Advisors Must Prepare For Trillions To Change Hands

Plus Our Deals & Recruiting And Investment Roundups, E&O Insurance, Empathy In Succession Discussions, Migrating Assets From A Wirehouse, Public Finance And Financial Education
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

We frequently hear of the “great wealth transfer” that is moving tens of trillions over the next couple of decades into the hands of heirs in younger generations. It will unfold slowly, which for advisors means that it is less like the rising tide and more like a rise in the sea level. Our industry must permanently change how we approach clients in light of this wealth transfer. We hear from three experts this week on multigenerational asset transfer.

In addition, we bring you our monthly Investments Roundup, our weekly Deals & Recruiting Roundup, Dynasty’s insights on migrating assets out of a wirehouse, Golsan Scruggs’ advice on buying E&O insurance, Axtella’s case for approaching advisor succession with empathy, Aztec’s acquisition of FFG and Oppenheimer’s public finance push.

Also, in response to your requests for a greater volume of top quality insights, analysis and coverage, I am excited to announce that veteran wealth management reporter and editor Jeff Berman joined our editorial team.

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Deals & Recruiting Roundup: This edition covers Miracle Mile Advisors acquiring Caplan Financial Group and Advisory Partners, EP Wealth Advisors acquiring Parker Advisory Group, Carson Wealth acquiring Fisher Financial Advisors, LPL Financial recruiting $80 billion in assets last year, NewEdge Advisors recruiting Nesso Wealth, Angeles Wealth Management hiring Rick Nott as Managing Director, Mercer Global Advisors partnering with Catchlight to boost its digital lead-generation strategy and Savant Wealth Management recruiting Jon Zindel as its Chief Financial Officer from William Blair.

Investments Roundup: Meet our newest Investment Solutions Leader of the Month, Phillip Colmar, Partner, Global Strategy & Fixed Income, at MRB Partners. Other entries include Orion adding AllianceBernstein’s municipal fixed income SMAs, Morningstar’s Advisor Workstation adding iCapital’s alternative analytics, Savvy Wealth launching an investment management platform, Vanguard launching two municipal bond ETFs, StratiFi forming a strategic partnership with AdvizorStack, Oppenheimer further expanding its Public Finance team, Venn By Two Sigma partnering with SimCorp, Sound Income Strategies’ fixed income ETF topping Morningstar’s list for 2023, Cerulli’s latest product trends report, HFR reporting that hedge funds extended gains and ClearingBid partnering with Virtu Financial.

Keys to HNW asset transfers: We spoke with Russ Alan Prince, Strategic Partner at Integrated Family Office; Craig Robson, Founding Principal and Managing Director of Regent Peak Wealth Advisors; and Harry Grand, Partner – Head of New York Office at Angeles Wealth Management. Each gave their top three keys to multigenerational asset transfer for high and ultra-high net worth clients.

Wealth in motion: Caitlin Douglas, Director of Transition Services and Co-Head of Service at Dynasty Financial Partners, addressed strategies, challenges and considerations for migrating a book of business out of a wirehouse.

More than a transaction: Michele Bergeron, Practice Management Succession Acquisition Consultant for Axtella, and Mary Ford, Succession and Acquisition Specialist at Sigma Financial, counseled that broker-dealers must keep empathy at the forefront when discussing succession planning with advisors, addressing their concerns about clients, next-gen leadership, their families and retirement.

Financial education: Financial Fitness Group (FFG), the producer of financial education materials that works in collaboration with Morningstar, was acquired by education software provider Aztec Software, to merge with its financial literacy platform iGrad. FFG Founder and Chairman Joe Saari, Aztec CEO Jonathan Blitt and iGrad CEO Rob LaBreche commented.

Benefits of E&O insurance: Brian Francetich, Director and Managing Underwriter for Golsan Scruggs, a corporate insurance and risk management firm, explains why financial advisors should consider buying errors & omissions insurance and look into other options like directors and officers liability, crime/fidelity, cyber and employment practices liability.

Public finance focus: Oppenheimer & Co. announced the hiring of former UBS executives Kristin Stephens and David Moffett as Managing Directors on its public finance team. Stephens will serve as Head of the Northeast Region and Moffett will be Head of the Southeast Region. The firm’s Head of Public Finance, Elizabeth Coolidge, provided comments along with Moffett and Stephens.

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Larry Roth
Wealth Solutions Report

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