The Full Picture For Wirehouse Advisors Today

Plus Breakaway Recruiting; News And Investments Roundups; TIFIN, Smarsh And F2 Strategy’s Appointments; Private Advisor Group On Liquidity; Audent On Student Housing; MMI’s DEI Awards; Householder’s Succession Program; And Verdence’s RIA Solutions
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

From the independent wealth management vantage point, the largest wirehouse trend is advisors breaking away to form independent advisory firms. While true, this is only one aspect of the full picture for wirehouse advisors today. The majority of wirehouse breakaways actually join a different wirehouse. Wirehouses struggle with next generation recruiting and retiring advisors, just like their independent cousins. Various other trends are unfolding in the space that affect growth, training and client satisfaction.

This week we cover the trends in the wirehouse space with Diamond Consultants, Nexus Strategy and Tasnady & Associates, and bring you marcoms strategies to reach wirehouse breakaways from JConnelly, FiComm and RFG Advisory.

We also have the latest monthly Investments Roundup; our weekly Deals & Recruiting Roundup; F2 Strategy, TIFIN and Smarsh’s appointments; Private Advisor Group’s advice on liquidity planning; Householder Group’s enhanced succession program; Audent Global’s views on student housing investments; MMI’s Gateway Foundation awards; and Verdence Capital’s expansion and rebranding of its RIA solutions.

Deals & Recruiting Roundup: This edition covers Apella acquiring ClearLogic, Arax acquiring USCWA, Cetera consolidating Cetera Advisors into Cetera Investment Advisers, Steward Partners acquiring Monaco Capital and Saling Simms, Raymond James recruiting from Wells Fargo and Morgan Stanley, Verdence Capital Advisors rebranding its OCIO to Verdence/RIA+, Householder Group expanding its membership program, Miracle Mile appointing Matt Dmytryszyn as CIO, Citizens appointing Paul Casey as Head of Wealth Management and wirehouses reporting first quarter wealth management client assets.

Investments Roundup: Meet with our newest Investment Solutions Leader of the Month, Daniil Shapiro, Director, Product Development, at Cerulli Associates. We also cover Morningstar’s annual Target-Date Strategy Landscape Report, Fidelity launching three actively managed liquid alt equity ETFs, BlackRock and Santander partnering on private infrastructure financing, Summit enhancing its private markets offering, Simplify launching two U.S. equity ETFs based on “intangible capital,” Arch adding private markets tools, Kingswood U.S. continuing to build out its investment banking group, HFR reporting that macro strategy hedge funds had their best quarter in over 20 years and Merrill offering income-focused portfolios for retirees.

Liquidity after closing: Liquidity needs don’t stop at acquisition time, according to Private Advisor Group Head of Sales and Solutions, Donald Stahl, who discusses liquidity planning both before and after the deal closes.

Breakaway marcoms: To explore how firms seeking to recruit breakaways can address wirehouse advisors, we spoke with marcoms experts James Doyle, President of JConnelly; Mary Kate Gulick, CMO and EVP Marketing & PR Services at FiComm Partners; and Abby Salameh, Chief Growth Officer of RFG Advisory.

Executive moves: Wealthtech firm F2 Strategy appoints Jay Halbert to the newly created position of CFO, while promoting Martha Blenkush to Chief of Staff. Halbert and Blenkush comment, as well as CEO and Co-Founder Doug Fritz.

Wirehouse trends: Top wirehouse trends for 2024 include advisors who continue to break away and lack of succession planning. To learn more, we speak to industry experts Tim Walsh, President, Nexus Strategy; Louis Diamond, President, Diamond Consulting; and Andy Tasnady, Owner, Tasnady & Associates.

Dorm-room assets: Paul Feinstein, CEO and Founder of Audent Global Asset Management, explains why collaboration between family offices and asset managers is essential in identifying and executing real estate opportunities in student housing.

Honoring DEI impact: The Money Management Institute’s (MMI) Gateway Foundation presented the Opening Doors Awards for DEI advancement. Sarit Abramowicz, First Vice President and Program Director of the Gateway Foundation, and Craig Pfeiffer, President and CEO of MMI, provide comments.

New board members: Regtech firm Smarsh added Sagnik Nandy and Tim Scheve to its board of directors and Lynn Danko as Chair of its audit committee and a member of the board for its consolidated group. Firm CEO Kim Crawford Goodman comments.

Succession program: Householder Group expanded its Successor Membership Program with new membership opportunities. The program is structured so that advisors nearing retirement collaborate with a successor. The firm’s COO, Renee Farida, comments.

Wealthtech move: TIFIN hired Rob Pettman as its Chief Revenue Officer and President, reporting directly to Vinay Nair, its Founder and CEO. Pettman joins TIFIN from LPL Financial. Pettman and Nair provide comments.

Outsourcing upgrade: Verdence Capital Advisors changed the name of its outsourced RIA services offering from Verdence/OCIO to Verdence/RIA+, while expanding its lineup of services and solutions. Verdence CEO Leo Kelly and Verdence/RIA+ Director Peter McGratty provide commentary.

Keep up with our latest on LinkedIn, and share your ideas, questions and suggestions with us!

Larry Roth
Wealth Solutions Report

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