News & Articles
Is Flight to Independence the Reason Wirehouses are Leaving Protocol?
Financial Planning – May 22, 2018 | When we look back at this era of the financial planning profession, I think we’ll assign greater significance to a story that many advisors might have missed this year: the wirehouse industry’s sudden misgivings about its Broker Protocol.
The protocol, which now encompasses 1,750 financial services firms, was developed in 2004 for a very specific purpose, benefitting very few companies. Prior to the agreement, wirehouses recruited one another’s brokers and paid hefty upfront bonuses to lure them away – with, of course, their books of business. The brokerage world’s retention strategy was to have their attorneys file temporary restraining orders on anybody who left, preventing departing brokers from contacting their customers after they walked out the door. Read More
AdvisorBridge Appoints Jeffrey Whitaker as Director
AdvisorBridge is pleased to announce the appointment of Jeffrey L. Whitaker as Director. Jeff has been at the top of his field throughout his professional career and is now looking forward to placing professionals like himself in his role at AdvisorBridge.
His appointment follows a successful career as a wirehouse financial advisor. He brings with him not only a wealth of experience but also an outstanding track record compiled at some of the nation’s top financial firms. Jeff has transitioned into the executive search business to work with other professionals in the financial services industry to improve their level of satisfaction. He says that his goal is simple. “My focus is on finding and placing some of the most talented professionals with firms that have partnered with SearchTower,” he states.
Jeff began his brokerage career with Smith Barney, before moving on to Merrill Lynch and Wells Fargo Advisors. The relationships he forged along the way will prove invaluable for clients of SearchTower, as his extensive industry knowledge, valuable contacts and extraordinary coaching skills make him a successful partner in any firm’s search.
“It’s very satisfying to work with people who are so motivated to advance their careers and improve their lives, and to support them as they make positive transitions.”
In addition to his work with AdvisorBridge, Jeff is an active member of the community, the father of a 25-year-old daughter, an avid golfer and an ambassador for the United Network for Organ Sharing.
From the Wall Street Journal
- The Stocks Investors Are Putting Under the TreeShares of retailers including Victoria’s Secret and Foot Locker are surging despite mixed holiday updates.
- How to Use Industry ETFs to Ride Waves of MomentumResearch identifies the industry-focused ETFs that investors should buy during upswings and downturns.
- Hundreds of Stocks Have Fallen Below $1. They're Still Listed on Nasdaq.Investor-protection advocates say many belong to risky small companies that should be on the OTC market.
- Momentum Investing Has Struggled for 20 Years. Here's Why.A mutual-funds rating company changed its methodology over a decade ago, and that apparently has made all the difference.
- How Rising Profits Could Prevent the Economy From FalteringU.S. corporate coffers are growing again—making a recession less likely.