Crypto’s Evolution From NFTs To ETFs

Plus Our Deals & Recruiting And Investments Roundups; Benefits Of Positive Culture; Recruiting By LPL, Summit Trail And Summit Financial; Soltis’ New PE Backers; Vestmark’s Partnership With PureFacts; And MMI’s Leadership Seminar
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

One of 2024’s more interesting developments is the return of crypto-assets. The major cryptocurrencies recovered lost value. In this stage of its evolution, crypto is more about ETFs than NFTs. I still believe advisors need to tread carefully in this arena – and do nothing without compliance. At the same time, advisors must prepare to respond to clients’ queries in light of crypto’s resurgence. This week, Eaglebrook speaks with us about crypto’s evolution, investment vehicles and client suitability.

We also bring you our monthly Investments Roundup and weekly Deals & Recruiting Roundup, tru Independence on the impact of positive culture; Soltis changes PE partners; LPL, Summit Financial and Summit Trail’s new recruits; Vestmark’s partnership with PureFacts for billing technology; and MMI’s Leadership Pathway Seminar.

Deals & Recruiting Roundup: This edition covers Cresset acquiring Connable, Arax acquiring SRS Capital Advisors, Lido Advisors acquiring Shore Morgan Young, Summit Trail recruiting a former BNP Paribas/Bank of the West team, LPL announcing three recruitments in the same week surpassing $1 billion in combined assets, Eton bringing on family office expert Tamara Surratt, Kestra onboarding Lodi Wealth Advisors, Summit Financial helping launch SRM Private Wealth, Wealthspire hiring industry veteran and portfolio manager Michael Santo, Ritholtz hiring Callie Cox as Chief Market Strategist, Focus making a new wave of executive appointments and BNY’s Pershing X enhancing its Wove platform.

Investments Roundup: Meet our newest Investment Solutions Leader of the Month, Philip Straehl, CIO for the Americas at Morningstar. Other entries include Donald Sanya becoming CEO of RBC Global Asset Management-U.S., Hamilton Lane releasing a private markets survey of investment advisors, IndexIQ launching the IQ MacKay Securitized Income ETF, Broadridge releasing its U.S. Investor Study, Advyzon Investment Management and Envestnet working with top asset managers, Prudential launching laddered funds of buffer ETFs, Cerulli noting that mutual fund assets fell again as infrastructure assets surged, HFR reporting that directional Equity Hedge and Event-Driven strategies led hedge funds higher, Vestwell expanding its 401(k) partnership with J.P. Morgan to advisors, and E*TRADE reporting on monthly sector rotations.

Crypto is back: We speak with Eaglebrook Founder and CEO, Christopher King, about the evolution of crypto-assets since the 2021 peak, investment vehicles for advisors to place clients in crypto-assets and suitability for clients.

Positive culture: Doug Nichols, COO of tru Independence, makes the case that a positive firm culture can lead to success by improving client service and employee productivity, health and innovation.

Changing PE hands: Private equity firms Estancia Capital Partners and LLR Partners invested into Soltis Investment Advisors, which manages or advises on over $9 billion of client assets, while Emigrant Partners exits its holdings. Soltis Managing Partner, Brent D. Moore, and CEO and President, Kim D. Anderson, provided commentary.

Legacy launch: LPL Financial recruited advisor David Hilbig to its broker-dealer, RIA and custodial platforms from Corebridge Financial, where he served approximately $275 million in advisory, brokerage and retirement plan assets. Corebridge is majority owned by AIG. LPL’s EVP, Business Development, Scott Posner, provided commentary.

Pasadena win: Summit Financial Holdings expanded its national footprint with the launch of $1.9 billion SRM Private Wealth in Pasadena, California, led by Managing Partner and Private Wealth Advisor Richard McWhorter, who departed from Merrill Lynch.

Key recruit: Dynasty Financial Partners affiliate Summit Trail Advisors recruited the former Key Client Group of BNP Paribas/Bank of the West to its advisor network. The Key Client Group managed over $3 billion in client assets at BNP Paribas’ Bank of the West before it was acquired by BMO in 2023. Jack Petersen, Managing Partner of Summit, and Shirl Penney, CEO and Founder of Dynasty, provided comments.

Billing tech: Vestmark partnered with PureFacts Financial Solutions to provide enhanced billing solutions to wealth and investment management clients. Vestmark CEO Karl Roessner and PureFacts CEO Robert Madej comment.

Next Gen leaders: The Money Management Institute (MMI) hosted its annual Leadership Pathway Seminar for Next Gen investment advisory leaders, from June 12 to 14 in Denver. MMI’s President and CEO, Craig Pfeiffer, and EVP, Director of Education Initiatives, Tim Williams, commented.

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Larry Roth
CEO
Wealth Solutions Report

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