Focus Financial Partners has agreed to take a stake in Ancora Holdings Inc., the parent of four advisory firms managing more than $2 billion. The firm is based in Cleveland.
Terms of the agreement were not disclosed. The transaction is expected to close in the fourth quarter.
Its stake in Ancora will expand Focus' presence in the Midwest high-net-worth market.
Ancora, founded in 2003, is employee-owned and managed by a seven-person executive team led by Fred DiSanto, its chairman and CEO.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
