Navigating The Great Wealth Transfer

Larry Roth, CEO, Wealth Solutions Report

How To Connect With Clients’ Children, Our Weekly Recruiting News Roundup, Creativity In RIA M&A, An Interview With Black Diamond, AAAA’s V.I.S.I.O.N. Conference And More

To My Fellow WSR Community Members:

Like many of you, I enjoy a trip to the ocean each summer. The sight of a harbor full of sailboats floating gently on the tides is one of the highlights of my year. The tides never arrive suddenly – they rise and fall steadily over hours – but their accumulated movements matter very much if you’re taking a boat out.

As with the rising tide, wealth management is in the early stages of a movement that will slowly but drastically change business conditions over the next years and decades – the Great Wealth Transfer. The inevitable passing of trillions to younger generations through inheritance works so slowly that we may be tempted to ignore it, but to navigate in the future, we must prepare now.

This week we bring you key steps from three experts on how to connect with clients’ children so that they become clients themselves, which will be a must for any advisory business to prepare for the upcoming wealth transfer.

We also bring you our Weekly Recruitment Roundup, Advisor Growth Strategies Principal Brandon Kawal’s analysis of creativity in RIA M&A, an interview with Jen Becher of Black Diamond from the ECHELON DDM Summit, Osaic’s latest recruit and the Association of African American Financial Advisors’ V.I.S.I.O.N. Conference.

This Week’s Issue

Here’s what we have for you:

  • Where are former Goldman advisors going? In Newsmakers & Roundups, our Weekly Recruitment Roundup covers two firms that added and filled C-suite roles – Alera Group and CoastalOne; Avantax recruiting a California-based firm from Independent Financial Group; four former Goldman Sachs PFM advisors departing in Dallas, including three to Dynasty; Atria completing its acquisition of Grove Point; LPL recruiting an $800 million team formerly with Lincoln; White Glove naming a Chief Evangelist; and Osaic recruiting a $600 million team from Wells Fargo.
  • How can you successfully navigate the Great Wealth Transfer? In Upmarket, we ask experts for three keys to connect with and retain clients’ children. Joan Malloy, Regional President and Senior Managing Director of MAI Capital Management; Will O’Rourke, Financial Advisor for North Texas Market at Prime Capital Investment Advisors; and Marshall Nelson, Wealth Advisor at Crewe Advisors, share their advice.
  • How can creativity lead to success in M&A? In Capital Connections, Brandon Kawal, Principal at Advisor Growth Strategies, explains how strong and continuous RIA M&A activity has produced more deal creativity in three areas: expanding the market, “acqui-hires” or location tuck-ins, and creative deal structures.

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

  • What did SS&C Advent and Black Diamond have to say about the ECHELON DDM Summit? In Digital Domain, we spoke with Jen Becher, VP at Black Diamond Client Experience about why the wealthtech provider participated in the conference, how software factors into M&A dealmaking, and what platform enhancements the company has in the pipeline for advisors and their firms.

  • Who’s leaving the wirehouse? In Newsmakers & Roundups, Osaic recruited Michigan-based Investment Consulting Group (ICG), with approximately $600 million in assets, from Wells Fargo. Osaic’s Kristen Kimmell, EVP Business Development, and Greg Cornick, President Advice and Wealth Management, provide commentary, along with ICG’s Managing Partner and Co-Founder, Jason Franklin.

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Larry Roth
Wealth Solutions Report

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