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Sep 18, 2006 12:50 am

The October issue of Worth Magazine (Wealth in Perspective) has the listing of the top 100 Wealth Advisors. What makes this listing different from that of RegRep's listing is that Worth Magazine is geared only toward the affluent. Whereas, RegRep's list is predominated by wirehouse brokers, Worth's is just the opposite.

Below you'll find some stats that I gleaned from the Worth list. I'll let you draw your own conclusions:


Out of the 100 brokers listed:

25 had MBA's / 22 were CPA's  /  60 were CFP's  /  11 were CFA's

7 were CIMA's   /   8 were CFS's   /   11 had no designations listed

Minimum Client Assets Required By Advisors:

6 advisors required no minimum  /  9 required $500,000+ 

65 required ($1-$5) MM+  /  18 required $10mm+

(One broker had a minimum of $75 MM+)

Wirehouse Firms Represented In The List:

8 came from ML  /  2 came from UBS  /  3 came from SB

2 came from Wachovia  /  4 came from JPMorgan 

1 came from Morgan Keegan  /  2 came from BoA

Highest Median Client Net Worth:

That award goes to Edward Spector of Merrill Lynch: $200 MM (I'd like to be invited to his "client events"!)

Largest Client's Net Worth:

That award goes to Joanne R. Jensen of Citigroup: $5 billion (I'm guessing a fruit basket didn't win over this client.)

Sep 18, 2006 1:18 am

Dob, great stuff...I especially enjoyed seeing that 60% had attention, doubters!!!

Sep 18, 2006 1:45 am

How many specialized in a certain area?

Sep 18, 2006 2:26 am

Good question, Knuckledragger.  I’ll bet most have a specialty, but I’m guessing that few work their specialty to the complete exclusion of all other areas of service.  I’m guessing that most of these producers don’t want to pass their client to anyone else, even if they get to share in the booty…just my opinion…

Sep 18, 2006 11:48 am

I have known several people who have been included on this and the "Winner's Circle" list and I honestly have no understanding (other than production at a major firm) of what gets you on this list.

One year, a guy I knew who was on the list and he had just one $500 million client. One client! Granted, this is a great client, but this guy was one of the least impressive minds I have ever met who wasn't working at a fast food restaurant, who only did the trades for one client, and he was considered (according to the Winner's Circle / Barron's) as a "top wealth advisor".

Ever notice how not one name from CSFB or GS is on the list? Not one! In my area, there are several firms that simply are so far out of the realm of the wirehouses that they are actually able to sustain $25 million minimums - for REAL - and where every person has a JD or an MBA from an Ivy League school and is a CFA / CFP and yet, they never manage to be on this list. My impression is that you pay to get on this list - or a major firm arranges to get you on it.

Sep 18, 2006 11:50 pm

The producers of this list stated that they made sure to be "out of the office" the day the list hits the street. The reason being is that they receive so many phone calls from angry brokers who were not included on the list.

Within the article, they listed the qualifications necessary for a wealth advisor to meet, before being considered for the list. Maybe this weekend I'll post the qualifications.