He notices a difference, particularly in prospecting clients. The discussions with new clients are shorter now because they are more comfortable with the well-known name of UBS. Independent shops can't compete with the technology and products of big brokerage firms, he said.
Most of the big brokerages also have retail banking operations now, irking some advisors. But John Calandro, a Merrill Lynch advisor in Dallas, says he now appreciates having banking components to offer clients. Calandro was independent for 33 years before moving to Merrill Lynch in May 2009. "No matter how you look at it, banking deepens relationships with clients," he said.
Calandro's staff was shocked when he announced his move. He too was hesitant to join Merrill Lynch, especially because it had just been acquired by Bank of America Corp. But many independent firms appeared shaky as he looked to make a move, with problems such as having issues with capital. "Even the ones that were surviving looked risky," he said.
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