Alternatives are quickly becoming a mainstream allocation in wealth management.
“Bryant Riley’s strength is that he’s an amazing dealmaker and originator,” an industry executive said.
The traditional asset-based fee advisors charge clients "is going by the wayside," one executive said.
The state's order is a step in negotiating a potential fine with the firm.
The advisor “failed to disclose multiple conflicts of interest and misappropriated client assets," the SEC said.
More than 37 percent of financial advisors who custody assets with Schwab use alternatives.
Private equity money is contributing to the good times for RIA owners.
“These penalties are certainly significant enough to draw the big firms’ attention," one executive said.
It's a truism in the financial advice industry that many advisors dislike selling banking products.
Is the bank's next step building out its RIA custody business, one industry observer asks.
