Hybrid RIA Washington Wealth Aggressively Hunting Disgruntled Branch Managers

Tuesday, May 31, 2011 06:20
edit
Hybrid RIA Washington Wealth Aggressively Hunting Disgruntled Branch Managers

Tags: breakaway brokers | recruiting | registered investment advisors

If the wirehouses are busy jettisoning their regional managers, Washington Wealth is eager to give those reps a new home -- and a hybrid RIA platform to work with.

This Website Is For Financial Professionals Only


 

Tony Sirianni, formerly Morgan Stanley's D.C. branch manager, started the company back in December but has already grown it to three offices doing about $3.5 million in annualized production.

 

He recently lured John Simmons, ex-Morgan Stanley branch manager for San Diego, as the company's president.

 

Sirianni claims that Morgan Stanley and other wirehouses have "devalued" their management teams, making them prime for recruitment.

 

While there may be something in that, it's also true that after the industry consolidation of 2008-9 there are simply a lot fewer branches out there to manage, which means a lot of branch managers have been let go.

 

Either way, it's a smart targeted recruitment policy.

Comments (2)

...
brentb843
Can you please explain what is a hyrbid RIA? Did you just make something up or has the SEC passed a new regulation we all missed? Brent
brentb843 , June 06, 2011
...
ScottMartin
Hey Brent -- if I had time to make things up, I'd probably be making big marketing bucks elsewhere. I just report this stuff.

The "hybrid" advisor is the new craze in the industry: dual registration. Schwab's been pushing it for years and Fidelity has spent the last few months retooling its push in that direction as well.
ScottMartin , June 06, 2011

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy