance and operational processes. It’s a wake-up call I take to heart in every aspect of my work, and I encourage my peers to do the same. Let's not wait for an avalanche to start valuing the shields we have: robust processes and compliance. #CreditSuisse #GreensillCapital #Compliance #AssetManagement #ProcessIsKey #FinanceIndustry #process #processmanagement #venturecapital #hedgefunds

Don't ever let large banks manage your money. The incentives of traditional private wealth management are broken I just spoke to someone who is: • 35 years old • Newly successful • Has a $5.5 million investment portfolio He hired Wells Fargo to manage this entire portfolio for him They charge him an annual fee of 1.5% every single year to effectively index the stock market. You may think... 1.5% is not a lot, so I decided to run the math on what it would end up costing him By the time, he retires he would pay: • $6M in fees to Wells Fargo • $14M lower net worth than simply indexing the market Insane! Financial advisors absolutely do have their place, but if you are looking for one, ensure that: • They help you with all aspects of your financial life (estate, taxes, budgeting) and not just investment management • You pay them a flat fee vs an AUM fee I'm curious... have you ever hired someone to manage your money?

If everyone, idealistically, was indexing, then who is making the markets for which the indices are built on? Eventually the cost will come out by way of spreads, increasing index fees and so forth. Indices are a collection of investors buying individual stocks actively. There’s a research and management cost to their respective, individual portfolios. Let’s not assume the world is perfect for choosing the passive strategy over active management. There’s a benefit to either. And the cost evolves to be greater on passive strategies in absence of participants actively make evaluations in stock purchases to find the portfolio best for them. Flat fee Vs management fee also changes the market for who gets the most service. I’ve seen flat fees that are 5-8k and additionally higher each time you meet. That’s prohibitive for smaller wealth. Management fees may be the way to go if your pot is 200k and 1% annually for management. There is no one size fits all. THIS is finance. You get what’s good for you. Period.

💯 Succession is always listed in top risk/priority lists in family office reports 👍. In nearly all of the family office reports that were released recently, investments, geopolitical risks, cybersecurity have bounced in and out of the listed in top concerns, top risks, top priorities... But succession is always there. And succession isn't going to go out of season... 🤷♀️ Thanks BNY Mellon Wealth Management 👏 https://lnkd.in/eh4SKtwt #familyoffice #familyoffice #SFO #investment #impact #succession #principals #inheritors