Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine

Independent RIAs are realizing that they need to offer more services to survive. Emigrant has the capital and experience to provide these services. I hope Emigrant leverages the great work that Hurley and his team have done over the last 13 years. They might need to be updated to the new realities of the industry, but many of the Hurley white paper topics remain relevant.

While it will take some adjusting for the underlying FN firms who, in addition to FN's capital support, reportedly genuinely valued their "thinking" partnership with Mark, the possibilities for Emigrant are intriguing. They may be the best kept secret in wealth management, particularly for a host of specialty credit services they've provided for many years to operating business owners and the ultra HNW segment; services most RIAs cannot provide. Stay tuned.

More often than not, anyone is replaceable even CEOs; no matter how smart, charismatic, or prolific their profile has been. It is the hallmark of having built a good business: It can operate, endure, and prosper into the future not reliant on any one single person. No doubt we haven’t seen the last of Mark Hurley he will find success in another endeavor. But looking forward to see Fiduciary Network go to new heights and new identity in the marketplace with Karl Heckenberg taking the reins