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RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

RIAs embrace the collegial world of study groups

January 9, 2017

One might assume the last thing a busy financial adviser would want is another meeting on the calendar. But when it comes to organized study groups with industry contemporaries, it seems RIAs can't get enough. “The RIA market is extremely...

TruClarity targets midsize wirehouse breakaway reps to launch new RIA firms

January 6, 2017

A relative newcomer to the general concept of rollups and strategic acquirers, TruClarity is making a deliberate push for midsize wirehouse brokers looking to breakaway as registered investment advisers. Just 18 months old, TruClarity, based...

Veteran PNC Wealth Management rep goes independent

January 5, 2017

Matthew Pietzak has left PNC Wealth Management to launch his own firm, Vantage Private Wealth, based in Naples, Fla. Mr. Pietzak, who oversaw more than $300 million at PNC, will be offering financial planning and investment management services...

Raymond James recruits Oregon adviser from Morgan Stanley

January 4, 2017

Raymond James & Associates has recruited Portland, Ore.-based brokerage representative Katherine Fisher-Schultz from Morgan Stanley. Ms. Fisher-Schultz, who managed more than $170 million in client assets at Morgan Stanley, has joined Raymond...

Steward Partners nears $5B as it continues to recruit wirehouse reps

January 3, 2017

The first hurdle for any wirehouse rep hoping to join Steward Partners Global Advisory is the “no-jerk policy,” which company founders say is more important than experience or assets under management. “We want great people, first, who...

Even low-tech tools can trip up advisers going independent

October 24, 2016

One benefit — or detriment, depending on your outlook — of working for a large firm is that your technology platform is mostly prescribed to you. The firm tells you what you will use or provides a very short list of approved providers. When...

$2.2 billion adviser team defects from Morgan Stanley to go independent

September 12, 2016

A 13-person team managing $2.2 billion in assets has defected from Morgan Stanley to form an independent registered investment adviser, 6 Meridian, based in Wichita, Kansas, the new firm announced today. The team, comprised of seven advisers...

DOL fiduciary rule brings different adviser standards to light

July 13, 2016

The recently issued Department of Labor fiduciary rule is arguably one of the most sweeping regulatory changes in recent decades. While many continue to debate its merits or, in some cases, lack thereof, the rule succeeded in bringing the different...

Women to Watch 2016: Nominations open for female leaders of the advice industry

June 19, 2016

When you launch something new, you can only hope it takes off the way you envision. Our Women to Watch initiative did just that — and then some. After announcing our call for nominations last July, we received more nominations than we expected....

RIAs are losing their competitive advantage

June 5, 2016

Registered investment advisers need a new card up their sleeve. For years, RIAs have marketed themselves as being a cut above their counterparts in the brokerage industry. While they followed a fiduciary standard, requiring them to act in their...

Ron Carson sells 29% stake in his firm for $35M

May 27, 2016

Private-equity firm Long Ridge Equity Partners has led a $35 million investment in Carson Group Holdings to help the wealth manager make acquisitions, according to the firm's founder and chief executive Ron Carson. “We plan on doing a fair...

How advisers expect the DOL fiduciary rule will reshape the advice industry

May 9, 2016

Financial advisers are anticipating widespread changes in their industry as the Department of Labor's fiduciary rule is phased in over the next 18 months. The rule that promulgates a best-interest standard for all retirement advice will put...

The DOL fiduciary rule will forever change financial advice, and the industry has to adapt

May 9, 2016

Americans won hard-fought protections regarding the purity of their retirement advice last month. Now it's up to the nation's financial advisers to decide whether they'll meet the letter — and spirit — of the historic investor protection...

Why Pershing is cherry-picking the robo-advisers it offers its clients

May 6, 2016

Pershing has chosen to integrate a variety of robo-advisers as opposed to building or buying one, and has started with four very different choices. Bank of New York Mellon's Pershing, a custody and clearing firm, is adding three new digital...

Cease-fire by DOL fiduciary rule opponents may not last long

May 1, 2016

In the three weeks since the Labor Department released the final version of the rule that would toughen investment advice standards for retirement accounts, the financial industry generally has not barked, but that doesn't mean that it won't...

Independent broker-dealers suffer worst year since credit crisis

April 25, 2016

For the independent broker-dealer industry, 2015 was the worst year in the last six, and 2016 promises to be just as difficult — if not more so. “If 2015 was bad, 2016 is worse,” said Joel Marks, the former chairman of independent broker-dealers...

DOL fiduciary rule could spark acquisitions of RIAs as well as broker-dealers

April 24, 2016

The DOL fiduciary rule, already expected to spur consolidation in the broker-deal industry, could also hasten mergers in the registered investment adviser space. “Our merger conversations are up 20% over last year” and the Labor Department's...

Regulatory changes abroad hint at the DOL fiduciary rule's potential impact

April 17, 2016

As the advice business digests the Labor Department's new adviser fiduciary requirements for retirement accounts, it's too early to know whether the rule's advocates or its critics will be vindicated. Long-time proponents say the new standards...

How advisory firms can enhance their performance benchmarking skills

April 13, 2016

Benchmarking is an important part of planning for the success of your business. Currently, we use expected financial results as a tool to exercise good managerial sense and assess risk. However, advisory firms struggle to make accurate statements...

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