YouSaid · the spoken record

Brian Hamburger

lines on the record: 171
first: 2023-04-21
most recent: 2023-04-21
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“So, I don't think there's anyone that has the breadth of services that we do. Other firms have launched. The law firm is basically a customer of market counsel for a lot of our startup work.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Negotiating deals, representing someone's interest, right? Actually, you know, working on their behalf, dealing with some complex issues where we're going beyond the rules and regulations. All of those have to be done by an attorney. And so I didn't want to skirt that or circumvent that. And so we set up two distinct firms.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. Yeah. So in my mind, we had to do something to democratize regulatory compliance without diminishing the quality of work. Because when I started market council and the hamburger law firm back in 2000, the only firms that were doing regulatory compliance work were registration services and service bureaus. It was a very much a next available operator, former regulators were the best you would get. And a lot of the answers were, well, this is what we do, right? This is our practice. This is what other firms do. And they couldn't go back to the source. They couldn't go back to the root. They couldn't rationalize why things were being done that way. And so I wanted to be able to bring a higher degree of quality to regulatory compliance. At the same time, I didn't want to walk away from the things that we need to be lawyers to do, right? And so there are certain things. There are drafting of conscious.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“That was it. 100%, that was it because I would ask him after the fact and they would say, you know, honestly, I don't want to run the clock. I said, that would have cost you $50. We would have been done with this.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I realized is that people were intimidated by law firms. My first job out of law school was at a mid-sized law firm out of Princeton, New Jersey. And I would have clients who wouldn't call when an issue arose.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Really? Companies together. I mean, that's kind of Became So we'll just assume that that's going to work out instead of doing the analysis. Got it.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Are very correct, and I'm not going to tell you that often. But the root of that is this big misnomer. It's this word compliance that major firms have used. Because it's a good catch-all, right? Compliance at big firms is similar to saying wait till your mother gets home because they know that people are fearful of the regulators far more than their colleagues sitting at the cubicle right across the hall. And so they call things compliance when really probably about 80% of the issues are risk mitigation issues. And so as advisors look to leave these big enterprises and go independent, one of the biggest things that we need to train them on is the distinction between compliance, legal, and risk.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And I was fortunate that this professor, Chuck Senator, was during the day the head of enforcement in Miami's SEC enforcement division. And so I started to see what he's done with his law school education. Chuck went on to be general counsel for small firm like Fidelity Investments. And him and I are still in touch to this day. But it's people like that who take the education and really make it their own that really, really inspired me.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, more than the puzzle, I love coming up with a solution when they can't even formulate the question. So it's like it's almost like pulling it out of them and asking what the problem is. And I've always been drawn to that. And so to me, that really helped. And then early in my early in law school, I had a professor and adjunct professor. I think some of the best professors in college are adjunct professors.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I think many still do, right? They know that the answer is no, but they don't know why, right? And they don't really don't care to know why. And it just struck me that it can't be all that complicated. And so when When I would look into why certain of their marketing materials would get declined or certain of their business requests or authorizations would get declined. And I would share it with them. We would sit down and figure out a way around it, right? A way to deal with those issues. And they were really grateful. And I love solving things that other people think are unsolvable. The puzzle.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I don't think there was that necessarily Eureka moment, but I was definitely informed by my father's study groups. You know, I knew his network of friends and colleagues. And I would constantly hear them frustrated by the compliance department. They were just playing compliance for everything they couldn't do.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Strong women in my life. My other grandmother was another first generation immigrant from Germany, and she took to selling beauty.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“And so to this day, I continue to meet some old school mechanics who knew my grandmother when. And they said, man, she was a tough son of a really? Yeah. So I've been having a lot of”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So my grandma, Nana Sophie, she lost her husband at a young age before I was born. And her husband ran an autobody shop. They were first generation immigrants. And when faced with the typical widow dilemma, she stepped in and said, I'll run the problem. I'm not going to sell. I'm going to run this business.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“They all went to law school and they didn't necessarily pursue a career. Purely in law But her understanding of it is they must know the rules of the game better than others. And so that really stuck with me. And I decided to go to law school.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. So she puts these annual reports and she said, I want you to look at the management and the board of directors, and I want you to tell me what they have in common. So we're at dinner that night, and she said, did you look through them? I said, yeah. I said, I'm good with my answer. I'm ready. She goes, what do they have in common? I said, they're all white bald men. And one day I'll be a whitebald man. And she said, that's not what I wanted you to get out of it. Grandma was tough. She wasn't fooling around with me. No, she wasn't fooling around. She was looking for...”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“She did something a little interesting. She was an investor. She loves stocks. She had her broker at Merrill Lynch, and she put in front of me a stack of annual reports. Remember these big glossy things used to come out all the time.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“So I did. I mean, at first I got out of undergrad and a degree in finance coming out of a small college at the time Quinnipiac College, the gigs I was offered were essentially customer service jobs at mutual funds, you know, call service, manning the phones, which I was no stranger to worked my way through high school and college on the phones. Was uninspired by that work. I didn't see the real path ahead. I saw myself, if anything, maybe doing product wholesaling, getting involved in financial product structuring. But I didn't really see a clear path. And my grandmother sat me down and she said, maximize the opportunity. She said, you're still in learning mode. Never going to go back to school if you're going to do it, go to law school. And actually, I'm going to tell you.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“He's constantly looking for a new gig. He made his way into this space, and I was captivated. Keep in mind also that when I was going through school in the mid to late 90s, Wall Street was pretty appealing. Dang it.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“Frankly, the interest in finance started when I was young. My father was an investment advisor. And he made his way to be an investment advisor from being a manager with textile factory to selling insurance to find his way out of that business, went from insurance to financial planning, financial planning to the independent broker-dealer world. independent broker-dealer to hybrid IBD slash RAA.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source
“I wouldn't disagree. We also co invested in an investment recently where we're participating in the same investment. I don't know if that closed.”
2023-04-21 · Masters in Business · Brian Hamburger on Surging Merger Business in RIAs · IDENTIFIED FROM THE TRANSCRIPT · source