Merchant, the New York-based private partnership and global operating company, is bolstering its support for independent wealth firms with a new veteran hire.
The company has appointed Rich Policastro as managing director, a move that the firm says will strengthen its expanding network of service partners that support RIAs with business growth, operational efficiency, and strategy execution.
Merchant, which has been reinventing itself from a minority partner to a lifecycle equity partner for RIA firms, said Policastro’s role will center on building stronger engagement across its services ecosystem. That includes more than 100 partner firms and RIA practices across six countries, collectively managing over $230 billion in client assets.
Policastro brings more than three decades of industry experience, having held leadership roles at Schwab Advisor Services and Fidelity Institutional.
Before joining Merchant, he served as executive director of mergers and acquisitions at Hightower Advisors, where he helped steer the firm’s acquisition strategy.
“Rich’s addition reflects our ongoing commitment to surrounding advisors with not only top-tier resources but also the people who’ve been in the trenches with them,” Tim Bello, co-founder and managing partner at Merchant, said in a statement on Wednesday.
The appointment comes as Merchant continues to scale its presence in the advisory services space. In recent years, the firm has built a network of specialized providers that deliver solutions across compliance, investment banking, fintech, and planning services.
That includes AdvisorAssist, which focuses on compliance and RIA operations; Republic Capital Group, an investment banking and valuation advisory firm; and Fin.Link, a technology platform aimed at enhancing advisor-client engagement while supporting succession and growth initiatives.
Other key partners include geopolitical research firm TAG Intel, tax and estate planning provider Mosaic Advanced Planning, and integrated CPA services firm Venning Advisors.
Beyond these partnerships, Merchant has supported the development of outsourced chief financial officer services and cybersecurity tools designed for advisory firms.
The company also plans to expand into trust services and introduce more robust valuation capabilities in the near future.
“Our goal is to be embedded across the scaffolding of the industry – supporting advisors not just with capital but with the infrastructure to grow, protect, and evolve their firms,” said Bello.
Merchant's decision to hire an RIA leader closely mirrors another move this week at Emigrant Bank, which welcomed three-decade industry veteran Kenneth Eyler from Cresset as a managing director. That move, announced on Tuesday, is aimed at expanding Emigrant's family office capabilities while supporting its ultra-high-net-worth clients and subsidiary wealth firms.
Goldman Sachs retirement survey finds 83% want guaranteed income, while the annuities providing that income increasingly hold private credit.
The AI meeting assistant's Advisor Intelligence plugin turns client conversation data into annual reviews, tax scans and attrition alerts.
Chuck Roberts and Stifel have been facing scrutiny due to sales of structured products and structured notes.
Among other updates, the proposals would let advisors to regulated funds earn performance fees and allow interval funds to offer monthly repurchases.
What will financial advice look like 20 years from now? Evan Vladem explores how AI may transform wealth management while reinforcing the enduring value of human guidance, trust, and empathy.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
