Hi Towerpoint,


Welcome to the first edition of The Independent, our new monthly newsletter dedicated to providing Sacramento-area financial advisors with timely and cutting-edge wealth management industry-specific news, content, and information that focuses on the benefits and considerations associated with independence.


Of all the moves made by financial advisors in 2019 - according to industry recruiter Diamond Consultants - only 16% were wirehouse-to-wirehouse transitions. A full 38% chose quasi-independence, and a remarkable 46% went the route of full independence. Wealth and financial advisors know it, and each of the major Wall Street wirehouses do as well. Independence is no longer a trend, but a full-blown movement:

After spending 18 years at a major Wall Street wirehouse, we have been "unshackled" and are fully independent here at Towerpoint Wealth for almost three years now. Releasing The Independent represents another step in the leadership position we have taken in the greater Sacramento-area, educating the financial advisor community on the many facets of becoming independent, as well as managing and operating an independent wealth management practice. And, we are always looking to meet advisors and teams looking to explore independence, and firms looking to gain scale via M&A.


Recognizing that time is valuable and content is king, we will source only the most topical, useful, and interesting stories associated with being a financial advisor in Sacramento for you to peruse once a month.


In the inaugural edition of The Independent you will find:

  • Podcast: Go Independent Without Building It All Yourself
  • Anywhere But Here: Why Wirehouse Advisors Jump to Other Channels
  • Potential Pay Cuts Abound in Wirehouse 2020 Comp Plans
  • Merrill Lynch's Carrot-and-Stick Grid Cuts Pay for 33% of its Advisors
  • As Wirehouses Change, the Advisor is No Longer King
  • Wells Fargo Doubles Minimum Requirement for Account Fee Waiver
  • The Legal Risks of Failing to Disclose Up-Front Bonuses
  • SEC Charges Sacramento-area Financial Adviser and Radio Host Keith Springer with Fraud

As you know, if it was easy being a financial advisor, everybody would do it, because it is truly a great job. But, understanding how difficult it is to manage our clients, our practices, our emotions, our employers (if you are a "W-2er"), and our professional options, we aim to have The Independent be a small but consistent resource in your busy lives.


We encourage you to forward The Independent to any colleagues of yours who would enjoy or benefit from it, and also encourage you to connect with us on social media - we would like to hear what is on your mind!

  • Please click the "thumbs up" icon on our homepage to join us our community on Facebook:


  • Click HERE to connect with us on LinkedIn
  • Click HERE to follow us on Twitter
  • Click HERE to follow us on Instagram

Finally, if you have feedback or suggestions regarding other interesting local or national topics, please email us at info@towerpointwealth.com. We look forward to being a resource for you and getting to know you better.


Joseph Eschleman, President

Towerpoint Wealth, LLC

Sacramento, CA

Est. 2017


 
 
 
Independence
 
 
And be certain to listen to the end, where Steph talks about how, if she'd do it all over again, she would have taken the leap even sooner!
 
 
Read Story
 
 
Wirehouses continue to lose advisors, and the teams that defect are only getting bigger and in control of more client assets. Average advisor headcount at the wirehouses fell 2.3%, the la...
 
 
Read Story
 
 
 
 
 
Wirehouse News
 
 
Now that the industry has absorbed the announced 2020 advisor compensation plans of Merrill Lynch , Morgan Stanley , UBS and Wells Fargo, one conclusion resounds among recruiters. Advisor...
 
 
Read Story
 
 
Nearly one-third of Merrill Lynch's advisors suffered cuts in their pay because of the carrot-and-stick compensation grid the firm implemented in 2019. Merrill Lynch's advisor roster shr...
 
 
Read Story
 
 
As firms drive toward greater profitability and workforce retention, a new environment has developed-one where advisors have far less control over their business lives.
 
 
Read Story
 
 
Wells Fargo shows less love for smaller accounts, once again. The wirehouse confirmed this week that it would double the asset threshold clients need to avoid annual account fees. Startin...
 
 
Read Story
 
 
 
 
 
Compliance / Legal News
 
 
Advisors who take an up-front transition check without disclosing it to clients face potential legal and regulatory downside risks.
 
 
Read Story
 
 
Sacramento radio show host and financial adviser Keith Springer, whose show "Smart Money" airs weekends on KFBK, said that allegations of fraud filed against him by the Securities and Exc...
 
 
Read Story