AdvisorHUB is the Most Important Site in Finance

Wealth management is now the most important business line on Wall Street – the principal area of steady profits and profit growth. All of the big firms have beefed up their in-house retail brokerage, investment advisory and asset management businesses in recent years and these areas are frequently the headline item in earnings releases when the banks report.

And there is one site covering the wealth management ops of the big banks like no other – it’s called AdvisorHUB and it’s become a must-read throughout the industry – although few of the readers will come out and admit it.

Founded and run by Andrew Parish, AdvisorHUB is on every financial advisor’s lips these days as it prints compensation grids, insider rumors and all manner of conjecture regarding the state of the industry. Anonymous tips pour in through the site and are often printed in an unedited, unvarnished fashion for the entire industry to see.

Parish found himself in the middle of a bit of controversy recently as Reuters printed a story about whether or not he had attempted to cooperate with the firms he covers in some way, although AdvisorHUB denied it with a press release. The fact that Wall Street’s largest brokerage firms are paying attention means he’s certainly gotten under someone’s skin. Brooke Southall at RIA Biz said “It is no exaggeration to say that Andrew Parish and his crew at AdvisorHUB play the jagged edge of reporting rumors. It is sort of extreme advisor blogging. Whether it is a good way to go and ‘advisor-centric’ is open to question.”

AdvisorHUB is to the wealth management world what Dealbreaker was during the financial crisis for the investment banks and traders: Ground Zero. Advisors I talk to are becoming obsessed with the latest scuttlebutt posted to the (rumors) or The Daily page. Breakaways and RIA advisors are enjoying the site as a bit of schadenfreude and a reminder of why they left the wirehouses to begin with. Wirehouse guys are reading it to keep up with the latest in compensation and recruitment deals as well as to revel in some of the epic venting from their colleagues.

If you’re not up on this site, now you know.

AdvisorHUB 

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After hard-hitting Reuters article about AdvisorHUB, the online publication responds, like a sphinx (RIA Biz)