OpenInvest has been making big headlines this July after being bought by J.P. Morgan. OpenInvest will retain its brand while being integrated into the J.P. Morgan Private Bank and Wealth Management client offerings — however, there are way more changes ahead!
As part of the acquisition, OpenInvest is ending their days as a money manager as J.P. Morgan seeks to turn the company into a technology pod. OpenInvest announced they are offloading their RIA assets, and RIAs have been directed to sunset their accounts. So, what does this mean for you, if you are an OpenInvest RIA? Bottom line… it’s time to start looking for a new home for your business.
Let’s be clear. OpenInvest isn’t just leaving their RIAs hanging. They have offered to help them one-by-one move their assets to another money manager — but for some advisors, that may not be enough. Additionally, there is no timetable on when these RIAs will be able to successfully transfer their assets elsewhere. However, the company has announced that its existing clients will be gone by the end of summer.
For advisors who feel like they’ve been blindsided or caught by surprise, and don’t know where to turn, look to 3xEquity as your lifeline. We exist with the sole purpose of helping advisors find the right home for their business. Advisors who partner with us can expect multiple offers from the top broker-dealers in as little as two business days. Get started with us today by visiting 3xEquity.com.