Edward Jones has traditionally measured its growth by the number of advisors on its platform; now it wants to focus more on growing clients’ assets by expanding its services.
Conventional wisdom says that 'Old Guard' financial advisors from established Wall Street firms like UBS, Morgan Stanley, Merrill Lynch and Wells Fargo are doomed when it comes to the great wealth transfer soon to fall to the millennial generation.
The Investments & Wealth Institute is becoming less a home for wirehouse advisors, with independents accounting for the largest segment of its membership.
Deal volume in the RIA space is up 30% from last year, and “valuations are at an all-time high," said DeVoe & Company, the San Francisco-based consulting firm and investment bank.