The Benefits Of A Difficult Conversation On Estate Planning

Larry Roth, CEO, Wealth Solutions Report

Plus M&A On Fire, F2’s Private Equity Injection And Acquisition, Andy Kalbaugh’s Inaugural Column And More

To My Fellow WSR Community Members:

No one ever enjoys a blood test, much less many of the other common health examinations and “oscopies” that may be required at the doctor’s office. But we know that from time to time we have to submit to these unpleasantries to ensure a good future for ourselves, and by extension, our loves ones, clients, friends and colleagues.

Similarly, estate planning can elicit negative emotions from clients and their loved ones. For that reason, both client and advisor may avoid the conversation, but discussing, planning and establishing the needed mechanisms and documents will make a tremendous difference for the clients’ loved ones in the future. Estate planning can also benefit advisors by adding deeper layers to the client relationship and establishing relationships with heirs.

Today we bring you a discussion with Rose Palazzo of Envestnet on estate planning for advisors. In addition, we present the latest news in M&A, recruitment and people moves, including F2 Strategy’s capital injection and acquisition, Advisor Group and Smarsh’s new hires, Atria’s third credit union recruit in under a month and more.

This Week’s Issue

Here’s what we have this week:

  • M&A is on fire this week in our latest Weekly Recruitment Roundup in the Newsmakers & Roundups section, as Atlas Partners invests in Mercer Advisors, Creative Planning acquires BerganKDV, Wealthspire expands in Virginia and Hightower makes a strategic investment in Boston. In addition, Kestra recruits four wirehouse breakaways, Atria recruits a credit union from LPL, and Advisor Group hires Dynasty’s Edward Swenson.
  • How can advisors get involved in clients’ estate planning? In Upmarket, Rose Palazzo, Group President of Envestnet Financial Planning, explains the benefits to advisors of engaging in estate planning, how to address client emotions, common barriers to estate planning and how advisors can get involved.
  • A simultaneous private equity boost and acquisition? In the Digital Domain section, F2 Strategy announced an acquisition of Overbrook Solutions and a majority investment from private equity firm Renovus Capital. F2’s CEO and Co-Founder Doug Fritz will lead the combined team. With comments by Craig Cook, CEO of Oakbrook, Jesse Serventi, Founding Partner of Renovus and Lee Minkoff, Principal at Renovus.
  • Are the RIA and independent broker-dealer channels converging, versus competing? Last but most definitely not least in this week’s issue, I am thrilled to share the inaugural column of Andy Kalbaugh, WSR’s Expert Columnist on Leaders & Entrepreneurs in the Upmarket section. The story thoughtfully analyzes how the lines that separate the IBD and RIA segments of the industry are blurring, and features insights from Wayne Bloom, CEO of Commonwealth Financial Network; Stephen Langlois, President of Kestra Financial; Gary Carrai, Executive Vice President of Strategy, Business Lines at LPL Financial; and Tarah Williams, President & COO of Prospera Financial.
  • Who’s the new CEO in the high net worth space? In Newsmakers & Roundups, CoastalOne hired Kevin M. Keefe, who previously held executive roles at Advisor Group, LPL Financial and Cetera, as CEO, to develop and execute its growth strategy and improve offerings to affiliated advisors.

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

  • How is Advisor Group preparing for its new structure? In Newsmakers & Roundups, the firm hired Edward Swenson, formerly COO and Co-Founder of Dynasty Financial Partners, as EVP and President of Advisor Group RIA Solutions. With commentary by the firm’s CEO and President Jamie Price and Greg Cornick, President of Advice and Wealth Management.

  • How are a podcast and PaaS software making waves? Also in Newsmakers & Roundups, wealthtech firm Invent was named as a Finalist in two categories by for its annual Industry Awards: Technology Providers – Innovation for its Platform as a Service (PaaS) ecosystem and Thought Leadership for its Big Reveal Podcast Series.

  • How is Smarsh expanding its executive team? In the Digital Domain, we cover the regtech firm’s hiring of veteran CIO and CTO Vinay Mehta as its CTO to lead the development and delivery push for communications intelligence and risk management. With commentary by CEO Kim Crawford Goodman.
  • Also in Newsmakers & Roundups, Atria Wealth Solutions’ CUSO Financial Services poached a $1.8 billion credit union from LPL Financial. Pittsburgh-based Clearview Federal Credit Union is the third credit union in less than a month to join CUSO Financial Services. With commentary from Clearview’s President and CEO Lisa Florian and VP of Wealth Management, Costas Grekis, as well as Atria’s Co-Head of Financial Institution channel Brian Bichler.

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Have a great week!


Larry Roth, CEO
Wealth Solutions Report

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