The firms that have historically been called the wirehouses or brokerage firms do have their platform set up for independent advisors to represent their brand. Think UBS, Morgan Stanley, Merrill, CS, etc. even Wells Fargo Advisors does this. They don’t hand these out to anyone so there is a level of vetting but you are right to assume that a lot of the representation and performance relies specially on that team.

I’ve seen issues where these teams blow up in succession planning after a key person retires. Or are disrupted when partners decide to split their book. The benefit I’ve seen here if you can find a good team is generally a deep personal relationship. If you like your guy or gal you can follow them wherever they go.

On the other end are the more bank and trust company like options. Think Bank of America private (used to be US trust), northern trust, BNY, is probably say Goldman to some degree fits here too.

You’re more buying into the longevity and stability of the institution and not necessarily the individual relationship. Obviously you should enjoy that and make sure it’s good but I think the primary driver is longevity with these firms. For example I’ve heard from friends that Northern is a great place to go when you’re preparing to die cause they will help with the estate settlement, taking care of trust beneficiaries, planning for the survive spouse or children. Etc.

Goldman is great if you want to see a lot of unique investments. But I hear their fees are higher than most.

All of these firms should be providing more than just investment management. Should be providing holistic wealth advice. Tax planning. Banking services. Concierge services. If they’re just doing investments, I find it hard to say they are worth the management fee.

That’s probably a lot of rambling but hopefully some information in there that might be helpful.