Two years ago, Smith Barney branch office manager Glenn Fischer was downsized.
In January 2009, after spending 18 years as a non-producing branch manager of then Smith Barney's Garden City, NY branch, which consistently ranked in the firm's top quintile, Fischer was asked to step down and move back into production.
Soon thereafter, the office became part of a larger complex now run by his former regional director.
Nine months later, in September, 2009, Fischer became the CEO and non-producing branch manager of Garden City-based New York Wealth Management Group, an independent firm affiliated with Raymond James Financial Services.
has a staff of 13, eight of whom are financial advisors, and he
oversees a combined total of more than $400 million in client assets.
"I believe you'll ultimately be seeing more branch managers doing what I did," says Fischer
"We've only begun to see the fallout from recent industry consolidation-like the mergers between Morgan Stanley and Smith Barney, Bank of America and Merrill and even Wells Fargo and Wachovia," he adds.
While Fischer and his partner Joseph Scotto put up 100 percent of the start-up costs, they are only keeping a 65 percent ownership stake.
"We want to give a piece of the business to my advisors, based on their production," says Fischer
earnings took a hit when he
initially went independent, but things are starting to turn around as his
firm continues its steady growth.
Scotto, who joined Fischer from the Smith Barney branch, continues to produce.
is back to doing what he
loves best: coaching and recruiting.
"I truly love doing what I'm doing now," he