$1.6 billion RIA nabs Fidelity's $1 billion-man and a United Capital advisor seeking a gilded local brand
Philadelphia-based Westcott brings on a recruiter and a specialist in women in transition
Ande
“He was a senior account executive at Fidelity Investments, the firm’s private-client division managing clients with a combined $1 billion in assets” —— $1 Billion, are you sure?
Lisa Shidler
Hey Ande, as the senior account executive he handled retail clients who on average had about $1 million in assets – a total of about $1 billion – just for the group he oversaw. The private-client division at Fidelity certainly does have more than $1 billion in assets!
Brooke Southall
This may be true, Joe, but it comes across as a potshot, not as helpful discourse.
Joseph
Didn’t mean for it to be a potshot, just think that as a matter of disclosure, a bankruptcy is very relevant as is the persons pedigree.
Stuart
Brooke – this is coming from a guy that bought a whole bunch of his own book so he could make the NYTimes best sellers list in the first month only to drop off completely the next month. He’s a flipper that got stuck and now has to run the firm. He recruits like minded individuals and you can see the high turnover among mid and low level staff as a sign of what it is like to work there.
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The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
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Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
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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.
March 13, 2020 at 10:36 PM
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