For 18 years, I dedicated myself to serving clients at Merrill Lynch. Like many advisors trying to grow their practice, I routinely worked long hours and weekends, striving to grow my business and serve my clients. During my tenure, I became one of the fastest-growing advisors in Colorado, expanding my assets under management from nothing to over $800 million. While many firms approached me over the years, I remained committed to Merrill Lynch, believing it was the right environment for my clients.
However, the challenges of 2020, including the shift in the dynamics of client relationships due to COVID, prompted me to re-evaluate my position. My goal was simple: to find a setting that would best serve my clients’ evolving needs.
Rockefeller Capital Management, known for its aggressive recruitment of experienced advisors, approached me. They promised an environment that combined the benefits of independence with the backing of a robust broker-dealer infrastructure. Many of their management team were ex-Merrill staff, so they assured me that the transition from Merrill to Rockefeller would be smooth and efficient, based on their promised support levels.
However, my experience post-transition was far from smooth. The service philosophy I prided myself on – under-promising and over-delivering – was compromised. We made promises to my clients about the transition and then didn’t have the support to meet those promises. And in July 2022, a mere 4.5 months after joining, Rockefeller terminated my contract on grounds of unauthorized trading and alleged loss of confidence. I deny these claims. I never harmed a client, and I have spoken to my clients to make sure they know the truth behind the situation.
The abrupt termination left many of my clients, who had moved trusting my judgment, in a state of shock. Moreover, Rockefeller initiated client solicitations soon after. They let me go coincidentally just as I was departing for a long-planned family trip to Jerusalem.
Fast forward to today, and I’m now with a new firm. Still, the struggle continues as Rockefeller endeavors to retain the clients I introduced. The upcoming arbitration process against them will be both time-consuming and costly.
My move to Rockefeller, in hindsight, has been a challenging chapter, both financially and emotionally. For those seeking insights or details about my experience, please don’t hesitate to reach out. It’s crucial to weigh the potential risks and rewards of any transition, and I hope my experience can guide others.
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