Firm Update: December 2022

Welcome to our December Broker-Dealer Newsletter.

Welcome to December! Let’s all spend great time with family and friends this month and take advantage of improving deal market conditions and the normal rush to consummate transactions before the end of the year.

Very importantly, this month on our broker-dealer agenda is our annual compliance call on Thursday, December 8th from 12:00 pm PT – 2:00 pm PT. 

Below, I will share some thoughts on the different “modalities” – deal sourcing, execution focus, and “sell and do” that bankers on our platform utilize to leverage their unique expertise and maximize results. 

Michelle Mueller will then share compliance updates, Zaya Bold will for banker collaboration, and Mimi Frey for accounting and billing. 

To all of our success,

Jay Turo
Managing Director
GT Securities, Inc.


I often get asked about which banker “modalities” our best performing bankers utilize to maximize both client outcomes and their economic results. I’ve observed four typical approaches:

#1. Business development / Sourcing. For bankers with more of a traditional sales mindset and approach, working and thinking of oneself as a sourcer / finder of deals and then partnering / collaborating with other bankers to a) pitch and secure mandates and b) consummate deals (see below). 

This of course is the “traditional” approach utilized at larger investment banks with their MD to VP to associate / analyst hierarchies.

Somewhat paradoxically, I have found that on independent platforms like ours this sales / sourcing role is not all that common. I think this is a missed opportunity, and would encourage affiliates whose  2022 results were less than hoped for to consider a pivot to this modality. 

#2. Execution Excellence. In conjunction with the above, and again similar to how it is done at larger investment banks, this involves having handed off materials development, investor / acquirer contacting, and the day-to-day management of the deal from the “mandate securer.” \

This modality is utilized by many of GTS’ top performing bankers, with long-term “seller-doer” partnerships churning out great client outcomes and transaction successes year-after-year. 

#3 “One Stop Shop.” This is probably the #1 reason why clients choose to work with independent, boutique bankers – i.e. “it is ME you are buying and you will not be handed off to someone less experienced / less committed to your success, Mr./ Ms. client, etc.” 

In addition to the deep, long term client relationships that are developed via this approach, the large and important additional benefit is that in this scenario the banker keeps all of the economic outcome for themselves!

Having said this, the key pitfall to watch for here is stagnation. Our independent model can be isolating and not having regular interface with professional colleagues for ideas, best practice sharing, and accountability can, if not carefully watched and checked, lead to an atrophying of skills and sharpness that in a hyper competitive business like ours can sadly become disqualifying. 

#4. Leverage Professional Adjacencies. Whether it be as a GP with a traditional PE / VC Fund, as a Manager of a Family Office, as an Independent Sponsor, as a Board / Advisory Board Member, as an outsourced CFO, as a Private Wealth Advisor, I see more and more investment bankers leveraging professional adjacencies, skill sets, and relationships to maximize client value-add and results.

Key benefits for the banker include ancillary and predictable revenue streams and equity upside and a more expansive and “actionable” network of professional relationships.  

While very careful compliance and conflict-of-interest attention must be given to the various complexities naturally arising from overlapping services and business propositions like this, being able to “wear many hats” is a key competitive advantage of independent platforms like GTS with our more flexible Outside Business Activity rules and allowances.

So if your 2022 results were not what all you wished them to be, in your 2023 business planning a modality “re-focusing” per the above might be very worthwhile!  

What Do You Think? Please complete our “What Kind of Banker are You?” survey available via this link

Happy Holidays to all and here’s to a great 2023 for us all!


Compliance Updates

Annual Compliance Meeting Save the Date! The Firm’s Annual Compliance Meeting will be held via web conference on Thursday, December 8th from 12 pm PT – 2 pm PT. 

– Michelle Mueller, Chief Compliance Officer


Affiliate Updates

Pitchbook Subscription.  As we are approaching the end of the year, we are coordinating with PitchBook as to 2023 license renewals. For those of you who haven’t had the chance to utilize this research platform yet, they are an incredible data source for PE, VC, and M&A deal activity, with activity and contact data on over 1.9 million deals, 445,000 investors, and 106,000 funds. They are owned by Morningstar and compliment their private market data with solid public market data as well. 

As you might be interested in purchasing a 2023 subscription through GTS at a discounted rate, please reach out to me at [email protected]

Deals. We receive many deal opportunities from our affiliate bankers and external partners, and upon assessing them, we share select deals with our affiliate network. 

– Zaya Bold, Director of Banking Partnerships

Happy Holidays to all!