I had dinner in Manhattan recently with three advisers, all friends, who are now at three different firms. All three are at or close to the million dollar level. One of them was a long time contact of mine and he introduced me to the others. They came from three different types of firms, even three different sizes of offices.
Regional Firm Broker: “I hate my manager.”
Boutique Firm Adviser: “My manager is a good guy. He just has zero impact on my life every day. I don't know what he does really, but when I have a problem he steers me to the right place. After seeing the same problems a couple of times, I go to those places directly and I need him less.”
Wirehouse Adviser: “What's a branch manager?”
[General laughter. We've all had a few drinks.]
Sarch: “What do you mean?”
Wirehouse Adviser: “You get recruited by your branch manager, right? But now he runs three different offices. His attention is just too diverted. I think he's a complex manager now. Certain decisions just can't be made without his stamp of approval and he only has so much time in the day. I thought he would be a coach who would make a difference in my business over time, but it hasn't worked out that way. He's just looking for his next recruit.”
Sarch: “Regional Broker, why do you hate your manager?”
Regional Firm Broker: “He's just useless. He doesn't clear up problems, he doesn't help me to do business, he doesn't create an atmosphere which makes it fun to do business. But my assistant and the back office staff are great.”
Boutique Firm Adviser: “Sarch, you need to find us a place where the deals are amazing, the branch manager is a stud who clears up problems and helps you build, the payout is great, there's great syndicate, lead flow coming from the top, an amazing fun place to work, and the firm has an unblemished reputation.”
Sarch: “I'd like to have my hair grow back into the afro I had in High School, be 6 feet tall and pitch for the Mets.”
[More laughter]
Wirehouse Adviser: “So what are our choices and trade-offs? None of us are happy. That's why we're sitting here with you.”
Next week: Dinner, Part 2.