Plus An Interview With BetaNXT’s CEO, Our Weekly Recruitment Roundup And Monthly Wealthtech Roundup, NewEdge Hires In Miami And Atria Wins Another Financial Institution
To My Fellow WSR Community Members:
Summer is here – and with it blockbuster movies that bring us action, drama and the bravery of small teams of protagonists facing overwhelming odds. As each narrative unfolds, the writers insert such insurmountable challenges that you cling to the edge of your seat asking, “How can they possibly overcome this?” Then, naturally, they do.
Advisor recruitment faces some blockbuster challenges this year as well, overcoming a variety of hurdles stretching from the Fed’s Eccles Building to the Taiwan Strait, in addition to an international banking crisis. Despite these uncertainties, recruitment remained healthy throughout the first half of the year. This week, I bring you my views with a recap of the strength, developments and challenges of the past few months in advisor recruiting.
In addition, we bring you an interview with BetaNXT’s CEO on the move to T+1 settlement, SIFMA and better data; our weekly roundup of the latest news in recruitment, M&A and people moves; our latest monthly Wealthtech Roundup, featuring our Wealthtech Leader of the Month; Atria’s latest financial institution recruit; and NewEdge’s Miami expansion.
This Week’s Issue
Here’s what we have this week:
- In Newsmakers & Roundups, this edition of the Weekly Recruitment Roundup features Kestra Financial recruiting Mission Financial Planners, a father and son team going from the Raymond James employee channel to launching an RIA on its custody platform, Cerity Partners merging with AJ Wealth, Mercer Advisors acquiring Day & Ennis, Atria Wealth Solutions subsidiary CUSO Financial Services partnering with Capital Credit Union, LPL Financial recruiting back former executive Jeremy Holly from SageView Advisory Group and NewEdge Wealth recruiting former Wellington Management executive Gregory Pool.
- Who’s our newest Wealthtech Leader of the Month? In Digital Domain, we speak with Danny Lohrfink, Co-Founder and Chief Product Officer at Wealth.com. This month’s roundup also covers FusionIQ launching a modular platform, Crystal Capital Partners selecting SS&C for back-office enhancements, Nitrogen integrating with FMG, Docupace appointing Leon Weiss as CFO, Wealth Management GPT launching an AI-driven writing tool, Halo Investing appointing COO Matt Radgowski to CEO, Seeds Investor closing an additional $2 million of funding, F2 Strategy acquiring Oakbrook Solutions and Smarsh naming Vinay Mehta as CTO.
- In Upmarket, I explore notable trends in wealth management recruitment that emerged over the past year for RIAs and independent broker dealers, from the regional banking crisis to compensation packages. The good news is that industry recruitments have exhibited healthy signs despite various macro headwinds. The bad news is that advisors who don’t get the support they need in-house, and feel their firm is not helping them grow sufficiently, will start looking elsewhere.
In case you missed it, last week we brought you:
- In Digital Domain, we spoke with BetaNXT CEO Stephen Daffron about how wealth management can use data to make better decisions, why he spoke at the SIFMA Ops Conference and BetaNXT’s role in the move to T+1 securities settlement requirements.
- In Newsmakers & Roundups, CUSO Financial Services (CFS), a broker-dealer subsidiary of Atria Wealth Solutions focused on the credit union wealth management space, announced a multiyear partnership with Capital Credit Union, the fifth credit union in recent months to join CFS from LPL Financial.
- Who’s the newest advisor in Miami’s Brickell neighborhood? Also in Newsmakers & Roundups, NewEdge Wealth recruited Gregory Pool from Wellington Management to advise ultra-high net worth clients and serve on the Investment Committee. Firm CEO and Co-Founder Rob Sechan provides comments.
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Have a great week!
Larry Roth, CEO
Wealth Solutions Report