The Unsupported Team was more than 70% fee-based. It felt neglected. The local branch management denied the team a junior broker to help them expand their practice. Plus, the senior partner was nearing retirement and was seeking to monetize his business. After reviewing the options at rival wirehouses and the independent channel, the team moved to a rival wirehouse that provided them with two junior brokers. The firm also ramped up its standard recruiting package to acknowledge the team’s growth-oriented, fee-based strategy.

Jonathan Acquisition was looking for a new source of growth for his practice, then grossing $750,000 on $125 million AUM. One path to growth: Joining forces with an older advisor, Henry O’Gray, who was preparing a succession plan. Mr. Gray was grossing $300,000 on assets of $30 million. The pair was friendly but couldn’t work out a mutually beneficial way to merge at the current firm. A new firm agreed to allow the pair to merge their businesses and paid them a recruiting bonus based on the joint production number. The younger advisor then used part of his recruiting bonus to structure a deal to acquire the book of the older advisor book within three years. Further, the new branch also had a number of older advisors whom the younger advisor could approach to strike succession deals, further helping his growth.

This father-son team had developed a fee-based practice driven by a thoughtful financial planning process. The Rodney Dangerfield duo couldn’t get any respect. The son boasted a raft of certifications: MBA, CFP, CHFC, and a CPA. But the branch manager didn’t understand the driving force behind their business and regularly assigned low-quality sales assistants or left them without support for long periods. A million-dollar team, they were cast as middle-of-the-road $500,000 producers. Mark Elzweig found a regional firm that appreciated the potential of this practice: They built a new office for them and deployed more than eight team members over a Thanksgiving weekend to help transition their books. The son got the regional firm's approval to put his CPA designation on his business card. They also sponsored client appreciation events and product specialists began accompanying them to client meetings. The business is growing at a fast clip and both father and son are happier as a valued, skilled team.

Maryanne Influencer had developed an extensive network within her local community and did not want to move when her firm announced plans to close the branch. She enjoyed strong relationships with accountants and other local centers of influence who were steady sources of client referrals. Mark Elzweig connected this advisor with an independent firm that enabled her to open his own branch in the same town. She quickly rolled out an upgraded website and has benefited from the firm's customized marketing capabilities. The new firm has superior technology and she has direct access to the firm's senior management – all of which is helping her to expand an already successful practice.

Sam Portfolio Manager operated had invested most of his clients’ assets in one of four model portfolios. Yet the wirehouse was taking 60% of his commissions – a hefty price for a seat at the table. He wasn't even using the firm’s research or models to run client money. We introduced Mack to a multi-custodial RIA that also handled his compliance, eliminating the need for him to hire his own compliance consultant. The RIA offered a state-of-the-art package of technology, including Salesforce for client management; Orion for portfolio accounting and rebalancing; financial planning software, as well as portfolio management capabilities through Envestnet. On top of that, they set up a catastrophic succession plan with considerable flexibility.

Joe Reputation wasn’t looking to make any changes. He was happy with his small independent broker dealer, home to 450 advisors. He had spent nine of his last 33 years at the firm. Unexpectedly, a new owner with a less than sterling balance sheet and reputation took over the firm. We found him another independent broker dealer with a solid capital base and superior resources and a better platform. He's now enjoying the new firm's mobile check deposit and e-signature capabilities. We've also connected him with the new firm's continuity and succession planning department so he can make provisions for his future and the future of his clients.

Leslie Transition saw the future and it wasn’t transaction-based wealth management. Her goal: to become a broker-as-portfolio-manager advisor. But her broker-dealer, a major independent firm, wasn’t interested in fostering the shift. She also didn’t have access to competent sales support to help her grow her business. It was difficult to find a firm that will allow a transactional advisor to suddenly shift into a discretionary fee-based format. We found her a regional firm that not only helped her make the shift but also offered a substantial recruiting package and sales support.

Peter Sellers was looking to exit the business. But most of the buyers he encountered weren’t interested in his transaction-based practice. They wanted a fee-based business. He had a nice amount of assets, but wasn’t growing much since he was planning to retire. We found him a buyer at a deep-pocketed independent firm that is paying him based on the AUM that he delivers to their firm. The deal offers flexibility: He can decide how long he'd like to continue to work and will be paid an initial salary and get a payout on gross. As an independent advisor, the proceeds from the sale will be taxed at the capital gains rate (much lower than the income tax rate) as long as he has been an independent business owner for at least one year before he sells.

The Excelsior Team catered to high net worth investors who had an interest in diversifying their portfolios with alternatives and private equity and needed other services like lending. But they didn’t have these resources at their current firm and the technology was lagging. We introduced the Excelsior Team to a major wirehouse with an impressive menu in their areas of interest and a robust staff of product specialists to help them close new business. And the new firm helped cut overhead: The head of the team had been paying part of the salaries of team members out of his own pocket. The new firm picked up many of these expenses through its programs to provide high end producers with junior brokers and in some cases, broker trainees. At the end of their first month with new firm, the team’s assets had increased. For the first time, the team was able to offer new services, including mortgage loans.