Heavyweight Securities America Producer Jumps Ship To Upstart Geneos

Tuesday, July 05, 2011 06:24
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Heavyweight Securities America Producer Jumps Ship To Upstart Geneos

Tags: breakaway brokers

Months of recruiter speculation have come true as one of Securities America's top brokers has left the fold for a new relationship with relatively obscure Colorado broker-dealer Geneos.

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Miami-based Marc Silverman grew into one of Securities America's top advisors in his 14 years there, generating over $2.5 million in annual revenue on client assets worth $250 million.

 

However, his once active website is now "under construction" and there are reports -- confirmed by his FINRA records -- that he's jumped to advisor-owned Geneos Wealth Management for his brokerage firm.

 

At Geneos, Silverman will be a very big fish indeed, contributing 4% of the 230-advisor firm's overall revenue and blowing out the curve on everything from book size to return on AUM.

 

As it is, Geneos is relatively elite in the independent broker-dealer world. On average, its reps manage $31 million apiece and generate a healthy $255,000 a year in revenue.

 

The firm aims to cap its growth at 500 advisors.

 

Securities America is portraying this simply as the next professional step for Silverman, and not anything to do with the firm's ongoing negotiations with as-yet-unknown buyers.

 

 

 

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