New data from F2 Strategy shows 95% of RIAs are using AI - four times the adoption rate of banks. Trust companies account for 90% of firms not using AI, raising alarms about their ability to stay competitive.
As more RIAs seek support on portfolio strategy and macroeconomic trends, AllianceBernstein says its dedicated RIA unit sales have increased 113% since 2023.
"We are making sure to pivot away from companies disproportionately exposed to the lower-end consumer," says F.L.Putnam's Ellen Hazen, as her RIA's investment strategy prepares to react to proposed cuts to medicaid and SNAP.
As Kalshi aims to bring prediction markets to the same apps where clients check 401(k) balances, Schwab says its "monitoring the space and regulatory landscape closely" but has no current integration plans with prediction markets.
SailGP, the global sailing league founded by Larry Ellison, has added $3 billion RIA and multi-family office Certuity as an investor in its Italy team as the firm expands its focus on emerging sports following earlier investments in NBA franchises.
With $750 million in assets and plans to hire a RIA Growth Lead, Autopilot is moving beyond retail to court advisors with separately managed accounts and integrations with RIA custodians such as Schwab and Fidelity.
“Private equity is going to pay more these days, they are throwing around cash like drunken sailors in port, and the multiples don't make any economic sense. At some point this is going to come crashing down, but it hasn't yet,” said Pitcairn CEO Andrew Busser.
The Fortune-500 financial services firm plans to hire nearly 600 advisors by the end of this year across its employee and independent channels, wanting a "younger, more diverse population of advisors" in five key cities.
Schwab's new Advisor ProDirect subscription program will serve as a launch pad for advisors looking to go independent, particularly those managing $50 million to $300 million in assets.
Morningstar says that declining fees saved investors $5.9 billion in fund expenses across ETFs and mutual funds in 2024.
