Lehman Brothers, Bank of America, Merrill Lynch Confirm Our Trends

What happens to the financial advisors and clients of Lehman Brothers and Merrill Lynch? We have said for some time that the financial service industry has a broken business model. We have also stated that financial advisors and their clients are at the mercy of management, especially if those advisors don't run their employee practice like they are a business owner. If your firm went under, could you move your clients and pick up quickly? Financial advisors no longer are individuals that work with clients and generate production. Every advisor is a business model that should be able to stand on their own regardless of the corporate heaquarter's direction. Those advisors who go through a merger process can confirm that the acquiring firm will usually bring in their technology or new account numbering system and operations. At fiSMART, we show financial advisors how to run their practice like a business regardless of whether they are an independent fianancial advisor or an employee advisor at a major bank or wire house. Read more about our solutions here.