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Merrill Lynch team with $700M AUM leaves to launch RIA

November 10, 2015

An adviser team with $700 million in client assets has left Merrill Lynch to start an independent advisory firm. Ross Fox, Matthew Papazian, Marti Awad and Sarah Keys have launched Cardan Capital Partners in Denver. Cardan is using Dynasty Financial...

3 reasons the time is now for big breakaways

November 2, 2015

The number of large teams breaking away and starting their own independent advisory firms has been rising. Scott Highmark of Mosaic Family Wealth likes to compare this trend to the growth of the craft beer industry. Craft beers, like breakaways,...

HighTower Advisors adds $600M multi-family office to independent channel

October 19, 2015

HighTower Advisors, a hybrid broker-dealer and investment adviser, has added Legacy Wealth Group Inc., a South Florida team that previously managed close to $600 million in assets. Based in Fort Lauderdale, Legacy Wealth is led by three managing...

Advisory firm owners balance rewarding performance with keeping a lid on compensation

October 18, 2015

Adviser salaries have been stagnant for the past two years, but bonuses are up sharply, reflecting a willingness by employers to reward performance while at the same time keeping a lid on overall compensation. Adviser salaries last year were...

$258M UBS team goes independent with Wells Fargo FiNet

October 14, 2015

A team of financial advisers have parted ways with UBS to join a Wells Fargo Advisors Financial Network practice in Irvine, Calif. Curtis Rach and Jud Crary, former senior vice presidents of wealth management at UBS in Irvine, resigned from...

Women's rise to senior positions at advisory firms has stalled

October 13, 2015

Women are well-represented in the financial advice industry from an overall staffing perspective — making up about half of total employees at a typical advisory firm — but that picture changes dramatically when we look deeper. In breaking...

Advisers seek independence, but less often as entrepreneurs

October 8, 2015

Going it alone isn't nearly as attractive for financial advisers as it used to be. Today, financial advisers are more likely to join an established RIA than to create their own independent advisory firm, a new report by Cerulli Associates found....

Commonwealth loses $650M firm to RIA channel

October 6, 2015

D.B. Root & Co., a firm affiliated with Commonwealth Financial Network that managed more than $650 million in client assets, has formed a registered investment advisory. The Pittsburgh-based RIA includes founder and CEO David B. Root, along...

Breaking away for the wrong reason

September 27, 2015

Adviser Sean Meadows was sentenced to 25 years in prison in June for stealing $10 million from clients. In August, Jacob Cooper was fined $2.8 million and also barred from the securities industry for putting his clients' money into investments...

Adviser independence no longer synonymous with ownership

September 23, 2015

According to the 2015 InvestmentNews Compensation & Staffing Study, independence is no longer synonymous with ownership as employee advisers now outnumber owners at independent advisory firms. + Zoom Our experience at The Advisor Center mirrors...

LPL and $775 million adviser part ways amid investigation

September 18, 2015

LPL Financial and its top adviser in Louisiana cut ties last month after the adviser received a Wells notice announcing an investigation by the Financial Industry Regulatory Authority Inc. Garrett Andrew Ahrens and his firm, Ahrens Investment...

How to talk to your clients about a tech crisis at your firm

September 4, 2015

It seems almost heretical for an IT expert to say this, but registered investment advisers should accept that business disruptions due to technology failures are inevitable. KPMG has reported that financial services ranks among the industries...

Custodians try to entice breakaways with substantial perks

August 9, 2015

As larger teams move into the registered investment adviser channel, the major custodians are getting more creative and adding some sweeteners to entice big breakaway outfits. Looking to differentiate themselves by more than just their ability...

Advisers' deaths without transition plans force custodians into action

August 9, 2015

When investment advisers who are sole proprietors die unexpectedly without a continuity plan in place, the firms where they house client assets react rapidly. “Custodians are increasingly adept and swift at taking action,” said Brian Hamburger,...

Considering growing through M&A? Don't call it a 'tuck-in'

August 7, 2015

Given the massive increase of merger and acquisition activity in wealth management, and understanding the complexity and unique nature of each of these transactions, we have to ask ourselves one very important question: How did our industry...

Curian Capital's sudden exit creates a TAMP feeding frenzy

August 4, 2015

Curian Capital's unexpected announcement last week that it is closing shop at year-end has sent the $300 billion turnkey asset management platform space into a feeding frenzy, as competitors scramble to woo advisers currently working with the...

Is it time to jump into energy stocks?

August 4, 2015

If 13 weeks of falling energy-stock prices has you looking for an entry point, hold your fire. By most measures, the energy sector is still expensive As Curian Capital prepares to close up shop, competitors are swooping in to recruit advisers...

Ultrawealthy are fastest-growing client segment

June 15, 2015

Focusing on the wealthiest clients is paying off for wealth management firms as millionaires represent the fastest growing and most profitable segment of the financial advice market, according to a report from The Boston Consulting Group. The...

HighTower may be moving closer to an IPO

June 9, 2015

HighTower Advisors, a hybrid advisory firm whose trajectory has been closely followed as a barometer for success of the independent model, made a presentation last week on taking the firm public, according to sources who requested anonymity...

Pershing CEO: RIA growth outpacing B-Ds

June 4, 2015

Registered investment advisers are the strongest driver of growth for Pershing's clearing and custody business as regulation and higher costs continue to put pressure on broker-dealers, according to chief executive officer Ron DeCicco. “The...

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