What’s your resolution for the new year? For many advisors who are fully occupied by the daily tasks required to serve clients well, the resolution is to elevate the important above the urgent and get their long-term plans sorted. This week, Ed Friedman of Summit Financial argues that for those in wirehouses, both the quantitative and qualitative cases point toward independence as the better option for them and their clients.
In addition, Yelena Melamed of Catchlight addresses organic growth, and we bring you the latest acquisition by Mercer, CoastalOne’s rebrand as Realta, and the latest news and wealthtech roundups.
Starting this week, we have renamed the Weekly Recruitment Roundup to reflect that it covers much more than recruiting: It is now the Deals & Recruiting Roundup – M&A will be at the top of the coverage, followed by recruiting news, then strategic partnerships and people moves. Going forward, I will share my views as “Larry’s Take” in this roundup and often in other articles. This month’s Wealthtech Roundup also includes my take.
You could win a $250 Amazon gift card simply by taking a few minutes to complete our survey on the state of advisor technology.
Deals & Recruiting Roundup: This edition covers Savant acquiring FirstWave Financial, Mercer acquiring Transitions Wealth Management, Mariner acquiring Confluence Financial Planning, Waverly acquiring StrategIQ Financial Group, Dakota Wealth agreeing to acquire Ledge Wealth, LPL recruiting advisor Zachary Fiandt, Kestra PWS recruiting advisor Will Gungoll and Fiduciary Trust International recruiting Wealth Director Matt McKean.
Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, Rich Aneser, Chief Strategy Officer of Envestnet. Other entries this month include CapIntel forging 11 partnerships and being named a finalist in two awards last year, Vestwell raising $125 million in funding, FP Alpha integrating with Orion, Addepar surpassing $5 trillion of client assets managed on its platform, TIFIN integrating with BetaNXT and Franklin Templeton, Altruist announcing six more integration partnerships, Pontera raising $60 million and Smarsh enhancing risk detection.
Through a CPA’s eyes: Mercer Global Advisors announced the acquisition of Transitions Wealth Management (TWM), with $465 million in client assets. TWM uses a CPA’s perspective in its approach to wealth management. Mercer CEO David Welling and Vice Chairman David Barton provide commentary, along with Bruce R. Bendell, Managing Partner of TWM.
Wirehouse liberation: Ed Friedman, Director of Business Development and Growth at Summit Financial, makes the case that advisors should go independent, pointing out the financial boost independence provides, as well as multiple benefits to clients.
A new name: Broker-dealer and RIA CoastalOne rebranded as Realta Wealth, with updates to its logo, mission and vision. Ownership remains with Orange Street Holdings. Realta’s CEO Kevin M. Keefe; Chairman of the Realta Wealth Advisory Council Carmen Morrone; and Orange Street Chair Ryan Hanks provide comments.
Generating organic growth: Yelena Melamed, Co-Founder and Head of Product at Catchlight, tells us about the state of organic growth for advisors today, barriers they encounter, and the low-hanging fruit advisors can implement to achieve organic growth in 2024.
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