Active Regulators Stir The Pot For 2024

Larry Roth, CEO, Wealth Solutions Report

Plus Recruiting And Wealthtech News, Marcoms, Advisor Self-Care, The Outlook For Small-To-Midsize Firms, Liability Management, PR Firm Expansion, An Advisor Network Launch, LaSalle And Commonwealth Recruiting, And Is AI A Bubble?

As advisors know, the pace of change in wealth management of recent years hasn’t just been driven by the economy and technological advances – compliance has changed dramatically and shows no signs of slowing. The CFTC, SEC and Department of Labor are all actively expanding and restructuring the regulatory environment for our industry. Today, we explore how compliance and regulation will develop next year.

In addition, we bring you our roundups of recruiting and wealthtech news, Diversify Advisor Network’s launch, LaSalle’s and Commonwealth’s latest recruits, marcoms strategy for independent advisors, Shaping Wealth’s view on advisor self-care, Opto’s argument that AI is not a bubble, Haven Tower’s hires, the 2024 outlook for small-to-midsize firms and a paper by Joel Bruckenstein and John O’Connell on liability management.

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  • Weekly Recruitment Roundup: This edition features Commonwealth Financial Network recruiting Mammini Company, LaSalle St. recruiting Horwitz & Associates, Savvy Advisors recruiting John Khoury from Charles Schwab & Co., Creative Planning acquiring Daniels + Tansey, Perigon Wealth Management acquiring Wealth Advisors Inc., Integrated Partners and Windes launching Ovisto Wealth Management, Modern Wealth Management hiring J.P. Rankin as Chief Compliance & Legal Officer and Freestone Capital Management hiring Lizzie Hollis as Managing Director, Wealth Strategy and Estate Planning.
  • Compliance & regulations in 2024: Where exactly are wealth management compliance and regulatory trends headed for advisors in 2024? To get a sense of what’s coming next, WSR spoke with Jaci Stanton, Managing Director, and Scott Lamont, Director, at F2 Strategy; Elizabeth A. Watkins, COO & CCO at Crescent Grove Advisors; and Robert Cruz, Vice President, Regulatory & Information Governance at Smarsh.

  • Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, Ryan Eisenman, Co-founder and CEO of Arch. Other entries include Nitrogen hiring Dan Zitting as CEO, Helios enhancing its rebalancing capabilities and incorporating machine learning into its investment models, FusionIQ partnering with Valley National Bank, FMG enhancing its premium website design services and partnering with Bento Engine, Envestnet partnering with Empower, BridgeFT partnering with Income Lab and Wealthfront surpassing $50 billion in client assets.
  • Where’s your oxygen mask? Joy Lere, Co-Founder of Shaping Wealth, makes the case that the industry and advisors need to embrace self-care so that advisors avoid burnout and serve their clients and loved ones best.

  • Artificially effervescent? Jacob Miller, Co-Founder of Opto Investments, sets out an analysis of why AI investing is not a bubble, but rather a transformative wave that has real, intrinsic value.
  • Chicago recruiting: LaSalle St. recruited its $550 million fellow Chicago-area-based Horwitz & Associates from Atria’s Western International. The 13-person team operates in five states. Horwitz & Associates Founder Gerald Horwitz and LaSalle’s CMO Mark Contey provide commentary.

  • Marcoms for newly independent firms: To learn the best marketing and communications strategies for small, newly independent advisory firms, we hear from experts April Rudin, Founder and CEO of The Rudin Group; Alana Kohl, Founder of AdvisorPR, a division of JConnelly; and Chris Sullivan, President of Craft & Capital, in this month’s Marcoms Roundtable.

  • 2024 outlook for small-to-midsize firms: What are the largest issues facing small-to-midsize wealth management firms? Three executives discuss how regulation, demographics and employment issues are playing out into 2024: Libet Anderson, President, Wealth Management of Concourse Financial Group; Andy Christofferson, CEO and President of Berthel Fisher subsidiaries; and Jamie Mackay, EVP, COO of SFA Partners.

  • Asset Liability Management: Sora Financial published a paper by Joel Bruckenstein, President of Technology Tools for Today, and John O’Connell, Founder and CEO of The Oasis Group, explaining how and why advisors should manage their clients’ liabilities. Sora’s Co-CEOs Rohit Agarwal and Siddhartha Oza comment.

  • A $3 billion recruit: San Diego, California-based Mammini Company, with approximately $3 billion in client assets, departed Lincoln for Commonwealth. President Mike Mammini and Commonwealth’s Managing Principal and Chief Business Development Officer Becca Hajjar provide commentary.

  • Diversified affiliation models: Sandy, Utah-based DFPG Investments announced the launch of Diversify Advisor Network (Diversify), which aims to offer advisors expanded affiliation options. Diversify’s Co-Founder and CEO, Ryan Smith; Chief Strategy Officer, Stuart Matheson; and Vice President of Business Development, Jina Horton, comment.
  • Anniversary hiring: Communications firm Haven Tower Group added two executives to its team as Principals – Brandon Blackwell and Paul Menchaca – as it marked its 12th anniversary. CEO and Founder Joe Kuo and President and Managing Partner Michael Dugan provide comments.

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Larry Roth
Wealth Solutions Report

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