Results for "breakaways"

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Focus Financial adds $800M Lone Star State firm

February 7, 2017

An $800 million registered investment advisory firm based in Coppell, Texas, CFO4Life, has joined the New York-based Focus Financial Partners. In a press release, Focus said the RIA is its 44th partner firm and its first headquartered in Texas....

Banks, credit unions could start buying advisory practices

February 1, 2017

In September, when Salem Five Bank acquired Stumm Financial Services, it set in motion a financial advice model that could become a blueprint for other banks and credit unions, and also represents new distribution for platforms like LPL Financial....

Smarter sellers, buyers bog down RIA M&A activity

January 30, 2017

The number of merger and acquisitions involving registered investment advisers fell by 25% last year. The latest M&A report from Fidelity Custody & Clearing describes the 104 deals in 2016 as an anomaly, and projects transactions for the current...

Fidelity's Bob Oros to take over as CEO of HD Vest

January 23, 2017

Bob Oros, executive vice president and head of the RIA segment at Fidelity Investments, is taking over as CEO of HD Vest Financial Services Inc. Mr. Oros, 51, who is slated to leave Fidelity at the end of the month, will replace Roger Ochs,...

TD Ameritrade says trading impacted by Trump's tweets

January 18, 2017

TD Ameritrade Holdings Corp. saw its fiscal-year first-quarter average daily trading volume climb 11% over the same period last year, and at least part of that activity is being attributed to President-elect Donald Trump. During a Wednesday...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed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

$1 billion group leaves Arnerich Massena to go independent

October 5, 2016

A pair of advisers overseeing $1 billion in assets has broken away from Arnerich Massena Inc. to form an independent registered investment advisory shop, Allium Financial Advisors, the new firm announced on Wednesday. Arnerich Massena is a Portland,...

$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...

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