Stitcher for Podcasts

Get the App Open App
Bummer! You're not a
Stitcher Premium subscriber yet.
Learn More
Start Free Trial
$4.99/Month after free trial

Episode Info

Episode Info: A special episode with guest Vince Fertitta, Merrill breakaway executive, now President of Sanctuary Wealth. After months of rumors, the day finally arrived: Merrill Lynch released details on their enhanced Client Transition Program or CTP. At face value, it is an honest attempt by Merrill to acknowledge the attrition they’ve experienced – especially among elite advisors – and a way of making their retiring advisor program more competitive. To be fair, the details around the enhancement can be compelling for a senior advisor who has every intention of retiring from Merrill through CTP because the program will now pay him more to do what he was going to do anyway. But it is the next gen advisors, teams and clients who are most at risk—because the quid pro quo of better retirement economics for senior advisors is that it comes attached to a 7- to 9-year commitment to the firm (plus strict non-solicit provisions) for the inheriting team. So what? Why should you care? What does this really mean for all Merrill advisors going forward—whether you’re a senior advisor pondering retirement, the next gen inheritor of a business, or none of the above? Vince Fertitta, recent Merrill breakaway executive who is now President of Sanctuary Wealth, joins the show to answer those questions and more, drawing from his experience of over two decades with the firm. In this episode, Mindy and Vince explore: What the “Client Transition Program” or CTP really is—and how it impacts retiring advisors, their next gen and their clients. Who will benefit most from enhanced CTP—and what are the risks of signing on, now or in the future. What it means to lose “optionality”—and what the next gen inheritors need to be aware of. And the major concern that many advisors have: That programs like this represent another move closer toward a salary bonus model—where advisors go from being free-will or at-will employees to salaried private bankers. It’s an important episode—one that all Merrill advisors should listen to. Related Resources When Faced with a “Retention Deal,” Merrill Advisors Will Have 3 Options The conversation around a highly anticipated “retention deal” from Merrill Lynch has advisors wondering, “If I get the offer, what should I do?” Read-> What’s Changing at the Wirehouses—and Why You Need to Pay Attention As firms cut back on recruiting and amp up their retention efforts, the balance of power shifts further and further away from the advisors—diminishing leverage, business value and opportunity, and leading down a path that advisors fear most. Read-> Is Deferred Compensation Holding You Captive? 3 options for advisors who are feeling the ever-tightening squeeze of their firms’ “golden handcuffs.” Read->     About Vince Fertitta:  Vince Fertitta is the President of Wealth Management at Sanctuary Wealth. A 27-year wealth management industry veteran, Vince was most recently one of six Division Execut...
Read more »

Discover more stories like this.

Like Stitcher On Facebook


Episode Options

Listen Whenever

Similar Episodes

Related Episodes