Schorsch Shoots for 20,000 Advisors

We’ve all seen this movie before back in 2009 when Morgan Stanley merged with Smith Barney.  The new firm’s 20,000 advisors soon  began to butt heads as they tripped all over each others’ accounts.  Suddenly prospecting at the local country club got a lot tougher.  Advisor departures followed. Time to see how the merger of six different firms works out:

Larry Roth, the new head of Nicholas Schorsch’s burgeoning independent broker-dealer network, said he expects to have 20,000 brokers on board within five years, which could make it the largest such firm in the country.

Larry Roth wants to double Schorsch’s  B-D network

For more info on the merger, see my last post in which I explain that the merger won’t effect YOUR job.

About Mark Elzweig

I am an executive search recruiter with an inside track on financial advisors, the asset management industry, and Wall Street. My work has appeared in numerous publications including On Wall Street,AdvisorOne, and Fund Fire. Journalists regularly seek me out, so you catch my bon mots in The Wall Street Journal, Research Magazine, Reuters, and more. You can follow me on Twitter @elzweig or you can reach me directly at 212-685-7070 or elzweig@elzweig.com.
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