An Unexpected Source Of Retirement Risk

Plus Compliance As A Strategic Partner, Weekly Deals & Recruiting, Digital Wealth Tech, Modern’s Acquisition, Marshall’s Rebrand, RFG’s Hires, Osaic’s New Recruit And MMI’s NextGen Program
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

While the industry focuses on a great transfer of wealth from the boomer generation to its heirs, there’s a lesser-known transfer going on concurrently that creates risk for retirees as well as their heirs – adult children requesting financial support from their parents. While many adult children legitimately need help due to unforeseen circumstances, these needs can place parents in an awkward position of risking their own retirement. In many cases, it also enables a lack of responsibility in the adult children.

This week, we speak with three Dynasty-affiliated advisors about counseling clients when adult children ask for financial help. We also hear from Concurrent’s CCO about establishing a culture in which advisors treat compliance as a strategic partner, and the CEOs of FusionIQ and Arete Wealth on their digital wealth management partnership.

In addition, we bring you our weekly Deals & Recruiting Roundup as well as coverage of Marshall’s rebranding to “Novus,” Modern’s $1.2 billion acquisition, RFG’s leadership expansion, Osaic’s latest recruitment and MMI’s partnership with NYU Stern for NextGen professionals.

Deals & Recruiting Roundup: This edition covers Mercer acquiring MDK Private Wealth Management, MAI acquiring LWS Wealth Advisors, Beacon Pointe acquiring Keeney Financial Group, Perigon acquiring Blue Water Capital Management and Lumin Financial, Robertson Stephens acquiring The Thrush Group, Modern Wealth Management acquiring Beltz Ianni & Associates, Householder Group acquiring American Financial Services and The IRA Specialists, Compound Planning recruiting six advisors, Osaic recruiting Cornerstone Advisors, Equitable Advisors bringing on Michael Shieh, Savvy Advisors adding three wealth managers and RFG Advisory making three appointments to its executive team.

Digital wealth management: We spoke with Joshua D. Rogers, Founder and CEO of Arete Wealth, and Mark Healy, CEO of FusionIQ, about their partnership in digital wealth management and the benefits it provides for financial institutions and retail investors.

Compliance as partner: Courtney Haddad, Chief Compliance Officer at Concurrent Investment Advisors, says that advisors need not view the compliance department as a barrier. Instead, she makes the case for establishing a culture in which compliance is viewed as a strategic partner to the business.

Supporting adult children: How do you counsel clients when adult children lean on them for financial support, potentially risking their retirement? Dynasty Financial Partners affiliated advisors Christine Wang, Lead Advisor at Nilsine Partners; Derek Wittjohann, COO and Partner at Premier Path Wealth Partners; and Michael Leverty, Founder and CEO of Leverty Financial Group, address the issue from multiple angles.

Rebrand for the future: Marshall Wealth Management Group rebrands as Novus Wealth Group. The Cadaret Grant affiliate chose the name to reflect a new beginning and the future for both the firm and its clients. Founder Brad Marshall comments.

Modern stretches east: Modern Wealth Management bought $1.2 billion Rochester, New York-based Beltz Ianni, expanding its footprint in the Eastern Region and adding retirement services. Modern’s Co-Founder and President Jason Gordo and Beltz Ianni’s Kyle Dunn and Michelle Cannan provide comments.

A Minnesota move: Osaic recruited $360 million Minnesota-based Cornerstone Advisors from Cetera. Cornerstone Founder James Benson and Osaic EVP Business Development Kristin Kimmell provide comments.

Triple C-suite expansion: Vestavia Hills, Alabama-based RFG Advisory announced a three-person C-suite expansion with the arrivals of Abby Salameh as Chief Growth Officer, Brendan Frazier as Chief Behavioral Officer and Kenneth J. Kim as CFO. Salameh and firm President Shannon Spotswood comment.

NextGen executives: The Money Management Institute (MMI) is partnering with NYU Stern Executive Education to launch the graduate-level three-week Academy aimed at NextGen professionals in the first five years of their career. MMI’s Director of Education Initiatives, Tim Williams, and CEO & President, Craig Pfeiffer, provide comments.

Join the conversation with us on LinkedIn, and share your ideas and questions with us!

Larry Roth
Wealth Solutions Report

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