Regtech Is Changing Your Compliance Department

Plus Hamburger On Legal Blind Spots, Custodian Conferences, Mass Affluent Clients, Marcoms Strategies For Investments, Presidential Politics And Investing, RBC Wealth Management’s Recruits, And Our Deals & Recruiting And Investments Roundups
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

Wealthtech presents advisors with many new and exciting possibilities to serve clients better, enhance growth, get the most out of the workday and save resources. If we zoom in on regulatory and compliance, we find regulatory technology (regtech) at work transforming the compliance department.

While there’s still issues such as pricing and complexity that need better solutions, regtech is a positive and innovative force for our industry. This week, I bring you views of regtech providers and chief compliance officers in my quarterly wealthtech review.

We also bring you Brian Hamburger’s analysis of legal blind spots advisors often encounter; our annual guide to custodian conferences, featuring Pershing INSITE and Schwab IMPACT; CBS Brokerage on the needs of mass affluent clients; our monthly Marcoms Roundtable with Craft & Capital, Gregory FCA and Edelman Smithfield; YCharts’ report on presidential politics and investing; RBC Wealth Management’s Maryland recruits; our weekly Deals & Recruiting Roundup; and our monthly Investments Roundup.

Deals & Recruiting Roundup: This edition covers Modern Wealth acquiring Wealth Management Solutions and Autumn Wind Asset Management, AlTi agreeing to acquire Envoi, Avantax acquiring GA Investment Management, Edelman acquiring Soundmark Wealth Management, Kestra’s Bluespring acquiring KDI Wealth Management, Robertson Stephens acquiring Three Points Financial, Concurrent recruiting The Wealth Stewards, Summit helping launch Kyros Private Wealth, Perigon appointing Maria Daley as Head of Advisor Success and Integration, DeVoe & Company appointing Tony Parkin as President, RBC recruiting the Barnes Group and the Pollard Team, and J.P. Morgan recruiting The Gray-Polverini Group.

Investments Roundup: Meet our newest Investment Solutions Leader of the Month, Patrick McGowan, Head of Alternative Investments at Sanctuary Wealth. Other entries include Vanguard appointing Salim Ramji as CEO, the launch of the State Street Global Climate Transition Equity Fund, the launch of the Macquarie Focused Large Growth ETF, the CION Ares Diversified Credit Fund surpassing $5 billion, SoFi partnering with Templum on alts tech, Bernstein’s 40th Annual Strategic Decisions Conference, Cerulli finding that DCIO asset managers remain skeptical of private markets, HFR reporting that macro hedge fund strategies performed well in April and Morningstar’s “Outstanding Portfolio Manager” award.

Legal blind spots: Brian Hamburger, Founder, President and CEO of MarketCounsel Consulting, and Founder and Chief Counsel at the Hamburger Law Firm, tells us advisory businesses have to look more broadly than just financial regulation to avoid pitfalls with asset valuations, minority investments and restrictive covenants.

Regtech spotlight:  My quarterly review of wealthtech dives into how regtech is changing wealth management compliance departments. I explore the issues with Kylee Beach, General Counsel of Orion Advisor Solutions; Sid Yenamandra, Founder and CEO of Surge Ventures; Ed Lowndes, Chief Compliance Officer at Angeles Wealth Management; and Rick Ohlrich, Chief Compliance Officer at RFG Advisory.

Custodian conferences: Our latest Guide To Industry Conferences puts the spotlight on the year’s two major custodian events: Pershing INSITE and Schwab IMPACT. INSITE, June 4 to 6 in Nashville, will be the 26th annual conference hosted by The Bank of New York Mellon’s Pershing. Charles Schwab & Co. will host its 2024 conference from Nov. 19 to 21 in San Francisco.

Mass affluent needs: Chad Druvenga, CEO and President of CBS Brokerage, discusses the needs of mass affluent clients, how insurance plays a role, and the differences between high net worth and mass affluent clients.

Marcoms for investments: What marcoms strategies work for investment product providers reaching busy financial advisors? We hear from marcoms experts Trevor Davis, VP at Gregory FCA; Nicole Hakimi, SVP at Edelman Smithfield; and Chris Sullivan, President of Craft & Capital.

Presidential investments: YCharts released a report on investing and presidential elections, examining election history since the 1950s, and concluding that investors should not invest based on political party affiliations. The firm’s Product Marketing Manager, Joe Kleven, comments.

Maryland recruiting: RBC Wealth Management recruited two Maryland-based teams totaling $900 million in client assets from Merrill Lynch – The Barnes Group and The Pollard Group. David Barnes, Managing Director and Financial Advisor at The Barnes Group, and Patrick Pollard, SVP and Financial Advisor at The Pollard Group, provide comments, along with RBC Mid-Atlantic Complex Director Warren Bischoff.

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Larry Roth
Wealth Solutions Report

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