About Jeff Nash

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So far Jeff Nash has created 77 blog entries.

A Tale of Two Rules


Independent financial advisors have their hands full. On top of market, geo-political, economic and industry headwinds and anxious clients, the community is contending with two potentially paradigm-shifting scenarios: one regulatory, the other legislative. Both have been on the industry’s radar. Both have prompted push back. The first, FINRA Rule 4111 is a done deal, with a new reporting element that’s taking effect June 1, 2023. The other, revisiting the PRO Act’s independent contractor rules, has some runway before adoption – as well as the possibility of dialing back the disruption. Let’s see where we are right now and what they mean to the independent advisor space. The 411 on FINRA Rule 4111 On January 1, 2022, FINRA Rule 4111 became effective. The Rule’s intent is to protect investors by identifying firms with a history of misconduct (“Restricted Firms”) and subjecting those firms to certain obligations. Such obligations include depositing cash or [...]

A Tale of Two Rules2023-06-01T02:19:53-04:00

In the Spring, the Grass IS Actually Greener…


Spring has been called the season of new beginnings. So, it’s not surprising this time of year gets people thinking about switching things up on the professional front. It’s a big decision, no matter who you are; But, if you are a financial advisor, making a move to a new firm or business model can be particularly complicated. There are many constituents who’ll be impacted, including the advisor’s team and clients. And there are many options to consider. I thought it might be interesting to run through a hypothetical scenario to discuss all that goes into the assessment. Let’s take a look at Stanley Lynch, an advisor at one of the large wirehouses. He’s been in the business for over two decades and has earned the trappings of success that accompany hard work and commitment: $450 million AUM, with $3.5 million in annual revenue, most of it recurring. He’s got a [...]

In the Spring, the Grass IS Actually Greener…2023-05-01T12:35:39-04:00

Is Sieg’s Departure ‘Beginning of the End’ for Merrill’s Thundering Herd?


Is Sieg’s Departure ‘Beginning of the End’ for Merrill’s Thundering Herd?By Jeff Berman, ThinkAdvisorApril 3, 2023 The news that Andy Sieg — head of Bank of America Merrill Wealth Management since 2017 — left the firm Thursday to become chief of Citigroup’s Global Wealth unit is begging the question of what’s next for Merrill’s financial advisors and the brand itself, says Jeff Nash, CEO of BridgeMark Strategies. Plus, Merrill could see many of its advisors move to other firms with Sieg’s departure, as the overall weakening of the wirehouse channel continues, predicts Nash, who worked as an LPL Financial executive from 1999 to 2012. This is because Sieg was also “widely viewed by the [19,273] financial advisors across Merrill [and BofA] as a top leader who really had their backs and advocated for the wealth management business with the broader organization,” according to Nash, who runs a Charlotte, North Carolina-based consultancy [...]

Is Sieg’s Departure ‘Beginning of the End’ for Merrill’s Thundering Herd?2023-04-04T17:06:40-04:00

The Valuation Equation: How Does it All Add Up?


Businesses everywhere – including financial advisory firms – are contending with market volatility, economic upheaval and the rising cost of capital. This environment exacerbates the difficulties for financial advisors contemplating a sale and looking to go to market with a proper valuation on their practices. There have always been challenges to sticking the landing on valuation. However, just as business models have evolved, so have the approaches for valuing them. Despite the macro-obstacles, there is no shortage of buyers anxious to scoop up a strong business. And, with an aging advisor demographic, increasing regulatory burdens and compressed fee frameworks, there is no shortage of sellers looking to extract value from their practice. There’s not a shortage of acronyms in play during the valuation process, either: EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization EBOC – Earnings Before Owner Compensation DCF – Discounted Cash Flow There are other approaches to [...]

The Valuation Equation: How Does it All Add Up?2023-04-01T13:41:43-04:00

If Money Talks, Does Equity Talk Louder to Transitioning Advisors?


The ongoing pursuit of inorganic growth has transformed the conversations and expectations between financial advisors looking to transition and the aggregators/wealth management firms competing for their businesses. One important consequence of this shift: the growing role of offering an equity stake in a firm as a selling point to lure top advisor talent. In this increasingly competitive recruiting environment, it’s become readily apparent that firms hoping to attract quality financial advisors need creative compensation, and offering equity is a popular option among innovative players in the space. So, the question becomes: Are the “show me the money” days waning in the face of rising RIA consolidation and an aging advisor population? Indications are “yes.” Here’s why. Equity is a compelling enticement, offering advisors an opportunity for substantial wealth creation down the road. In particular, IARs with a shorter runway in the industry will view owning their book of business in [...]

If Money Talks, Does Equity Talk Louder to Transitioning Advisors?2023-02-22T21:22:29-05:00

SEC Marketing Rule Insights for Advisors


According to a survey from Wealth Management, 78% of advisors listed advertising and marketing as the “hottest compliance topic” of 2022. Of course, as a registered investment advisor (RIA), you already understand the importance of staying up to date with SEC compliance. Although “compliance” is one of the least fun topics when it comes to business, the good news is that it’s relatively easy to develop a compliant marketing plan. As yoHOMEu build your brand and seek new clients, here are a few SEC marketing rule insights for advisors to keep in mind. What Is the SEC Marketing Rule? The SEC’s Advertising Rule 206(4)-1 dates back to 1961. But, with the advent of web-based technologies and digital marketing platforms, the advertising landscape has changed dramatically si