Interview with RIA Biz Magazine in December 2010.

1. 12/28/2010 Two IBDs aiming to aid a combined 30…
– http://www.riabiz.com/a/4611115
Two IBDs aiming to aid a combined 300-400
advisors in next several years join Broker
Protocol
Geographic expansion on tap for one; the other now looks to wirehouses
for recruiting
Tuesday 12.7.10 by by Matt Robinson
Two fast-growing independent broker-dealers have joined the Broker Protocol, with
Another new Protocol member:
Tony Fiorillo aims to close an
plans to add a combined 300-400 advisors over the next several years.
acquisition that will quadruple
the size of his firm in the first The IBDs are attracting wirehouse advisors that want to retain commission business,
quarter.
as well as insurance agents and fee-only advisors who want to broaden their
businesses.
As the number of companies signed on to the protocol swells, becoming a signatory becomes ever-more-attractive
for existing firms in expansion mode.
The protocol is a no-fault recruiting truce that allows advisors to leave one firm and, by complying carefully with the
agreement, take a list of clients with him or her.
Twenty-one firms joined the broker protocol from Oct. 5 to Nov. 5, bringing the total number of companies that have
joined to 586. To date this year, 179 firms have joined, compared with 241 over the same period . See: Broker
Protocol growth slowing; is the list reaching critical mass?
One less barrier
Signing the protocol means there’s one less barrier for IBDs that want to recruit. For the full broker-protocol list, click
here.
In the case of SCF Securities Inc., the Fresno, Calif.-based firm plans a major nationwide expansion. John Barragan,
chief operating officer at SCF, said the company, which has $500 million in AUM, plans to grow from 180 advisors to
500 in the next two years. The firm has advisors throughout the U.S. but most are in California.
“We’re looking to attract advisors who aren’t feeling the love from branch managers, advisors leaving middle market
funds and those from other IBDs,” says Barragan.
The majority of advisors at SCF are hybrids. Advisors looking to offer commission-based products have led that
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2. 12/28/2010 Two IBDs aiming to aid a combined 30…
growth. SCF continues to educate advisors on the benefits of being a hybrid. RIABiz has written about Spire, another
IBD with a similar strategy. Spire wins another hybrid with an eye on expansion.
The majority of advisors at SCF are hybrids. Advisors looking to offer commission-based products have led that
growth. SCF continues to educate advisors on the benefits of being a hybrid. RIABiz has written about Spire, another
IBD with a similar strategy.
WRP Investments Inc., based in Youngstown, Ohio, also joined the protocol. President David Pintaric said he got
tired of explaining why he hadn’t yet signed. The reason was that he hadn’t yet been attracting many wirehouse
advisors.
Boy scout motto
But, he figures that might change. “It’s the old boy scout motto: be prepared,” he says.
The company has added 30% more RIAs in the last two years. Now, almost half of its 375 advisors are RIAs.
Revenue from fee-based advisors grew from 15 percent in 2005 to 24 percent in 2010. The company has $4.8
billion in AUM.
Many of the firms joining the Protocol this time around had smaller expansions in mind.
“It puts you on amicable standing with other firms,” says Tony Fiorillo, president of Fisher, Indiana-based Asset
Management Strategies Inc., who joined the protocol. He hopes to close on an acquisition by the first quarter of
2011.
Fiorillo expects to make more acquisitions as many advisors retire. Many of these advisors have worked with their
clients for more than 30 years and want to “make sure that they’re going to be taken care of,” he says. His firm has
$50 million in AUM; with the acquisition, he’ll have roughly $200 million.
Small town accounting office
Fiorillo, who’s been in the business his whole life, worked as an accountant assistant at his father’s small town
accounting office and as branch manager for Raymond James. He’s been an RIA for the last 15 years.
Here’s the complete list of all the firms who joined. To see the complete list of all Protocol members, go to
www.riabiz.com/d. For information about how to join, see Which firms are joining the Broker Protocol, and how your
firm gets on the list.
Gill Capital Partners, Inc.
Select Portfolio Management, Inc.
Securities Equity Group
SCF Securities, Inc.
SCF Investment Advisors, Inc.
Jobes Solo Investment Group
Pactolus Holdings, LLC
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3. 12/28/2010 Two IBDs aiming to aid a combined 30…
MWH Advisers LLC
ITA Financial Services Inc.
TAE Capital Management, LLC
WRP Investments, Inc.
North Nassau Advisors, LLC
Juncture Wealth Strategies, LLC
Adele Financial Services, LLC
Asset Management Strategies, Inc.
Bryant Investment Management Group, LLC
WBB Securities, LLC
King & Co. Investment Counsel LLC
CFMV Global Wealth Advisors LLC d/b/a Victus Capital Wealth
Holderness Investments Company
Washington Wealth Management, LLC
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