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Happy New Year, friends. Many thanks for reading my bi-weekly editorials in 2024. A special thanks to those who liked or commented on them.
Today's editorial is dedicated to "Lifers" at the Big 4 firms which include Merrill Lynch, Morgan Stanley, UBS and Wells Fargo. In short, Lifers are financial advisors who have never changed firms. Many of them have been at one firm for 25 or more years. I empathize with Lifers having spent 34 years at Merrill Lynch.
As we enter 2025, I encourage my Lifer colleagues to weigh the benefits (or lack thereof) for your continued loyalty. Is your firm the best of the Big 4? Does your firm have a better investment platform? Does your firm have a higher grid payout? Is management better at your firm? Is compliance less onerous? Does your firm recognize and reward loyalty?
How many financial advisors in your office are lifers versus recruits? Is it 50-50? Do you ever wonder how much your firm's branch manager paid them? Likewise, how many financial advisors left your office for the competition in the past 5 years? Again, do you ever think about how much they were paid to leave?
Maybe you find comfort working for a big company. Perhaps, you believe in the brand. Sadly, Americans don't trust institutions (e.g. Government) or big companies (e.g. Banks) anymore. To be frank, consumers have more faith in personal brands versus company brands. Look no further than your relationship with accountants, lawyers and real estate agents as validation.
The time has come to look at your options. It's a simple process, and it begins with an industry-best recruiter. He or she will essentially get to know your personal and professional goals. The discussion will then focus on the four channels: wire-houses, regionals, boutiques and independents. Finally, the recruiter will schedule 2 or 3 introductory meetings with firms that could be a good fit. At no time are you under any obligation to the recruiter or the firms you meet.
What's the upside? Maybe you identify a better channel, a better firm, a lucrative financial package, and a new-beginning that inspires you.
Jan 08, 2025
Big 4 Lifers
Today's editorial is dedicated to "Lifers" at the Big 4 firms which include Merrill Lynch, Morgan Stanley, UBS and Wells Fargo. In short, Lifers are financial advisors who have never changed firms. Many of them have been at one firm for 25 or more years. I empathize with Lifers having spent 34 years at Merrill Lynch.
As we enter 2025, I encourage my Lifer colleagues to weigh the benefits (or lack thereof) for your continued loyalty. Is your firm the best of the Big 4? Does your firm have a better investment platform? Does your firm have a higher grid payout? Is management better at your firm? Is compliance less onerous? Does your firm recognize and reward loyalty?
How many financial advisors in your office are lifers versus recruits? Is it 50-50? Do you ever wonder how much your firm's branch manager paid them? Likewise, how many financial advisors left your office for the competition in the past 5 years? Again, do you ever think about how much they were paid to leave?
Maybe you find comfort working for a big company. Perhaps, you believe in the brand. Sadly, Americans don't trust institutions (e.g. Government) or big companies (e.g. Banks) anymore. To be frank, consumers have more faith in personal brands versus company brands. Look no further than your relationship with accountants, lawyers and real estate agents as validation.
The time has come to look at your options. It's a simple process, and it begins with an industry-best recruiter. He or she will essentially get to know your personal and professional goals. The discussion will then focus on the four channels: wire-houses, regionals, boutiques and independents. Finally, the recruiter will schedule 2 or 3 introductory meetings with firms that could be a good fit. At no time are you under any obligation to the recruiter or the firms you meet.
What's the upside? Maybe you identify a better channel, a better firm, a lucrative financial package, and a new-beginning that inspires you.
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