The four largest national brokerages dropped advisor head count by over 1,000 brokers during the past year, according to the most recent round of earnings reports, as each tries to bring advisory services to new types of clients.
Kirstin Hill was named one of WealthManagement.com's Ten to Watch in 2020 last year.
The $4.4 billion in revenue for Goldman Sachs' private banking and wealth management group is tiny compared to brokerage behemoths Morgan Stanley, Merrill Lynch and even JPMorgan Chase.
As firms drive toward greater profitability and workforce retention, a new environment has developed—one where advisors have far less control over their business lives.
Available to intermediaries, advisors have full discretionary oversight, but questions remain regarding demand.