And I did, i laughed at my friends who went to Smith Barney from Morgan Stanley, complaining about Morgan Stanley. Then they merged. Eggs, anyone? Now, face me. Or worse, go from Morgan Stanley to UBS. And watch your new bank implode. I’m just going to mention Merrill too. And Wachovia.
How do you face a client after that snafu?
That’s why I left. They really are all the same at the end of the day. A bunch of antiquated firms selling you investment banking bio-waste. And I was never going to change it.
That being said… when you do see the synergies you should do it.
As the landscape stands now, I see a ton of M&A work for the independent advisory world. And I’m really surprised more isn’t being said about the Reformed Broker/Ritholtz merger. This is a huge content play people.
They are genius. Together? Monsters of genius.
And when SEI investments will take 25-50 million in assets from advisors looking for a home, you know a tectonic shift is happening. Money is moving out of the wirehouses. And it will be led by the advisors. No question. Truly, most of wall street is just waiting for a unified platform to operate on.
Don’t you agree?