Raymond James New Affiliate Firm Opened by Ex-SB Branch Manager Seeking To Hire Top Advisors!
Aiming to be bigger than everyone else in the independent channel, ex-Smith Barney Branch manager, Glenn Fischer, opened New York Wealth Management in Garden City, NY two weeks ago.
An affiliate of Raymond James Financial Services, Inc., Fischer is looking for more than 20 additional financial advisors who are seeking a change from the red tape of the wirehouses…BUT, he emphasizes, the office is of an “elite” status, and he wants only advisors who are continuing to build and grow their business and have started to develop a proven track record.
Can he survive in New York? Check out the pros and cons in Matt Ackermann’s December 14 report Ex-Smith Barney Branch Manager Goes Independent for OnWallStreet:
January 14th, 2010 - 11:25 pm
Recently I gave several financial seminars to groups. Example: soon to be retiring bank executives from communities 60,000 persons or less.
These were local branches of banks, not headquarters banks as one would find in New York.
The audiences were enthusiastic.
However, after seeing these older employees’ portfolios, fewer than 10% had savings in excess of $50,000. And, only 1% had savings in excess of $100,000.
In other words, even though the audiences were willing to invest, there was not sufficient liquidity in their personal accounts to make it worth their while.
One does not recommend speculating, bank manager or not, when his entire savings of a lifetime is $50,000 or less., and he will be retiring within one to two years.
While the top 5% of families in the US own 40% of all assets, and the same 5% own 95% of all stocks traded on Wall Street, middle America has been generally left behind in terms of the financial rewards touted by the free market system.
Families who had substantial fortunes have had these fortunes for several generations most of their offspring starting life with million dollar trusts.
In such cases, their funds are almost always managed by large asset management houses in New York, San Francisco and Los Angeles.
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February 13th, 2010 - 8:04 pm
Beth’’s comment is spot on about some of the challenges that asset and investment managers have when it comes to marketing. There are a lot of people with smaller portfolios that just don’t have enough assets to make it worth-while unless the manager is more like a family or small business. All the asset managers I have worked at have all had the same problem in attracting QUALIFIED leads.
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