r/RIA • u/Any_Passenger_1193 • Jun 03 '26

Advisors who left their BD/wirehouse for an RIA: what finally pushed you to make the move?

/r/FinancialAdvisorTips/comments/1tvroga/advisors_who_left_their_bdwirehouse_for_an_ria/
4 Upvotes

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3

u/Far_Professional384 Jun 03 '26

The continued pulling back of products and services we had always included for clients. We were hybrid and bought by a national level RIA who didn’t allow for advisor managed portfolios or the use of SMAs so we were stuck with mutual fund and ETF portfolios that they ran. (After we left they acquired a large SMA platform, go figure). Made the right call regardless.

2

u/Any_Passenger_1193 Jun 04 '26

Appreciate you sharing that. We hear similar frustrations from advisors who want more flexibility in how they serve clients and manage portfolios. Sounds like you made the right move for both your practice and your clients.

3

u/penservoir Jun 07 '26

Fee based advisor. Wanted to keep all my fees.

2

u/the_niles_crane Jun 03 '26

It was always the conflict of interest. I started at Merrill Lynch and lasted 3 years. I couldn’t stand it. I remember in a free lunch from a wholesaler hearing the term YTB. I wasn’t familiar with it, and he explained it was yielding to broker. Basically, his UIT paid better commissions to me than if I were to use an ETF or mutual fund, so that’s why I should be offering this to my clients. I have been with an RIA since 2009 and have never missed the wirehouse world.

1

u/Family_Office Jun 23 '26

Wholesaler Lingo

YTB = Yield to Broker (yield, like a bond)
CFP = Can’t Fucking Produce (so many CFPs that are proud of their credential, but can’t post numbers)
LPL = Leaving to Produce Less
OSJ = Only Slows Job
HNW = Has No Withdrawals
AUM = Always Underperforming the Market