Frequently Asked Questions
A: MBL Advisors is the third name for the same firm that was founded in 1985. Under Wachovia’s (Wells Fargo) ownership the name was changed from the original name. Upon the sale of the firm in 2009 the name was changed again to MBL Advisors.
A: Mr. McColl has been one of the firm’s longest standing clients based on a relationship he had with a one of the founding Principals that dates back to 1961 (before any of the current Principals were born!). He also served as an advisor to the firm during the 2009 acquisition when he was Chairman of McColl Partners, a middle market mergers and acquisition firm that is now part of Deloitte Corporate Finance.
As part of the firm’s wealth transfer planning advisory services, we would not advise any client in his situation to accumulate new assets if it would exacerbate their future estate tax liability. Based on that advice, Mr. McColl has never been a shareholder, officer, director or employee of MBL Advisors, just a satisfied client for many years.
A: The firm entered the business in 2012 to better meet the needs of our clients. Historically the firm provided executive benefit plans to high income professionals and private client insurance services to fund estate tax liabilities. The two areas of focus created significant overlapping needs for our clients in prior decades when the estate tax exemption was $1M per person (or lower).
In 2012 the estate tax exemption increased to $5M per person so many of our high income professionals were more interested in wealth management advice than estate planning advice. We hired our first fully dedicated wealth management advisor in 2012. Today, wealth management and business exit planning are the two fastest areas of growth for the firm.
The original founders of the firm debated entering the wealth management business in the 1990s but that became irrelevant upon the sale of the firm to Wachovia (now Wells Fargo) in 1999.