BAC twisting the facts
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As an aside, her comment at the 8:35 mark of the interview, regarding the impact of independent wealth management firms (RIA's), is worth a listen.
Accoridng to Krawcheck, "The RIAs are independent, and that certainly has a nice ring to it. You know, Bernie Madoff was a RIA?"
REALLY !?!
Unless we're misstaken, wasn't Madoff Securities a broker/dealer?
Ya know what’s interesting? At what point (maybe at what size or scope) do “independant” firms really stop being knows as, well, independant? I mean, seriously, what makes Merrill’s 15,000 reps better than LPL’s 12,000 reps? (or whatever the numbers are). Just because all of the Merrill reps use the Merrill name? And I’m not bashing on Merrill here, it’s a much bigger question, and it applies to all wires, regionals, captives, etc. I just don’t know that the “indies are like the Wild West” argument is really valid. It’s more a scare tactic than anything else.
[quote=mlgone]
From Blog on Wealth We often see data that have been manipulated to support whatever argument a presenter may be trying to make. The January 14 CNBC interview with Sallie Krawcheck is a great case in point. I'm sure the statistic she quoted regarding record low broker turnover at Bank of America Merrill Lynch in the fourth quarter is true, yet students of "the business" are already acutely aware that the the fourth quarter is almost always the lowest quarter for broker turnover (Blog on Wealth statistic). Using this statistic to support the stability and popularity of the old Wall Street model among brokers and clients is misleading.As an aside, her comment at the 8:35 mark of the interview, regarding the impact of independent wealth management firms (RIA's), is worth a listen.
Accoridng to Krawcheck, "The RIAs are independent, and that certainly has a nice ring to it. You know, Bernie Madoff was a RIA?"
REALLY !?!
Unless we're misstaken, wasn't Madoff Securities a broker/dealer?[/quote]
February 15. That's when bonus' are paid. We'll see.
It would be a non-issue if BAI/ML didn’t feel threatened by the RIAs and Indys.
Holidays. Msot clients don't want to deal with much during the holidays (nor do FA's), and you want your clients to move as quickly as possible.why is 4th quarter always the lowest movement??
Holidays. Msot clients don't want to deal with much during the holidays (nor do FA's), and you want your clients to move as quickly as possible.[/quote][quote=Shania Twain]why is 4th quarter always the lowest movement??
I moved in the 4th, and it took like five months to get everything over. Don't ever leave in the 4th.
Thanks ICE. It's not that I don't understand the literal differecne between an indy firm and a captive firm (as you pointed out above). I guess my point was, I don't see how "indies" can still be perceived the way they may have been 10-15 years ago. Many indies have better technology, more investment options, and in many cases, as good or better compliance oversight. Yes, this is not always the case. BUT, we have seen as many stories about criminal captive brokers as indies (if that is the benchmark).