Understanding The Next Generation

Plus Wealthtech News And Leader Of The Month, Recruitment News, Recruiting For Small Advisors, 3Q M&A Insights And Women’s Issues Regarding Liquidity Events

To My Fellow WSR Community Members:

While shopping this past weekend, I met a hard-working sales associate in his 50s who loved his job. In our conversation, we touched on his colleagues in Generation Z and he told me candidly about working with young associates, their privately admitted “quiet quitting” and how they responded well when he gave them hands-on training.

Believe it or not, the oldest millennials are now past 40, and Gen Z is occupying the workplace quickly. We need to understand their motivations, work habits and attitudes and adapt individually and across the workplace. The alternative is to lose good employees simply because we lack a meeting of the minds.  

We speak to a wealth management human resources expert this week to understand the Next Gen better. We also bring you the latest wealthtech news roundup, including the Wealthtech Leader of the Month, our weekly recruitment roundup, an exploration of the recruiting landscape for sub-$300 million advisors, important Q3 data on the RIA M&A space and our latest Liquidity Events column bringing women’s perspectives to tax concerns and business ownership.

This Week’s Issue

Here’s what we have for you this week:

• How many advisor teams can wirehouses lose in a week? In Newsmakers & Roundups, this edition of the Weekly Recruitment Roundup looks at Ameriprise recruiting Wells Fargo advisors in Minnesota and Illinois, Merrill Lynch losing teams to Sanctuary Wealth and Kestra Financial as well as Cetera Financial Group taking a minority-stake strategic investment in CCR Wealth Management.

• Who’s our new Wealthtech Leader of the Month? In Digital Domain, this edition of the Wealthtech Roundup features Chris Horvath, Managing Director at the new OCIO platform Taiko. Other entries include Riskalyze hosting its Fearless Investing Summit, Orion Advisor Solutions releasing its Redtail Campaigns RIA marketing tech suite, Docupace naming wealth management industry veteran Lori Hardwick as Chair of the Board of Directors and Bento Engine making key executive hires as well as enhancing its advisor content offering.

• How are firms trying to innovate on alts access for advisors? Also in Digital Domain, we cover Kingswood U.S., a network of wealth management firms, announcing that its automated alternative investment platform for financial advisors surpassed 1,200 subscriptions representing $129 million in investments in three years, and that it is launching a new Covered Security Submission Portal on the alts platform.

• What does the Next Gen think about the workplace? In Words in Edgewise, Alison Coe, Human Resources Specialist at Bogart Wealth, tells us about the upcoming generation’s views on a healthy workplace and work-life balance, with insightful advice on meeting their views and values and a warning for those who choose to ignore generational change.

• Do sub-$300 million advisors know what’s available for them? In Upmarket, Tom Prescott, a founder and Managing Member of Atlanta-based Advisory Services Network, explains the recruiting market for small to mid-sized advisors, tells us they have more options available than they realize and shares questions they should ask recruiters.

• What are women’s perspectives on liquidity events? Also in Upmarket, we hear from Angie Spielman, Founding Partner and Financial Advisor at Manhattan West, Annette VanderLinde, Chief Client Officer of Liberty Wealth Advisors and Kristin Bartlow, Wealth Management Advisor at Journey Strategic Wealth on women’s issues during liquidity events, including tax concerns and business ownership, in this month’s Liquidity Events column.

In case you missed it, the ECHELON Partners third quarter report on the state of mergers and acquisitions in the RIA space is broadly in line with the recently published report from DeVoe & Company. ECHELON reveals that deal volume is on track to reach another annual record despite slowing deal flow, while strategic acquirers, consolidations, private equity firms and wealthtech players continue to make big moves. Read the top four points from ECHELON’s 3Q22 RIA M&A Deal Report in Capital Connections.

Please let us know your questions for experts, ideas and thoughts.

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Have a great week!

Cheers!

Larry Roth, CEO

Wealth Solutions Report