A conversation with Greg Franks, Managing Partner, President and COO of Snowden Lane Partners
10 years ago, the thought of going independent was anathema to most advisors—and almost completely unheard of for a senior leader of a firm like Merrill Lynch.
But to Greg Franks, the “bankifying” of Merrill – the firm that he served at for nearly 3 decades – was nothing short of “tragic.”
In this episode, Greg talks about how initial optimism around the positives that Bank of America brought to the firm quickly turned to a battle that management fought in the background.
Yet he speaks highly of his tenure there, serving in senior leadership positions in the US, Europe, and the Middle East where he also served as the Western Division Director, Mid-Atlantic Division Director and Regional Managing Director.
And as a Managing Director with Merrill Lynch Wealth Management, he was responsible for over 5000 advisors, $450B in client assets and $4B in annual revenue.
But it was a cultural shift that was being imposed by the bank – such as increasing minimum account sizes, cross-selling products and diminishing control that advisors had – that he and other fellow Merrill leaders, including Lyle LaMothe, who ran all of Merrill Lynch Wealth Management, could no longer stand behind.
Today, Greg shares the story of his own leap to independence in 2011 from a ranking position at Merrill to the role of Managing Partner, President and COO of Snowden Lane Partners, including:
What was going on at Merrill that motivated him to leave—and how those changes continue to impact the firm and influences the genesis of new models in the industry landscape.- Leaving the wirehouse and vetting other opportunities from top firms—and why he felt they were all very much the same.
- The importance of starting out in the business as an advisor—and how that experience helped him develop a great deal of empathy and deep understanding of the role.
- His investment in the firm started by the former Business Risk Officer for Merrill, Rob Mooney—and how the experience he and his partners had at Merrill defines Snowden’s culture and value proposition today.
- What he sees as the real value of independence to a financial advisor—and how the freedoms associated with business ownership can be “intoxicating.”
- What makes the firm stand apart from others in the boutique space—and how a model like Snowden’s differs from what he left behind in the wirehouse world.
While we often hear the advisor’s perspective of changes within the brokerage world, it’s even more powerful to gain the point of view from management and to understand what led up to those changes—that is, the behind-the-scenes fight to retain the freedoms that advisors once had. But as Greg shared, “It was a losing battle.”
It’s an episode that gives an exclusive look behind the curtain – a first-hand perspective of a changing wealth management industry – with valuable insights for anyone who works in it.
Certainly! The article you provided delves into the fascinating shift in the financial advisory landscape and the personal journey of Greg Franks, a former senior leader at Merrill Lynch who transitioned to independence and became the Managing Partner, President, and COO of Snowden Lane Partners. Let's break down the concepts touched upon in the article:
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Transition to Independence: Greg Franks' decision to leave Merrill Lynch stemmed from fundamental disagreements regarding the cultural shifts imposed by the bank. These changes included increased minimum account sizes, heightened cross-selling initiatives, and reduced autonomy for advisors. His move to Snowden Lane Partners was motivated by a desire for greater control and a shift towards independence.
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Leadership Roles at Merrill: Franks served in various senior leadership positions at Merrill Lynch, managing significant assets and revenue while holding positions in the US, Europe, and the Middle East. His experience and tenure at Merrill provided a profound understanding of the industry's inner workings and challenges.
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Cultural Impact and Industry Landscape: The cultural shift within Merrill Lynch, under the Bank of America umbrella, influenced Franks' decision-making process. The struggle for retaining advisor freedom in the face of corporate changes gives insight into the broader industry's transformation and the genesis of new models, such as Snowden Lane Partners.
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The Value of Independence: Franks emphasizes the intrinsic value of independence for financial advisors. He discusses how the freedom associated with business ownership can be alluring and empowering, providing a distinct perspective and autonomy compared to the traditional wirehouse model.
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Snowden Lane's Differentiation: Franks highlights the unique aspects of Snowden Lane Partners in the boutique space, showcasing how their model differs significantly from the wirehouse world. The firm's culture, which draws from experiences at Merrill Lynch, shapes its value proposition and sets it apart from competitors.
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Insights into the Industry: The article offers a unique viewpoint, shedding light on the challenges faced by management in retaining advisor freedom within the brokerage world. Franks' perspective provides valuable insights for anyone working in the wealth management industry, offering an exclusive look behind the scenes.
This narrative reflects a crucial evolution in the financial advisory sector and underscores the significance of independence, cultural alignment, and the nuanced differences between traditional wirehouses and boutique firms like Snowden Lane Partners.
