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What Andy Sieg exit means for advisors at Merrill and Citi
The unexpected departure of Merrill Prosperity Management’s president, Andy Sieg, final 7 days for Citigroup offers Merrill advisors an opening to hope for modifications they experienced extended requested for underneath their former leader, market recruiters and consultants advised Monetary Scheduling. But individuals hopes are likely to be quick-lived, as the significantly less-knowledgeable leaders replacing Sieg facial area an uphill battle to improve morale at a firm that is routinely bled leading talent to competitors. “You can find heading to be a wait-and-see that’s likely to very last 60, 90 days,” Phil Waxelbaum, an industry recruiter who is the founder and principal at Masada Consulting, mentioned in an interview, referring to…
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What the Silicon Valley Bank collapse means for climate tech
A view of Silicon Valley Bank headquarters in Santa Clara, CA, after the federal government intervened upon the bankâs collapse, on March 13, 2023. Nikolas Liepins | Anadolu Agency | Getty Images Silicon Valley Bank was the go-to bank for startups seeking bankers who understood the startup life and balance sheets. That was especially true for the cohort of startups being built and scaled to address climate change. After a very stressful weekend for many startup founders and investors, banking regulators hatched a plan to backstop SVB’s deposits, ensuring that depositors won’t lose their money. Founded in 1983 specifically to help startups, SVB had a strong and established business in…
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What the proposed ban on noncompete clauses means to a top advisor
Ted Jenkin signed a noncompete arrangement when he sold his economic advisory apply in 2019. Resource: Ted Jenkin When certified monetary planner Ted Jenkin offered his monetary advisory follow in 2019, he signed a nonsolicit and noncompete agreement that prohibited him from having shoppers from the company for 5 years — or from getting any other career in the market, anyplace in the region. “When you sell a enterprise, mostly you are selling customers or ideas, but for you not to be able to do the work in this business enterprise can make no pragmatic feeling whatsoever,” he explained. “It is crazy.” Bound by this clause, Jenkin, who is a…
