The Trend Toward Individual, Tailored Client Services

Held-Away 401(k)s, Clients Selling Businesses To Employees, Q1 M&A, Recruiting, People Moves, Strategic Partnerships, UHNW Advisors, Pro Bono, Summer Training, Diversity And More

To My Fellow WSR Community Members:

Larry Roth, CEO, Wealth Solutions Report

In recent years, we’ve seen tremendous progress toward meeting client needs, such as the move toward direct indexing, wealthtech reducing the cost of serving clients individually while increasing the advisor’s ability to communicate with each client, and alternatives and advanced strategies replacing the traditional 60/40 portfolio.

This trend away from commodification to the individual tailoring of client services has room to grow with technological advancements and other innovations, and healthy competition will move advisors and other professionals along with this trend.

This week we have articles that examine different aspects of this trend, such as advising clients on held-away 401(k) assets, guiding business-owner clients through the sale of their business to employees and how to advise clients who hold significant portfolio concentration in equity compensation.

We also bring you the latest in people moves, strategic partnerships, advisor recruiting and M&A, including RIA M&A results for the first quarter, as well as information on how you can get involved in pro bono, a training program boosting industry diversity and the latest UHNW advisor move.

This Week’s Issue

Here’s what we have this week:

  • Where are all the regional bank advisors going? In the Newsmakers & Roundups section, this edition of Transitions, Transactions & Promotions covers major advisory team exits from First Republic Bank and Silicon Valley Bank, the RIA-focused custodian Altruist completing a new fundraising round in order to better compete with Schwab and Fidelity, industry veterans from Goldman Sachs launching the RIA acquirer Modern Wealth Management and developments at many other leading firms.

  • How do you advise clients with large equity compensation holdings? In Words in Edgewise, Dan Seder, Managing Partner of Blue Chip Partners, explains the needs of equity compensation holders, their behavioral biases, the benefits of technical analysis, how 10b5-1 plans can help clients diversify and strategies to reduce concentration in the employer’s equities.

  • Yes, you can get involved in pro bono financial planning. Also in Words in Edgewise, the Foundation for Financial Planning released highlights of its impact last year, and its CEO Jon Dauphiné discusses how busy professionals and non-planners can participate in pro bono work, the benefits of pro bono activity to company culture and the changed lives that result from volunteering.

  • How do you advise a business-owner client who wants to sell to employees? In Upmarket, we ask Peter A. Racen, Partner at Moneta; Richard Austin, Executive Director at Integrated Partners; Kevin May, Founding Principal Wealth Manager at Savvy Wealth; and Megan Slatter, Wealth Advisor at Crewe Advisors, for the three keys an advisor must consider to address this type of sale, in our latest installment of Liquidity Events.

  • Where did Prospera just expand its footprint? Also in Newsmakers & Roundups, Dallas-based Prospera Financial Services announced its recruitment of Southwest Florida’s Howell Wealth Advisors, led by Managing Director Josh Howell. Prospera’s President and COO Tarah Williams comments.

  • What’s the newest team to join Advisor Group? Also in Newsmakers & Roundups, Silverberg Wealth Management consists of three California-based financial advisors who joined Advisor Group from Cetera, bringing $212 million in client assets to NWF Advisory Group, which is among the largest teams affiliated with Royal Alliance.

In case you missed it, last week we brought you the following news and insights:

  • How did wealth management M&A fare in the first quarter of 2023? In Capital Connections, the ECHELON Partners Q1 2023 RIA M&A Deal Report revealed that quarterly deal volume increased for the first time since Q4 2021, as deal valuations and private equity activity surged due to strong buyer demand and seller supply.

  • Pop quiz, what’s the main source of your clients’ held-away assets? In Upmarket, David Goldman, Chief Business Officer at the fintech platform Pontera, explained why financial advisors should focus more on helping retirement savers manage held-away assets in their 401(k)s, which often is a meaningful part of their portfolio. For one thing, clients really need the help. For another, it can help the advisor’s business, he writes.

  • What’s the latest move in the UHNW advisory space? In Newsmakers & Roundups, NewEdge Wealth hired UHNW advisor Josh Gully from Morgan Stanley to serve as Managing Director. Gully worked alongside NewEdge Wealth’s CEO and Co-Founder Rob Sechan and several other NewEdge partners while at Morgan Stanley.

  • Do you know someone interested in a career in financial planning? In Words in Edgewise, The Externship, a summer online training program aimed at careers in financial planning, announced it has opened registration for its fourth year and enhanced the program. Created by Hannah Moore of Amplified Planning, The Externship enrolled a diverse group of 700 externs last

Keep an eye out for our coverage of Atria Wealth Solutions acquiring Grove Point, serving approximately 400 professionals with $15 billion in assets, from Kestra Holdings.

Will you attend the Morningstar Investment Conference in Chicago from April 25 to 27? Our Deputy Managing Editor, Chris Latham, will be there. Please introduce yourself!

We always welcome your comments, ideas and suggestions!

Follow us on LinkedIn and YouTube, and share our articles with your friends and colleagues.

Have a great week!


Larry Roth, CEO
Wealth Solutions Report

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