Quantifying Wokeness

Has there been a more polarizing term in the past few years than “woke”? In the hands of pundits, comedians, and congress members, that word has become either a status symbol or a slur.  As our country has continued to divide up on perceived sides over the past few years, it is no suprise that ideological issues have begun to show up in client conversations.

For one advisor, it became a deciding factor in their decision to move to a new broker dealer.

AdvisorHub recently reported a story about Philip K. Knight moving his financial practice away from Morgan Stanley Wealth Management to Americana Partners, a Houston-based RIA firm.

Reportedly, Knight, whose team manages $715 million in assets, was disenchanted with Morgan’s new-found love for green energy initiatives. In particular, the wirehouse pledged that it would direct $1 trillion from investors toward development of low-carbon energy sources by 2030. This did not sit well with Knight or his clients, who are primarily concentrated in the oil-rich Midland, Texas region.

“The general tone on Wall Street for many years, and specifically in the last five to 10, is that oil and gas has become a dirty word,” Knight told AdvisorHub. “It’s hard to charge them wealth management fees on one hand, and then they take those same dollars and vote against their interests or align with practices against their interest.”

Still, there was a time when such a move would have ranged from unthinkable to improbable. Financial advisors like Knight would have had to suffer in silence, and make up excuses about his parent company’s decisions with his or her clients.

But just as the world becomes more polarized, financial advisors have options. 

“There has never been a better time to be a successful financial advisor,” said Chris Stacey, the CIO of 3XEquity, the industry leader in facilitating career transitions within the RIA space. “Advisors now have the ability to not only determine their value in the open marketplace, but anonymously secure offers from potential suitors. It is a risk-free proposition.

“This is not only great news for the advisors, but also their clients. The clients can be sure that their advisors better represent their interests, which played out in the story above. No one, not advisors or their clients, should have to sacrifice their own moral position any more.”

If you are curious about securing multiple offers from top national and regional broker dealers, all while remaining 100% anonymous, schedule a meeting to learn more about different BDs or get started with multiple offers (all presented risk-free/100% anonymous) by completing the form below.

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