Ryan Marcus, managing director of engagement at MarketCounsel, has joined Binah Capital Group, the public firm created final yr with the merger of dealer/supplier aggregator Wentworth Administration Providers and Kingswood’s SPAC, as chief enterprise and engagement officer, a brand new function. He’ll report on to Binah CEO Craig Gould, and can work alongside David Shane, CFO.
Marcus, who had been promoted to his function at MarketCounsel final yr, had been at that firm and The Hamburger Regulation Agency for near 14 years. He began there in 2009, left in 2014 to affix RBC, after which rejoined in early 2019.
The 45-year-old mentioned it was time to broaden upon what he had discovered underneath MarketCounsel President and CEO Brian Hamburger’s management and tackle a brand new problem.
“I wished to problem myself and tackle a job that was with a bigger group that was somewhat bit extra ambidextrous so far as what the tasks have been, that had a larger footprint inside wealth administration,” Marcus mentioned.
Binah has some $27 billion in belongings throughout its subsidiaries, together with dealer/sellers Cabot Lodge Securities, World Fairness Group, and PKS Investments, certainly one of MarketCounsel’s and Hamburger Regulation Agency’s largest shoppers.
Within the new function, Marcus will develop and implement a enterprise improvement technique throughout the three b/ds. He’ll additionally foster strategic partnerships with platform RIAs, resembling Sanctuary, that want a company RIA or pleasant b/d.
“One of many advantages of being entrance and heart at MarketCounsel is that I’ve fortunately sufficient grow to be one of the crucial linked folks in all of wealth administration, and I intend to make the most of that to Binah’s profit,” Marcus mentioned.
Marcus mentioned he’ll work on making PKS’s company RIA a extra viable choice for advisors who might wish to forgo their very own RIA.
“PKS is traditionally seen as an RIA-friendly dealer/supplier. Effectively, they are often far more than that.”
He’ll additionally work to broaden the companies and capabilities of the dealer/supplier in order that it’s extra of a services-oriented agency, versus a extra accommodating agency.
Marcus mentioned his choice to go away MarketCounsel was emotional, but supported.
Hamburger mentioned the agency doesn’t plan to rent anybody else in a gross sales function.
Final Might, MarketCounsel employed Anthony Stich, former chief income officer at digital custodian Entrustody, as govt managing director.
“Shortly after Tony got here on board, we aligned on an inventory of targets and priorities,” Hamburger mentioned. “Tony turned to gross sales and advertising, one thing that he is aware of rather well. And he fairly shortly arrived at this very selfless conclusion that this group doesn’t want gross sales and advertising.”
“He got here again and mentioned, ‘The demand that you just guys have on your companies and options that you could present merely outpaces what we are able to ship. We have now to do a really unmarketing factor, which is strip out a lot of the sources that we dedicated to gross sales and advertising and reallocate them.’”
MarketCounsel has expanded its govt staff in current months. In December, the agency employed Paul Lally, a former associate at Wipfli, as head of enterprise options. Additionally final yr, the agency added Kristen Benadom, former head of authorized at Nitrogen, as basic counsel of The Hamburger Regulation Agency. Simply this month, the agency employed Jim Pavia, a former senior editor at CNBC, as managing director of communications.
