By Cyril Tuohy
Financial advisors Thomas R. Hokr and Chris Sherwin have joined the Minneapolis-based registered investment advisory (RIA) Martin Financial Services.
Hokr, president of Thomas R. Hokr & Associates, and Sherwin, an advisor with the Capital Advisory Group, an RIA based in Bloomington, Minn., have become affiliated with the independent broker/dealer Signator Investors as a result, according to a news release by John Hancock.
Signator distributes products and services for John Hancock.
“Chris and I wanted to find a broker/dealer that demonstrated a high level of understanding and commitment to staying current with everything advisors need to be successful,” Hokr said in the news release.
Rollie Martin, chairman and CEO of Martin Financial Services, said Signator’s succession program had helped ease the transition of Hokr and Sherwin to Martin Financial.
“Using various components of Signator’s succession program on this transition has been helpful, and we’re all ready to move forward,” Martin said in a statement.
Hokr and Sherwin will become partners with Martin. The three will manage the combined firm before Hokr and Sherwin succeed Martin, according to the news release. In the meantime, Martin Financial will be looking to take on additional partners and associates, the news release said.
Hokr has more than 30 years in the industry. He began is financial advisor career in 1983 providing estate and business planning services to high-net-worth individuals and business owners, Hancock also said in the release.
Sherwin joined the industry in 2001 as an investment manager for Signature Estate and Investment Advisors LLC, according to his LinkedIn page.
Martin Financial is part of The Martin Companies, which has been in business since 1968, according to the company website.
Merging one advisory into another is fraught with complications. Succession planning ranks high on the list of the to-dos for veteran advisors seeking to transition out of the industry and into retirement, and for younger advisors looking to secure their futures.
Surveys also show that advisors want more training and support for their businesses and their trade.
Sherwin said that landing at Martin Financial will allow him and Hokr to “feel independent while also receiving high quality support.”
In a December 2013 report on RIAs, research consultants at Cerulli Associates found that the “flexible affiliation” model addresses the interest of advisors in the RIA channel.
RIAs, which grew 8 percent from 2004 to 2012, are the “sole growth story in a shrinking industry,” according to the December 2013 edition of The Cerulli Edge—U.S. Asset Management Edition.
Hokr and Sherwin also said they were attracted to Signator’s “open product architecture,” which broadens the set of solutions available to clients.
Brian Heapps, president of the John Hancock Financial Network, said Signator had spent several years updating its business model to attract independent advisors. “Having Tom and Chris join Rollie in Minneapolis shows us that it’s working," he said.
InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].
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