How Advisors And RIAs Can Overcome Current Challenges

Plus Sanctuary Buys tru Independence, Our Wealthtech And News Roundups, Fidelity’s Tech Survey And SEIA’s Acquisition
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

With RIA M&A still at a brisk pace, valuations high and a constant stream of advisors moving toward independence, one might be tempted to think that the financial advisory business is easy, but in truth advisors and RIAs face an array of difficulties including increased client demands, fee compression, an uncertain economy, geopolitical rumblings, increased compliance requirements and a tight labor market. Today we bring you expert advice to manage these challenges from Wealthcare, Goldman Sachs and NewEdge.

In addition, we bring you our monthly Wealthtech Roundup, our weekly Deals & Recruiting Roundup, the results of a Fidelity tech survey, Sanctuary’s purchase of tru Independence, SEIA’s $2 billion acquisition and FusionIQ’s new digital transition support solutions.

Deals & Recruiting Roundup: This edition covers Sanctuary Wealth acquiring tru Independence, SEIA agreeing to acquire Cedar Brook, Avantax acquiring the wealth management business of Integrated Tax & Wealth Strategies, BIP Wealth agreeing to acquire The Money Advisor Group, LPL Financial and Janney Montgomery Scott each recruiting three teams that collectively oversee $1.3 billion, EP Wealth onboarding two advisors focused on professional athletes, Eton Advisors appointing Brian Hughes as President, Focus Financial Partners appointing Michael Nathanson as CEO and J.P. Morgan releasing a Global Family Office Report.

Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, SMArtX Advisory Solutions CTO Aaron Wormus. Other entries include CAPTRUST partnering with CAIS, StratiFi integrating with Altruist, COMPLY appointing Michael Stanton as its new CEO, GTCR acquiring AssetMark, Smarsh adding new board members, Surge Ventures acquiring Kovair Software, iCapital acquiring Mirador, F2 Strategy appointing Jay Halbert as CFO, Fiduciary Exchange launching an outsourced insurance desk for advisors, TIFIN appointing a new president and TIFIN AG appointing a new COO, and Elements partnering with XY Planning Network.

Overcoming headwinds: Wealthcare President Matt Regan discusses the headwinds facing independent advisors from fee compression, compliance issues, the labor market, client expectations and technology costs, and how to navigate through them.

Tech embrace: Advisory firms that embrace best practices in tech are seeing stronger efficiency and growth, better client experiences and higher advisor satisfaction than their peers, according to a new Fidelity Investments study. Fidelity Institutional’s Head of Technology Consulting, Marissa Herr, and Head of Platform Technology, Jessica Liberi, comment.

Strategies and risks: Goldman Sachs and NewEdge Wealth hosted a webinar panel on RIA strategies and market risks featuring Gregory Calnon, Co-Head of Public Investing; Alexandra Wilson-Elizondo, Co-CIO Multi-Asset Solutions; and Sylvia Yeh, Head of Fixed Income Wealth Solutions, all from Goldman Sachs Asset Management, as well as Cameron Dawson, Chief Investment Officer, NewEdge Wealth.

Cleveland acquisition: Signature Estate & Investment Advisors (SEIA) agreed to acquire Cedar Brook, a $2 billion RIA based in Cleveland. SEIA Director of M&A, Cameron Stagg, and CEO, Brian Holmes, provide comments, along with Cedar Brook CEO Bill Glubiak.

Two independence models: Sanctuary Wealth will acquire tru Independence, in a transaction combining two different independent advisor models into a firm supporting $42 billion in assets across 120 independent firms. Sanctuary CEO Adam Malamed and tru CEO Craig Stuvland provide comments, along with Jeff Nash of Bridgemark Strategies.

Transition support: FusionIQ announced the addition of FIQ Freedom to its platform. The new toolkit will support transitions for breakaway advisors with compliance features and more. FusionIQ’s CEO Mark Healy and CIO John Guthery provide commentary.

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Larry Roth
Wealth Solutions Report

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