HighTower Capitulates: No Longer Advisor Centric, Exits Broker Protocol

And the ghost of Elliot Weissbluth as the former HighTower CEO rolls over in his grave. HighTower has just announced that it is exiting the broker protocol, limiting the movement of advisors in and out of its ecosystem, to focus on M&A of larger RIA targets.  Instead of the corporate message being that of the […]

BILLIONS: Morgan Stanley Loses $6B Team To Dynasty

Whichever Morgan Stanley employee that came up with the idea that exiting the broker protocol would somehow lead to an uptick in retaining the firms largest and most profitable advisors needs to be fired. It’s not working. Via AdvisorHub, the Houston based Morgan Stanley team departed a few days ago: “In Houston on Friday, a […]

Golden Handcuffs Have Turned Rusty At Morgan Stanley

Morgan Stanley walks to the beat of its own drum at the moment. As of today they are the only legitimate global investment bank/brokerage force left that can claim scale in sheer numbers and a ‘smorgasbord’ of investment banking products to go along with globally available branch offices and traditional wealth management roles and responsibilities […]

The Age Of The Wirehouse Is No More; The Numbers Don’t Lie

A decade. Ten years later, the landscape is predictably different than what financial advisor veterans remember. In late 2008 and creeping into early 2009, names like Merrill Lynch, UBS, Morgan Stanley, towered over the wealth management industry with legions of brokers with the best office addresses, widely held positions on the Barron’s 100 list, and […]

Thinking Team Structure

3xEquity Blog businessmen and business woman

During the early stages of their practice, most financial advisors work as sole practitioners. However, the ability of such practices to grow is limited by the advisor’s skill set and capacity as an individual. Many sole practitioners soon find themselves unable to keep up with evolving financial markets and their associated uncertainties, or with the […]

A Three? The Truth Hurts!

Have you ever had one of your best clients gut punch you? Have you ever asked a question that you thought you knew the answer to and the response came back very unexpected? That’s what happened recently when we received back a survey from one of our best and most long-standing clients. We asked, “Do […]

Preparation Sets You Up For Luck

I once heard Steve Ballmer, the former CEO of Microsoft, say “Not only do you need hard work, good timing, and passion, but you need some luck as well.” Last weekend I competed in Ironman Canada, my 21st Ironman Triathlon. If you read my last post you’ll know how seriously I take the “hard work […]

Have You Put Hay In The Barn?

In simpler times a barn full of hay was a sign the farmer had worked hard and was prepared for the challenges ahead. This weekend I’ll compete in my 21st Ironman Triathlon. That’s a 2.4 mile swim, 112-mile bike ride, and a 26.2 mile run in and around Whistler, British Columbia, site of the 2010 […]

The Crash Finally Happened

The other morning I was out on my bike training for my 21st Ironman Triathlon. Going 30mph. Downhill. My front tire blows. My brakes don’t work. Here we go. It’s decision time – crash headlong into those mailboxes or go into a long, painful slide. Slide wins and my body has the scars to show […]

Are your summary letters 95% done BEFORE you meet with your clients?

You meet with clients, you take notes, and then you send a summary letter or email to your clients. Maybe you spend 30 minutes, or more, typing up that letter in its entirety. 30 minutes at the end of every meeting. With every client. These letters can become a huge bottleneck in your practice. You […]