This Firm is Not for Sale

A few years ago (ok, maybe more than a “few”) the CEO of an American firm at which I was plying my trade sat at his rather large desk, located in his rather large office, looked me straight in the eye and thundered, “this firm is not for sale! We are committed to this market and the people who believe in our value position! “ With that (along with fervent dismissals of rumours circulating to the contrary), I took that message to my brokers and supporting staff. All was well in the kingdom, until later that afternoon when I saw the committed CEO get into a limousine with a CEO of another firm. The next day – surprise, surprise – the financial headlines indicated that the company had been sold (down the river, so to speak)!

My name is Brian Curry and I have been in the securities industry for about forty years. The above tale is not uncommon in this industry and will probably resonate with many IA’s who’ve experienced similar fates over the course of their careers. It is sad to know that when the firm decides to sell (even after reaffirming their “commitment” to the IA), that it is the brokers and the support staff who bear the brunt of the betrayal and are plunged into the icy waters of financial reality. When the IAs read the headlines “buying assets”, they realize that THEY are the assets being bought and their CLIENTS are what’s being sold. It is unfortunate that the human element involved in these transactions are all but lost in the eyes and minds of the “powers that be.” The support staff fears whether or not they will be accommodated in the new structure and the brokers wonder if they will be viewed as poor cousins in the expanded sales force. Finally, the branch managers must contemplate a cultural down-shift as sales managers in the “new environment”.

The independence that you thought you had in hand has just been passed over as an obligation to a new buyer. There may be a bauble or two to ease the pain from that nasty cut in you back but, the band aide effect will soon wear off. Perhaps it’s time for you and your staff to move to a platform that truly allows you to obtain independence, ownership and control, such as a Principal/ Agent model. This structure is offered by established and recognized IIROC firms and it puts you in the driver’s seat. It provides your business, your payout and your clients the peace of mind in knowing that the only one who can put up a “for sale” sign, is you.

I’ve created the Curry-Henry Group to help navigate IA’s in to the right Firm, with the right structure. I know the phones will be ringing, the lunches will be served and the executive tour will be in the offing but, you should consult with us before you decide to sign on to another “commitment”. We will guide you through the tough and thorough decision making process. We will ask you the right questions to determine if you’d like to run your business either within a banking structure, as an independent, or within a principal/agent model. When you are ready to make your move, we will navigate you through the voyage, from beginning to end. Let us guide you “home”, once and for all.

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