Alts Data And Reporting, The 60/40’s Future, Goldman’s Custody Win, Wealthtech News, The Latest In Recruiting, Model Portfolios And Concierge Services
To My Fellow WSR Community Members:
This past June was the 40th anniversary of Eddie Murphy and Dan Aykroyd’s hit movie, “Trading Places,” which included the famous scene in which the villains tried to corner the orange juice market in open outcry pit trading. Though the scene evokes nostalgia for many of us in wealth management, alternative investing has thankfully moved light years ahead.
This week, we consider alternatives from a variety of angles. We discuss with wealthtech CEO Joseph Larizza the democratization of alts and how to manage pitfalls and problems, talk with experts about the 60/40 portfolio and the place of alts in the future, and speak with Goldman and Burney executives about their custody deal, including how custodians can serve alternative investments well.
In addition, we bring you the latest in wealthtech and recruitment news, including the latest in recruiting from NewEdge, Stifel and Prospera, the CEO of Helios gives advice on model portfolios, and LaSalle adds concierge services.
This Week’s Issue
Here’s what we have for you this week:
- Which huge wealth management firm is the latest to undergo a rebrand? In Newsmakers & Roundups, this edition of Weekly Recruitments features Integrated Partners recruiting PRISM Financial Strategies, NewEdge Capital Group exceeding $40 billion on a recruitment surge, Prospera expanding its national footprint by recruiting three new firms with $539 million, Stifel Independent Advisors recruiting advisors with $673 million across three states, Hightower facilitating its fifth sub-acquisition for Fairport Wealth, Mercer acquiring $720 million Private Asset Management, Burney Company adding Goldman Sachs as a custody provider, CI Private Wealth rebranding as Corient, and Allworth Co-Founders Scott Hanson and Pat McClain stepping down as Co-CEOs.
- Who’s our newest Wealthtech Leader of the Month? In Digital Domain, we speak with StratiFi Co-Founder and CEO Akhil Lodha. Other entries include the launch of SKYVIEW 1’s mobile banking platform for advisors to offer to their clients, Docupace subsidiary PreciseFP integrating with LPL Financial, Mirador revitalizing its compensation management services, LaSalle St. adding a concierge service to its Technology Learning Center for advisors, Ledgex launching a private investment document retrieval service, FusionIQ integrating with Blueleaf, Entrustody appointing Brian Kutmas as Senior Vice President of Product and Technology, CapIntel launching SEC-aligned proposal building features for RIAs and COMPLY publishing its 2023 Regulation Rundown.
- How do you manage the problems that arise from the democratization of alts? In Investment Solutions & Gatekeepers, Joseph Larizza, CEO and President of Mirador, discusses the benefits and pitfalls of bringing alts to a wider group of investors, transparent reporting, data management and the complexity of reporting using systems designed for standardized, liquid assets.
- If the economy and markets continue to thrive, will we see the 60/40 and index trackers rise in popularity? Also in Investment Solutions & Gatekeepers, Rob Conzo, CEO and Managing Director of The Wealth Alliance; Anna Rathbun, CIO of CBIZ Investment Advisory Services; and J.B. Sarra, Head of Distribution at TEMA ETFs, address equity/bond portfolios, index trackers and alts in a prosperous future scenario.
In case you missed it, last week we brought you:
- What are four key considerations for financial advisors using model portfolios? In Words In Edgewise, Chris Shuba, CEO and Founder of Helios Quantitative Research, explains how advisors can use customized model portfolios to expand their service offerings into other asset classes, as well as to personalize and enhance the client experience.
- Who’s expanding nationwide by recruitment? In Newsmakers & Roundups, Arizona-based Prospera Financial Services announced three recruits totaling $539 million in assets under management: G4 Wealth Management, Boston and Florida-based East Coast Capital Management and Colorado-based Paraclete Wealth Consultants. Prospera’s President and COO, Tarah Williams, comments.
- Which firm recently surpassed $40 billion in client assets serviced? In Newsmakers & Roundups, Pittsburgh-based NewEdge Capital Group did it largely as a result of recruitment efforts, and it is on track to exceed record recruitment and asset growth set in 2022. The firm, which is the wealth management business unit of EdgeCo Holdings, serves more than 300 financial advisors who collectively oversee more than 75,000 client accounts.
- What’s the future of the custodian space? In Words In Edgewise, Goldman Sachs Advisor Solutions recruited a second firm in two weeks to its custody platform, Burney Company. Goldman Sachs Managing Director Richard Lofgren and Burney President and Chairman, Lowell Pratt, Jr., discussed custodianship for alts, customized portfolios and the future of the wealth management custodial space.
- Who just established flagship offices in three states? Also in Newsmakers & Roundups, Stifel Independent Advisors announced the recruitment of three firms in the second quarter, each to establish the firm’s flagship office in its respective state: ARC Wealth Management from Utah; BT Legacy Wealth Management from Florida; and Client First Financial from New Jersey. Stifel Independent Advisors President and CEO, Alex David, provides commentary.
- Which wealth management firm introduced a concierge service on its Advisor Technology Center? In Digital Domain, Chicago-based firm LaSalle St. gathered feedback from its advisors and expanded the self-help section. The upgraded tools have been designed to better help advisors integrate technology and participate in peer-to-peer exchanges while accessing its live webinars, recorded videos, written documentation and a podcast.
Share your ideas, thoughts and questions with us. We enjoy hearing from you!
Let your friends and colleagues know about the insights and news we can bring them via email and LinkedIn.
Cheers!
Larry Roth
CEO
Wealth Solutions Report
