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Selling structured book of autocalls
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Wirehouse and Regional advisors are over looked all to often by advisors looking to grow through acquisition. For an independent advisor buying a captive advisor’s book, done right, you can add a substantial amount to their net worth just by virtue of allowing them to join your practice and sell - getting 2-3x their gross recurring and at long-term capital gains tax rates. Much better than sunsetting and taking a decline split at ord. income tax rates.
In a competitive market, a wire house advisor will never be able to compete on buying a book. Payouts are too low, can’t get financing, and the tax implications are all ordinary income instead of long-term capital gains. I’m surprised anyone would even stay and sunset at these firms anymore when they can go independent and immediately sell the book and get 300-400% more money net of taxes...