From data access to email server operations, Adam Spiegelman says Commonwealth Financial Network supported a seamless transition as he left the firm to launch his own RIA.
About 5,000 former employees will be eligible to receive money from the settlement, which stems from class action allegations that Kansas City-area firms Mariner, Tortoise, and American Century colluded to suppress wages and not hire each other's advisors.
"We've actually found that the best advisory teams and solo advisors have figured out a niche that they work well with," Savvy Wealth CEO Ritik Malhotra tells InvestmentNews, as his firm's $2 billion RIA affiliate grows to 68 advisors.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Schwab canceled a planned campaign promoting in-house services to investors with $1 million or more in Schwab retail accounts, following advisor concerns about overstepping into RIA relationships. The clients Schwab aimed to target also have assets in Schwab's RIA custody channel.
CEO Allen Darby sees a coming shift in M&A dynamics as AI eliminates clerical roles at RIAs, leaving buyers and sellers to negotiate who benefits from the added margin.
The $117 billion mega-RIA Wealth Enhancement says advisors who emphasize tax and trust planning can command higher fees. "We're actually seeing slight fee expansion within our organization," Wealth Enhancement's Dean Smith told InvestmentNews.
Since taking minority investment nearly one year ago from Joe Duran's Rise Growth Partners, OnePoint (formerly Bleakley) has grown by roughly $3 billion in assets and shifted from primarily being 1099 workforce to now having 85% of its AUM represented by W-2 advisors.
Steward Partners M&A head Scott Danner tells InvestmentNews the firm is actively acquiring RIAs with $500M to $2B in assets, as mid-sized sellers have nearly doubled their share of transactions since 2023, according to DeVoe & Company's latest RIA M&A report.
Eaglebrook Advisors' CEO Chris King expects his crypto SMA investing firm to jump from managing nearly $400 million to $1 billion over the next 12 months, as president Donald Trump signs the GENIUS Act and Bitcoin comes off new all-time highs.
