Plus Recruiting, M&A, People Moves, Data Architecture, Annuities In Portfolios, A Guide To Custodian Conferences, A New Compliance Exec, The Latest Alts Survey, A Private Wealth Launch And More
To My Fellow WSR Community Members:
Had you asked me a year ago if I thought I’d chat with a free, publicly available artificial intelligence, I’d have said that’s many years away. But our Managing Editor recently talked retirement planning with an AI at the Morningstar Conference. Likewise, a few years ago our regulatory concerns were primarily focused just on the DOL rule, but now firms are fighting an uphill battle to keep up with a plethora of new regulatory developments.
Our industry is changing at a faster pace than any time in my career, and that presents both opportunities and pitfalls for business development. Everyone from small RIAs to highly specialized enterprises must keep their peripheral vision wide and services flexible to stick the landing.
This week, by popular demand, we bring you the second installment of our quarterly Business Development Roundtable. Our first installment covered organic growth, and this quarter we look at the effects of rapid change on business development for wealthtech, compliance and traditional wealth management.
We also bring you the latest monthly roundup of recruiting, M&A and people news; our guide to custodian conferences; annuities in portfolios; data architecture; Crystal Capital’s survey on alts; a new executive at Essential Edge; and a new private wealth division at Stratos.
This Week’s Issue
This week we bring you:
- What’s behind the recent recruitment and M&A frenzy? In Newsmakers & Roundups, this edition of Transitions, Transactions & Promotions captures several instances of the same firms making multiple announcements over the past month. Advisor Group and Commonwealth each recruited two teams, Dynasty Financial Partners helped launch two firms, and CI Financial agreed to sell its minority stake in Congress Wealth Management as well as 20% of its entire U.S. wealth management business. Prospera Financial Services, Atria Wealth Solutions, Savant Wealth Management, Stratos, Hightower, Cresset, Coldstream Wealth Management and Sanctuary Wealth also made news.
- Thinking of attending both Pershing INSITE and Schwab IMPACT this year? In Digital Domain, our latest entry in the Guide To Industry Conferences explores Custodians. The Bank of New York Mellon’s Pershing hosts its 25th annual Pershing INSITE conference from June 6 to June 8 in Orlando, Florida. Charles Schwab & Co. hosts its 2023 Schwab IMPACT conference from October 24 to October 26 in Philadelphia. Learn about their audience breakdowns, session topics, keynote speakers, exhibitors, sponsors and registration fees.
- Are you stuck in the data warehouse? In Digital Domain, Mark Eaton, an Executive in Residence at F2 Strategy, describes the various stages of data architecture from data warehouse to lake, culminating in a data lakehouse with efficiencies and new business possibilities. Eaton explains why many firms don’t leave the warehouse and why competition may force a change.
- We continue our exploration of the convergence of insurance and wealth management, with Rich Romano, CEO & Co-Founder of FIDx. In Digital Domain, Romano describes how technology is driving the evolution of annuities and their integration into wealth management client portfolios.
- What difference does an equity ownership program make? In Newsmakers & Roundups, LaSalle St. recruited Richard London’s Link Financial Advisory and London, who is Founder and CEO, will participate in LaSalle’s equity ownership. The Las Vegas-based team brings five advisors and approximately $150 million in assets to LaSalle. With comments by Mark Contey, Senior Vice President and Head of Business Development, LaSalle St.
In case you missed it, last week we brought you:
- What matters most when picking hedge funds for advisory clients? In Investment Solutions & Gatekeepers, we summarize findings from the inaugural Annual Spring Alts Survey of Financial Advisors by Crystal Capital Partners, a wealthtech provider and turnkey alternative investment platform. Respondents prioritized investment caliber and quality of assets, as well as transparency in research and due diligence reports.
- Stratos makes an acquisition, rebrand and executive appointment. In Newsmakers & Roundups, we cover Stratos Wealth Enterprises announcing the launch of Stratos Private Wealth as part of its ongoing expansion of services for ultra-high net worth clients. Stratos will increase its investment in BWM Financial to a majority stake and rebrand it as Stratos Private Wealth. Jeff Brown, CEO and Founder of BWM Financial, will become President at Stratos Private Wealth.
- In Newsmakers & Roundups, we recap Minnesota-based Delich Wealth Management joining Advisor Group from RBC Wealth Management and bringing $250 million in client assets to Financial Dimensions Group, which manages over $4.2 billion in assets across more than 60 financial professionals. It is Advisor Group’s first recruitment announcement since the company announced its comprehensive rebranding initiative.
- How has accelerated change affected business development in wealthtech, compliance and traditional wealth management? In Upmarket, our latest quarterly Business Development Roundtable asks the following industry leaders about business development changes in their fields of expertise: Peter Brittain, Head of Business Development at FusionIQ; Nate Remmes, Chief Growth Officer of COMPLY; and Ryan Sabet, Director of Acquisitions, Recruitment and Strategic Initiatives at Kingswood U.S.
- A consultancy services team recruits from Kestra. In Newsmakers & Roundups, Essential Edge, led by Founder and Managing Partner Sander Ressler, onboards former Kestra Financial compliance veteran Robert Franklin as Senior Manager to enhance compliance consulting capabilities.
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Have a great week!
Larry Roth, CEO
Wealth Solutions Report