Former Smith Barney FA's

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Apr 11, 2009 1:06 pm

Through various sources I’ve learned that about 900+ advisors have left in 2009.  Where is the destination of choice?  Due to the bad economy one must infer that they’re not all leaving the business.  How has the transition been going?

Apr 11, 2009 1:53 pm

I have not left yet but am looking around. Currently looking at Raymond James (preferred), Commonwealth, and RBC. RBC seems to be a pseudo wire house and offered me up front $$ with a six year contract. Very much like the idea of independence.

Apr 11, 2009 2:37 pm

Read an article the other day, that said wirehouse reps are xfering to other wirehouses, then regionals, then indy channel… In that order, but the drop off was huge(10% and lower to regionals and indy channel)

Apr 11, 2009 3:14 pm

I believe Squash is correct and if I remember, this months Registered Rep magazine made mention of the same notion in terms of where Advisors are heading.  I work closely with a regional firm (Sterne, Agee & Leach, Inc.) and they have a Private Client Group [W-2 Employee Advisor Channel] and from what I gather, they are picking up a lot of speed these days.  Be interesting to see where existing independent registered reps are heading to these days – other independent broker/dealers or going RIA?  Thoughts anyone? 

Apr 11, 2009 10:27 pm

I left SB at the end of January to join Capital Guardian, LLC, which is a hybrid indy b/d.  We can accommodate FAs who want the Indy model and a 90% payout or FAs who want to sit in or help build-out one of our branch offices.  We clear through Pershing, have great technology and a robust, open architecture platform(3rd part mgd money, Discretionary & NonDiscretionary FA Portfolio Mgmt and Alternative Inv).  Our program fees and ticket charges are very competitive.

Our HQ is Belmont, NC but we also have branch offices (W-2 Employee, w/ full benefits, 401k match, etc) in Charlotte, NC, Raleigh, NC, Miami, FL and soon in Atlanta, GA.  I have been and currently am a producing FA.  I’m NOT a recruiter, but I am assisting in the growth of our firm.  If you would like to learn more, feel free to PM me.

Apr 13, 2009 3:39 pm

Did Sterne Agee take some of the Stanford Brokers?

Apr 20, 2009 9:41 pm

I left over the weekend.  My office has lost two others this year, besides myself.  My clients are satisfied at the change and that I won’t be defending C any longer.  It’s hard enough building a business solo, harder still when you’re playing offense every day, prospecting and going on appointments, and having to play defense with existing clients in defending the firm.  As a younger LOS as well, I was very, very nervous about MS cutting higher up than before and getting caught, especially when it appears UBS is about do do the same as BAC did with Merrill people over the past few months.  Changing times, yes, but I’m determined to stay alive through all of this.  My clients understand and have supported me.  I am thankful for this. 

Apr 21, 2009 5:25 pm

I left SB in December and went Indy.  Three others preceded me out the door; two became independent.
All of us eventual indy’s were 100% (or close enough) fee based, and wanted a platform that allowed for total independence and high payouts.  We wound up going to three different places, and–from what the others say–all of us are much happier.

Apr 21, 2009 8:12 pm


Of the client’s you wanted to take with you, what percentage have you brought over so far? Just curious as to how well someone does in the first few months as an indy.