WSR Honors AAPI Heritage Month With Pathfinder Awards

WSR Names Top AAPI Industry Leaders, Shares Voices Of Winners, Plus Accessible Venture Capital, The Latest Recruiting News, The Future Of M&A, A $15 Billion Combo, Atria’s Texas Move And More

To My Fellow WSR Community Members:

One of the great pleasures of our work at WSR is identifying and calling out people and organizations for the great work they’ve done. Awards and recognition are front and center of the positive impact we want to make on the industry, and our Pathfinder Awards, now well into the second year, are an exciting way to highlight the best of our industry while challenging us to step forward and improve.

This month, we honor AAPI Heritage Month with our third installment of Pathfinder Awards for the year – the Top AAPI Industry Leaders of 2023 – for their excellent contributions to our industry and its clients. We also provide a platform for several winners to speak as members of underrepresented communities, share their inspirations and more.

In addition, this week we have the latest Weekly Recruitment Roundup, the $15 billion combination of Adviser Investments and Ropes Wealth Advisors, the evolution of venture capital, Atria’s Texas move, the Association of African American Financial Advisors promoting financial education and careers, Jessica Polito’s expert views on the future of M&A and more.

In addition, driven by reader feedback, we’re combining our monthly Transitions, Transactions & Promotions column with the Weekly Recruitment Roundup to bring you more news faster. Going forward, the name of our Weekly Recruitment Roundup column and email newsletter will stay the same, and it will now include separate sections for people moves, strategic alliances, M&A and advisor recruitment.

This Week’s Issue

This week, in our On The Rise section, we honor the recipients of this month’s Pathfinder Awards and share our platform to address DEI issues:

• Our Pathfinder Awards for 2023 continue with the celebration of AAPI Heritage Month as we name outstanding professionals, advisors and executives as the Top AAPI Industry Leaders of 2023, and share why each of them has earned outstanding recognition in wealth management.

• The AAPI Family Office Leader of the Year, Vik Sasi, Chief Strategy Officer at Manhattan West, shares steps for the industry to improve for persons of AAPI heritage and how persons of AAPI heritage can reach the C-suite, as well as overlooked strategies for wealth management firms.

• Carin Pai, EVP and Head of Portfolio Management and Equities for Fiduciary Trust International, and our AAPI Portfolio Manager of the Year, shares with us the inspiration that led her to wealth management and advises steps to overcome bias and prejudice against persons of AAPI heritage in the industry.

• The AAPI Wealthtech Leader of the Year, Helen Johnson, CTO of COMPLY, tells us about the inspiration she gained from mentors and teachers to pursue a career in finance and computer science, gives advice on career success for women of AAPI heritage and discusses bias and barriers in the industry.

• Rosh Cherian, Co-Founder and CTO of CogniCor, and AAPI Innovator of the Year, shares his thoughts on the future of AI in wealth management as a pioneer in the field and gives his perspective as an immigrant to the United States who has worked on three continents, including how immigrants can rise to the top in wealth management and how the industry can improve inclusivity.

In addition to the Top AAPI Industry Leaders of 2023, we also have for you:

• How can CPAs and advisors work better together? In Newsmakers & Roundups, Chicago-based Choreo launched its Choreo Partner Alliance program, which enables CPAs to engage in revenue-sharing and partner with Choreo advisors. Participating CPAs can access tax-efficient estate planning, business exit-planning and investment solutions as well as Choreo’s marketing, thought leadership and technology platforms.

• What does our revamped deal roundup cover? In Newsmakers & Roundups, our Weekly Recruitment Roundup explores Adviser Investments merging with Ropes Wealth Advisors, Atria’s CUSO Financial partnering with Mobiloil Credit Union, Prime Capital Investment Advisors custodying assets with Goldman Sachs Advisor Solutions, Cetera Holdings appointing former Fidelity Institutional Head Mike Durbin as CEO, Commonwealth recruiting Trusted Wealth Partners, Sanctuary Wealth recruiting Crescent Harbor Private Wealth, LaSalle St. recruiting Link Financial Advisory and Choreo launching a CPA-financial advisor alliance program.

• Will venture capital be the next trending alt? In Investment Solutions & Gatekeepers, Steven Weinstein, CEO of Seismic Capital, discusses the current state of venture capital investing, how it can benefit individual clients of all wealth levels and the steps needed to make that a reality.

In case you missed it, last week we brought you:

• What’s next for a fast-growing Massachusetts-based M&A dealmaker? In Newsmakers & Roundups, Adviser Investments and Ropes Wealth Advisors are merging to establish a bespoke advisory firm that will manage nearly $15 billion in client assets. The two RIAs employ more than 185 professionals including wealth advisors, portfolio managers, fiduciary and financial planning specialists, and client service professionals.

• What’s the latest recruitment in the credit union wealth space? Also in Newsmakers & Roundups, Atria’s CUSO Financial Services (CFS) announced a multi-year deal to support Texas-based Mobiloil Credit Union, with over $1 billion in client assets, supporting its almost 75,000 members through 12 branches across southeast Texas. With comments by John Doucet, President and CEO at Mobiloil Credit Union, Tami Cain, Executive Director of Business Development at CFS, and Financial Advisor Marioreen “Mario” Gibson.

• How will M&A change in the years to come? In Capital Connections, Jessica Polito, Founder and Principal at Turkey Hill Management, a Connecticut-based M&A consultancy, shares her insights in this Q&A video. She covers the need for buyers to differentiate themselves in ways that go beyond writing a big check for sellers, and why private equity backers should focus on supporting firms in their portfolio instead of just taking them over.

• Who’s the newest next-gen team to leave a wirehouse? In Newsmakers & Roundups, Crescent Harbor Private Wealth, a New Jersey-based practice, has become the 32nd Merrill Lynch breakaway team to become independent by joining Sanctuary Wealth. The team consists of CEO and Founder John Araneo and Managing Partner Jason Greenfield, who oversee $200 million in client assets.

• Who’s bringing financial education and careers to university students? Also in Newsmakers & Roundups, the Association of African American Financial Advisors (AAAA) co-hosted an event with retired NFL player Nolan Carroll for students and career changers at Jackson State University (an HBCU) with symposiums, networking, financial education and a career fair. AAAA Chairman of the Board Christian Nwasike comments.

Send us your questions for experts, ideas and comments.

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Have a great week!

Cheers!

Larry Roth, CEO
Wealth Solutions Report