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I was listening to a Bill Good call (archived) the other day. One thing he mentioned was that reps from many of the large wirehouses (ML,SB,UBS,etc) are bringing in on average less than three new 100k+ accounts/households a year. I find that hard to believe. Still, perhaps that is why there is such a huge effort to recruit established FA's.
Anyone have any thoughts on the stats?
Sucks to be them. A few years ago I heard it was five over 250K, it doesn’t suprise me their business model is heavily flawed. I take business from Merrill and UBS all day, not so much from Smith Barney, but I don’t even see people with SB statements.
Why do you consider their business model to be flawed? There are plenty of very successful brokers at the large wirehouses.
Most of them have been there for awhile, heven't seen a whole lot of recent success stories. The wirehouse business model is flawed because HNW investors want more. Alot of family offices are doing a better job, check out this guy:
If I wanted to serve that market I would do it as an RIA, not as a B/D with a wire.