3+ Things We Learned At FutureProof 2023
Is Crypto Creaking? Last year it seemed as if everyone at FutureProof was primed to go with crypto. They were just waiting for the big boys to bite assuming that once they did the opportunity gates would fly wide-open. Well, the big boys bit and…umm…crickets. The excitement has seemingly passed and now the big guys are […]
Quietly Hightower Continue To Expand
Highland Private Wealth Management, a prominent firm within the Hightower network, has strategically broadened its operations in the Washington area by successfully completing the acquisition of a proficient advisor team boasting assets under management totaling approximately $470 million. The strategic move involved the integration of Trellis Advisors, a well-established registered investment advisory firm hailing from […]
Edward Jones Keeps Losing Big Advisors To LPL
It hasn’t been widely reported, but there is an ongoing problem at Edward Jones. They have an LPL problem; a serious LPL problem. That problem has syphoned nearly $2B in client assets away from Edward Jones and into the hands of LPL. Edward Jones advisors and their culture are known for a specific setup, a […]
Stifel Goes On The Hunt; Amongst Suitors For Goldman Biz
Numerous prominent players in the financial landscape have emerged as potential suitors for Goldman Sachs’ mass affluent wealth division, Personal Financial Management (PFM), as per sources well-acquainted with the situation. The list of potential bidders encompasses a substantial registered investment advisory firm, a collection of independent broker-dealers, and the regional brokerage firm, Stifel Financial. Goldman […]
Guess Who’s Back?
The financial services industry has been seemingly dominated by the rise in the number of RIAs, especially over the last few years. As a result, the major wirehouses, while still firmly established and prevalent, were more or less considered on the endangered or soon-to-be-extinct list following the impact of the Great Financial Crisis. While it […]
LPL Feasts On Another ($320M) Merrill Team Escaping The Limping Herd
LPL Financial has recently welcomed a proficient advisory team, Veritas Legacy Wealth, to its 1099 model. This team made the transition from Merrill Lynch, where they managed approximately $320 million in assets encompassing advisory, brokerage, and retirement plans. Operating under the banner of Veritas Legacy Wealth, this team is situated in Amarillo, Texas, as confirmed […]
‘Perfect Storm’ For Recruiting Deals Continues Unabated; Not Slowing Down
Anyone remember the recruiting pause about five years ago associated with the possible move to a fiduciary standard industry wide? Feels like ancient history, doesn’t it? Yes, yes it does. Fast forward a half decade or so and what does the landscape look like now. Client assets have more than doubled over that timeframe; meaning that books are beefy […]
LPL Moves To Zero
ABSOLUTE GAME CHANGER: LPL announced that it is lowering its Strategic Asset Management Pricing (SAM) on a sliding scale to 0 basis points depending on an advisor’s assets under management (AUM). You might want to read that back to yourself slowly…ZERO. Note: This fee is known by other names at other firms, including Global Admin Fee […]
Embracing Opportunities In The Growing RIA Space
In the backdrop of a challenging 2022 economic landscape, where both stocks and bonds experienced unprecedented declines, the financial planning industry faced a significant decrease in Assets Under Management (AUM). Yet, despite these challenges, Registered Investment Advisors provided a highlight amidst the difficult times in the way of organic growth. Schwab recently released their 17th […]