Ric Edelman Shutting Down Independent Brokerage Unit To Focus On His Own Advisory Empire Hot

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Edelman is now well-known as the head of the wealth management firm that bears his name, but he spent close to a decade as a star producer at Royal Alliance.

 

He then went to Sanders Morris Harris and eventually grew his business to the point where it took over the company.

 

Now he's shutting down the SMH brokerage unit because it just "does not generate a return on sales equivalent to that which we enjoy in our core operations."

 

About 15 firms and 75 independent reps now have to decide where they want to go after SMH closes at the end of March.

 

Some might sell their practices to Edelman. The fate of the others is as yet unknown, but they will almost certainly be shopping for a new broker-dealer.

 

The business is on the small side, generating about $1 million for the parent company last year on a reported $800 million in assets.

 

Ric Edelman himself maintains his brokerage license through SMH. He says the opportunities to work with high-net-worth clients under his own brand are simply too "enormous" to distract his team any further.

 

does not generate a return on sales equivalent to that which we enjoy in our core operations

Read more: http://www.digitaljournal.com/pr/449663#ixzz1aZGU55dm

 

http://www.digitaljournal.com/pr/449663

 

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