Fearless Merrill Lynch team breaks away with $1 billion in broad daylight
Paul Pagnato and David Karp started their day in Washington DC and ended up in Reston, Va.
Mark Starosciak
The Big Bank Brokerage (B3s) model is a dinosaur. Formally, you needed the support of a large institution to gain access to the systems and investment vehicles required to serve the affluent investor. Today, you can run the entire business from a laptop, practically. Technology is the great equalizer and as more big teams realize the huge benefits to running their own shop, expect the flood to continue. Undoubtedly, the B3s will react too late and see their influence in the industry continue to diminish.
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Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up
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Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
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Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey
