After spending 28 years working at wirehouses, Glenn Fischer
was ready for a change, but he
certainly didn't want to change everything.
What's more, he
wanted to be bigger than everyone else in the independent channel.
Enter New York Wealth Management
, a new advisory firm affiliated with Raymond James Financial Services Inc.
, that Fischer-a former Smith Barney branch manager-just opened last week in Garden City, N.Y.
and three other financial advisors are catering to wealthy individuals.
hopes to eventually attract more than 20 financial advisors that are also tired of the "red tape at the wirehouses."
Though it opened with approximately $200 million in client assets, Fischer
expects this to become, eventually, one of Raymond James'
"We want to be a multi-billion dollar firm and we expect to be there in a couple years," he
"We have a great pipeline of advisors that are interested in joining us.
We want to be choosy in how we hire."
Fischer was a branch manager for Smith Barney for 23 years until January.
merged its Smith Barney
unit with Morgan Stanley
to create Morgan Stanley Smith Barney
, many veteran advisors began to be squeezed out.
But, Fischer continued to work for the merged entity as an advisor until September when he left to begin assembling his own advisory firm.
"After working at the wirehouses for my entire career, I thought that there must be a better way to do business," he
"The wirehouse environment provides a lot of products, services and resources that are difficult for the independent business model to compete with, but by working with Raymond James I
am hoping to find a happy medium and be able to provide the best of both worlds."
Raymond James Financial Services
is an independent advisory firm with more than 3,300 independent advisors in 2,000 offices nationally.
's new office has four advisors, including Fischer and two other former Smith Barney
advisors-Joseph Scotto, a 26-year veteran, and Vincent Lopes.
"I expect a lot more folks are going to follow from the wirehouses that are interested in going independent," Fischer
"The wirehouse isn't everything it is cut out to be.
You are expected to manage a lot of things other than clients.
Right now, everyone is ringing my phone."
But, the transition from a wirehouse to an independent channel can be difficult because often advisors have a difficult time balancing developing their practice and managing the business, Fischer
As far as competing in the New York market, Fischer
"I don't think we have competition in this model," he
"There are other independents out there, certainly, but we are opening an elite office and attracting top advisors.
Our biggest competition is going to be the wirehouses.
We plan to provide services to our advisors that are unlike what you would find at the typical independent advisor."
In terms of the products and services, Fischer
said, "Raymond James
has all of the products that a full-service wirehouse has.
hopes to attract 'experienced producers' that are interested in continuing to build their business.
"We don't want to just hire anybody," he
"There are a lot of people that that have been in this business for 25 years and they have $250,000 in assets and they are just not going to do any more than that.
We want people that want to grow.
We will take lower-end producers that are just starting to develop a proven track record."
expects to have 20 advisors within a couple years, but he
isn't in a rush.
"We are funded sufficiently so we can be selective," he
New York Wealth Management has opened an office with 10,000 square feet of newly renovated space in the Country Life Press professional building in Garden City.
"We are offering a top-of-the-line atmosphere for our advisors and their clients," Fischer