Impact of Coronacrash on Advisor Moves

A question we’ve heard a lot lately  is “are people really transitioning right now?”   While the  Pandemic shut down everything from schools and restaurants to sporting events and travel these past few months, one thing it didn’t slow was the flow of advisors transitioning to new broker-dealers.

In fact, some of the biggest moves we’ve seen in years took place after the start of stay-at-home orders near the end of March.  These moves prove the resiliency of the industry as well as the deep pockets and optimism of some of the biggest BDs.  

Here are the Top 10 moves according to AdvisorHub during the Corona quarantine.

New FirmOld FirmPractice NameAUMLocationDate
LPL FinancialSecurities AmericaJFC Financial Services$3BLincoln, NE4/30/2020
UBSSanford C. Bernstein & Co.John Baumgarten, Cory Dowell and Chad M. Jones$1.5BDallas, TX5/20/2020
First RepublicMorgan StanleySteve Condos (The Apollo Group)$1.3BNew York, NY5/22/2020
Northern TrustLPL FinancialPaul E. Kubasiak$1BChicago, IL4/23/2020
Rockefeller Capital ManagementMerrill LynchDarrell Preston, Gerald Dahlander and Drew Swedlund$1BDallas, TX5/29/2020
Wells FargoUBSDavid Ciccone, Thomas Harsanyi, Robert G. Taylor and David N. Litman$976MMcLean, VA5/22/2020
Gladstone AdvisorsMorgan StanleyBruce Kelm and Duncan Kelm$975MFort Mill, SC5/21/2020
Wells FargoUBSGrant Minor, Ben Minor and William Minor$700MCanonsburg, PA5/15/2020
RBCWells FargoMidTown Wealth Management Group$688MFond Du Lac, WI4/1/2020
RBCMorgan StanleySteven Sheresky, Jeffrey Sheresky, and Jeff Samsen$650MNew York, NY5/14/2020

Challenging times can actually uncover the shortcomings,  poor support, and inadequate technology platforms that many advisors have been forced to use. It is likely we’ll see moves like these increase above normal levels over the coming months.

If you are curious about moving to a new broker-dealer, click here to secure multiple transition offers all while remaining 100% anonymous. 3xEquity works with advisors like you to streamline switching BDs and to negotiate the biggest transition package possible.  Our services are always provided free to you –  and the size of your transition package isn’t impacted by our participation.  Get started today.



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