Controversial adviser Ed Butowsky launches broker-dealer aimed at smaller breakaways
November 7, 2019 By Jeff Benjamin, Investment News Rolling out the red carpet for wirehouse reps managing $75 million to $200 million While much of the financial services industry has become fixated on building scale through record-level acquisitions of registered investment advisers, Texas-based RIA Ed Butowsky is going against the grain by launching a broker-dealer aimed at recruiting smaller wirehouse reps. Mr. Butowsky is targeting brokers with books of business from $75 million to $200 million. "I don't want those multimillion-dollar producers that think they have it all figured out," he said. "My guys will be ninja brokers because I will train them right." Plano, Texas-based Chapwood Securities is affiliated with Mr. Butowsky's $200 million RIA Chapwood Capital Investment Management and is designed specifically for hybrid advisers who work with clients on both commission- and fee-based...