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This father-daughter-son team survived 9/11 but divorced Wall Street altogether 14 years later

The trigger was a demand by Morgan Stanley to sign a bank contract but there was much more that led the practice to LPL OSJ, Private Advisor Group

Author Sanders Wommack April 7, 2015 at 5:17 PM
3 Comments
no description available
Sara Botkin [with father Les and brother Lester]: We learned that it became a fireable offense to refer clients to other banks.

Breakaway Stories

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Women of Wealth Management


Teresa Vollenweider

Teresa Vollenweider

April 7, 2015 — 7:55 PM

Did these folks somehow miss Morgan Stanley CFO Ruth Porat’s comment about the bank not penetrating (her word not mine) their so-called clients/customers with enough products? Maybe that will ease up now that she is moving to Silicon Valley—Google. Not!

I only wish that all the so-called clients/customers of these so-called advisors and their so-called firms knew what these greedy grubbers were doing to them. What a travesty of justice.

Gene Chaas, CFA

Gene Chaas, CFA

April 7, 2015 — 9:36 PM

My gosh, this is nothing new. The formerly innovative Merrill Lynch had similar promotions in the mid 1990’s.

Mr RIA

Mr RIA

April 8, 2015 — 4:36 PM

It just makes my stomach turn reading about these brokers and banks. How sad for our country.


Related Moves

March 9, 2023 at 1:23 AM

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

How a white senior vice president at an LPL OSJ came to hire a former black minister as recruiter despite the latter's pledge to make it 'uncomfortable' at times

Rob Sandrew hit it off with Keith L. Frasier, willing to speak up on racial and racial justice issues, who also checks all the boxes for attracting talent and assets at a firm that recruited $2 billion last year

August 19, 2020 at 2:18 AM

His days of playing defense done, Jeff Concepcion pinches pennies then poaches a Fidelity and Schwab veteran to execute grab for next $6 billion of AUA at Stratos

Lou Camacho will pursue goal of $600 million a quarter in new assets on behalf of OSJ that wants much more inorganic growth

October 5, 2018 at 7:40 PM


Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Private Advisor Group
Specialized Breakaway Service, RIA-Friendly Broker-Dealer, RIA Serving Other RIAs
Top Executive: RJ Moore, Chief Executive Officer



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