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13.02.2015 admin
Prices are rising for independent brokers because of demand from investors and other firms, while supply is low because advisers have made steady money through a five-year bull market and are waiting to sell.
For Jim Pratt-Heaney and Bill Lomas, two longtime brokers who left Merrill Lynch in 2008 to found Connecticut registered investment advisory group LLBH Private Wealth Management, the financial benefits were key.
Steven Dudash, a broker who left Merrill with a team of five in June to launch IHT Wealth Management, said he planned to buy businesses of retiring Chicago area advisers. Merrill changed its policies to let retiring brokers stay on as senior consultants for a period of time they determine.
Still, not every broker who goes independent is prepared to start running a business after a lifetime of being an employee, said Mark Tibergien, chief executive officer of BNY Mellon's brokerage Pershing Advisor Solutions, and a long time expert on the financial advice business.


In late April, a few hundred of Morgan Stanley's top stockbrokers and their spouses jetted off to Hawaii for a gathering spiced with golf, deep-sea fishing and suntanning. The floor brokers, specialists and designated market-makers (DMMs) on the trading floor are the face of Wall Street, constantly appearing in photographs, newspapers and on financial television. So a broker with a $750,000 annual book could sell for at least $1.5 million, using the lower multiple.
Capital gains taxes top out at 20 percent, so the broker could walk away with at least $1.2 million.
In his first few weeks of business, he has already fielded calls from interested brokers at all the four biggest brokerages, among others.


The amount is usually paid out over three or four years, as long as the broker's clients stay with the firm, and the money is considered salary and subject to federal, state and local income taxes. And, perhaps more importantly, cash flow continues to grow so companies have flexibility to either increase dividends or buy back stock.



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