Honoring Top Industry CFOs And CIOs

Plus Deals & Recruiting, Practifi On Communicating Value, Gladstone On Multiples, Rise Growth On ‘Four Pillars,’ Cresset’s Recruits, StreetCred’s New SVP, Essential Edge’s Board Appointment, FIDX’s Insurance Desk, AssetMark’s Sale And More
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

Financial leadership is the cornerstone for firms to make wise choices in any industry. In wealth management, its importance is magnified as it empowers firms and their clients to make wise decisions toward optimal outcomes. Chief financial and investment officers play these crucial roles in our industry. This week, we honor the top five of both CIOs and CFOs in wealth management and bring you expert analysis of how the role of the CIO has changed over the past 15 years.

In addition, we have our Deals & Recruiting Roundup, Practifi’s views on communicating value, StreetCred’s senior hire, Cresset’s $5 billion recruits, Gladstone’s view on M&A multiples, Essential Edge’s new board member, Rise Growth’s analysis of the “four pillars of hypergrowth,” the launch of FIDX’s insurance desk for advisors, AssetMark’s sale and more.

Financial leaders: WSR honors the CFO 5 – Top Wealth Management CFOs – Tim Bowman of Realta Wealth, Tyler Mahoney of Lincoln Financial Network, Mara Stempler of Summit Financial, Christina Walsh of SageView Advisory Group and Leon Weiss of Docupace.

Investment leaders: WSR honors the CIO 5: Top Wealth Management CIOs – Cameron Dawson of NewEdge Wealth, Rafia Hasan of Perigon Wealth Management, Tim Holland of Orion Advisor Solutions, Megan Horneman of Verdence Capital Advisors and Bob Shea of Dynasty Financial Partners.

The evolving CIO: The role of the CIO has evolved greatly in the past 15 years. We discuss the changes and trends with Jim Worden, CIO of Wealth Consulting Group; Matt Dmytryszyn, CIO at Miracle Mile Advisors; Chris Shuba, Founder and CEO of Helios; and David McNatt, EVP, Head of Investment Solutions at AssetMark.

Deals & Recruiting Roundup: This edition covers M&A reports by Fidelity and ECHELON Partners; Wealth Enhancement Group acquiring Lynch Retirement Investment Group; Cresset, Citizens and Merrill each recruiting billion-dollar teams from J.P. Morgan; LPL onboarding four advisors whose combined practices manage $1.4 billion; Essential Edge adding to its advisory board; Concurrent appointing a CFO and three other strategic hires; Carson Group appointing a CFO and a Controller; Homrich Berg appointing a Head Of Corporate Development and a Chief Advisor Officer; and Cetera appointing a Head of Corporate Development.

The same boat: Adrian Johnstone, CEO and Co-Founder of Practifi, explains why CRM providers are in the same boat with RIA clients on communicating their value proposition to clients.

Insurance desk: Fiduciary Exchange and its broker-dealer, FIDX Markets, launched FIDX Desk, an outsourced insurance desk led by Scott Bowers, FIDX Desk CEO, that will enable RIAs and fee-based advisors to integrate annuity products into their offerings.

PR veteran hire: Financial services industry veteran Rob Farmer joins the StreetCred PR senior leadership team as SVP as the PR agency expands its West Coast presence. Farmer and Founding Partner Jason Lahita provide comments.

San Francisco recruiting: Cresset adds two new advisory teams to its San Francisco office who were previously with J.P. Morgan Wealth Management, where they collectively managed about $5 billion.

On the contrary: Dan Kreuter, Founder and CEO of the Gladstone Group, provides a contrarian view on multiples paid for RIAs, arguing that current multiples are not inflated, but justified.

Bolstering the board: Essential Edge announced the addition of Alex David, Division Director at Raymond James Financial Services, to its Advisory Board, which the firm formed in February. David and Sander Ressler, the firm’s Co-Owner and Managing Director, provide comments.

Tech stack advice: Aaron Wormus, Chief Technology Officer at SMArtX Advisory Solutions, makes the case for advisors to use UMAs with APIs and data feeds to free their time and energy and improve their businesses.

Hypergrowth: Darius Mirshahzadeh, the Co-Founder and Executive Managing Partner of Rise Growth Partners, examines what he terms the “four pillars of hypergrowth”: people and culture, strategy, execution and capital.

Going private: AssetMark announced that it will be 100% acquired by private equity firm GTCR with a valuation of $2.7 billion, or $35.25 per share. AssetMark’s platform serves over 9,300 advisors.

Connect with us on LinkedIn and let us know your suggestions and questions.

Larry Roth
Wealth Solutions Report

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