Extensive Coverage Of Announcements, Live Videos And More From FSI’s OneVoice, As Well As 4Q M&A Results, Recruiting News, Bizarre Industry News, New FI-Focused Leadership And A New Education Platform
To My Fellow WSR Community Members:
Thank you for greeting us at OneVoice last week! It was great to reconnect with so many of you and meet new friends! I hope you enjoyed the conference, as well as our extensive coverage of the people, announcements and ideas there.
This week, we focus on recruiting and M&A, including announcing the Top 5 FA Recruiting Firms. Our editors selected the top names among specialist recruiting firms who shape our industry as dealmakers and thought leaders, and we’re proud to recognize this elite group.
We also asked experts about the trends that will shape M&A and recruiting in 2023 and bring you M&A results and analysis for the final quarter and full year 2022.
In addition, we bring you our Weekly Recruitment Roundup, our latest monthly roundup of bizarre industry stories, new leadership in the financial institutions space and an education and consultation initiative for retirement plan participants.
This Week’s Issue
Here’s what we have for you this week:
- How does $500 billion in client assets come up in a wealth management deal? To find out, read our latest edition of the Weekly Recruitment Roundup in the Newsmakers & Roundups section. We explore recruitments at Raymond James, LPL Financial and Commonwealth Financial Network along with acquisitions by Cetera Financial Group and Charles Schwab.
- Who leads among recruiting specialists? In Upmarket, we name the Top 5 FA Recruiting Firms in wealth management, an elite group of firms that engage primarily or exclusively in advisor recruiting – Bridgemark Strategies, Cross-Search, Diamond Consultants, FA Match and Terrana Group – noting the achievements and track records that put them at the head of the pack.
- What M&A and recruiting trends do experts see for 2023? In Capital Connections, we explore developing trends with Lou Camacho, President of Stratos Wealth Enterprises and COO of Stratos Wealth Holdings; Kristen Kimmell, EVP, Business Development at Advisor Group, David DeVoe, Founder and CEO of DeVoe & Company, and Alex Goss, Co-Founder, Co-CEO and Managing Partner of NewEdge Advisors.
- What’s love got to do with it? In Bizarre Industry Bazaar, our James Miller gives his sardonic take on Valentine’s Day while reviewing the latest bizarre stories including JP Morgan suing for fraud, a spat between Elon Musk and Ross Gerber, our increasing alcohol consumption, Wells Fargo forced to redress clients, salacious ways to get fired and Trump’s unaudited taxes.
- A focus on financial institutions: In Newsmakers & Roundups, Atria Wealth Advisors announced the promotion of Kevin Mummau and Brian Bichler as Co-Heads of the Financial Institution channel, taking the reins at the firm’s FI-focused broker-dealer subsidiaries as current Head Valorie Seyfert retires. The news follows the recent announcement by Atria of the appointment of former LPL Financial Divisional President Bill Morrissey to the newly created role of Head of Independent Channel, overseeing all Atria firms that support independent financial advisors.
In case you missed it, we brought you extensive coverage last week from FSI’s OneVoice conference in the Beltway and Beyond section:
- How is the M&A landscape for boutique firms? I joined a panel with Dan Seivert, CEO of ECHELON Partners and Shannon Eusey, CEO of Beacon Pointe Advisors, moderated by Laura Delaney, Vice President of Practice Management at Fidelity, to discuss growth strategies, valuations, deal structures, potential pitfalls and more. As a side note, thank you to those who attended!
- FSI made several announcements at the conference, including new members of its Board of Directors and its 2023 Executive Committee, free video guides for its members covering the SEC’s Form CRS, a pushback against the DOL’s proposed independent contractor rule and updates on and plans for its partnership with INROADS, which focuses on DEI initiatives.
- Have a look at what industry leaders said at the conference in video interviews with our Chris Latham, who interviewed Kristin Kimmell, EVP, Business Development at Advisor Group; Patrick Farrell, President and Chief Operating Officer, Sound Income Group; Ben Harrison, Managing Director, Head of Wealth Solutions, BNY Mellon | Pershing; Libet Anderson, President, Concourse Financial Group Securities; Alex David, President and CEO, Stifel Independent Advisors; and Christian Nwasike, Chairman of the Board of Directors, Association of African American Financial Advisors (AAAA).
We also brought you additional M&A coverage as well as coverage of a new education program for retirement plan participants:
- Is RIA M&A peaking? In Capital Connections, we brought you the latest M&A intel from DeVoe & Company’s fourth quarter 2022 RIA Deal Book, including a record-setting 2022 ending with a weaker fourth quarter, views on M&A in 2023, deal structures and valuations, and trends among buyers.
- In Newsmakers & Roundups, SageView Advisors announced the launch of an education and engagement platform available to retirement plan participants and the hiring of strategic development consultant Kerry Woods as Vice President of Participant Education and Engagement to lead the new platform, which will bring financial assessments and one-on-one coaching to clients who may not otherwise receive it.
How do you prepare for the T3 conference in March? Provide critical feedback on wealthtech in the T3/Inside Information annual survey.
Please send us your ideas and suggestions, as well as questions for experts!
Follow us on LinkedIn – We will continue to bring you relevant, quick insights and coverage there, just like we did for OneVoice!
Have a great week!
Larry Roth, CEO
Wealth Solutions Report