Advanced Equities is making quite a promise to its advisors. “People think we’re crazy,” says Joel Marks, the company’s COO. “But we think it works.”
New advisors are expected to increase their books of business by 40 percent in the first two years with the firm — or be paid the difference. The deal applies to those with $250,000 in yearly fees and commissions, with some wiggle room for those new to the industry.
“Our goal is to offer any advisor who wants to double their production over three years with the tools to do that — whatever that involves. We are prepared to do whatever it takes to help them.”
It announced in August that Keith Gregg, formerly the head of sales and marketing of wealth-manager Dunham & Associates Investment Counsel, is First Allied Securities’ new president and co-CEO.
Advanced Equities’ independent brokerage group includes First Allied Securities with 550-plus advisors, FFP Securities with about 250 advisors and now Advanced Equities Wealth Management.
The private-client group, Advanced Equities Wealth Management, in Chicago, includes about 80 employee advisors with an alternative-asset focus — i.e., a late-stage venture capital product — for ultra-high-net-worth clients; this group has new offices set for London and New York. “Major investment firms offer this product to their clients through us, and it’s the differentiator for us and the independent brokerage side,” says Marks.