Greenwich, CT (PRWEB) October 31, 2008
Advisors at big firms have seen their incentive packages disintegrate in this year and many are using this opportunity to make the jump to independence. As a result, firms like Belray Asset Management, a Greenwich, CT based independent Investment Advisor, are looking to recruit Advisors.
President of Belray Asset Management, Gregory H. Skidmore, believes that clients will be the biggest beneficiaries of more independent investment advisors.
"Clients deserve independent and unbiased advice. Most advisors want to provide this, but have traditionally been married to their firm by incentive packages. The market meltdown has removed these handcuffs."
Sweetening the deal, advisors say they are getting better compensation as independent advisors. When Greg Skidmore advised clients at Smith Barney, he earned around 40% of the revenue produced. Now as an independent advisor he receives around 60% of the revenue he produces.
Philip M. Skidmore, Chairman and Chief Economist at Belray Asset Management, believes the bureaucracy associated with big firms frustrates clients and advisors alike.
"Being a client with a large firm like Merrill or Smith Barney can be frustrating during these difficult times. Advisors have significant compliance barriers that limit their communications with clients. We're gaining clients from the big firms because their advisors did not communicate with them enough."
So what types of advisors are suited for the independent path? According to Greg Skidmore,
"Advisors or Brokers who are looking to give unbiased advice love being independent. They also have to be a little entrepreneurial in nature because they will wear a few more hats. Most importantly they need to have a loyal client base who is willing to follow them through the change."
Is the process difficult? Phil Skidmore believes advisors will be surprised by the ease of the move.
"Traditionally about 70% to 80% of an advisors' clients will follow them to a new firm. Furthermore many of the custodians like Schwab Institutional are in a competitive business and their back office services trump anything I've seen over my career at large firms. Most importantly, if they join a firm that is already established like ours they'll have two layers of people doing more than they can imagine to help the process. Making the switch to a independent firm is a no brainer."
Belray Asset Management is a Registered Investment Advisor based in Greenwich, CT.
Brokers/Advisors who are interested in learning more about becoming an advisor should contact Greg Skidmore at (203) 629-3300 or firstname.lastname@example.org. Belray Asset Management utilizes Schwab Institutional's custody services, but is unaffiliated with them.
This press release is issued by Belray Asset Management LLC to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. Belray Asset Management, 125 Greenwich Avenue, Greenwich, Connecticut 06830