Elsewhere, a deal in Florida gives Ashton Thomas Private Wealth a new CIO, while Moneta expands its reach further into Colorado.
Osaic RIA Solutions leader, Dynasty Financial Partners co-founder takes new role.
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Former PayPal CEO Bill Harris debuts tech-focused RIA Evergreen Wealth 25 years after working alongside Elon Musk. “Quite frankly, we almost came to blows some days, just because there was such intensity,” Harris said Tuesday. “What did I learn working at PayPal? It's actually more that I learned not to do. It was complete chaos."
The Torrance, California-based consolidator's newest strategic minority investment, marking a first for Ares, will help advance the RIA's talent acquisition, M&A strategy, and other priorities.
"Any advisor who might still be in some form of captivity or feeling trapped and looking to get liberated if you will, can look at this and say if they can do it, then I can do it," Shirl Penney told InvestmentNews amid the $129 billion OpenArc team's breakaway from Merrill Lynch and ensuing legal fight.
As private market products surge, experts say standardization and strong partnerships will be crucial to sustainable AI adoption for advisors.
At the core of the plan is an emphasis on expanding high-margin, fee-driven businesses.
COO says since its summer transition to Cambridge Associates, the hybrid RIA has welcomed several teams representing $634 million in combined client assets.
Raymond James also kept its Commonwealth recruitment streak going, while Americana Partners and Pallas Capital Advisors each hired a veteran specialist advisor to boost their offerings.
California-based $36 billion RIA EP Wealth Advisors has landed a $400 million term loan and $100 million credit facility as it readies for a fresh equity raise and continued M&A activity.
After retiring as No. 10 all-time in wins for NCAA D-I baseball coaches, Danny Hall has joined BIP Wealth as its VP of strategic growth to help grow the firm's baseball division and broader reach serving college and professional athletes.
RBC has also lured a billion-dollar advisor from JPMorgan, while Raymond James and Osaic reel in more ex-LPL advisors.
Survey reveals adoption gaps and opportunities for financial advisors across channels
TIAA Wealth Management's head of wealth products sees more clients looking for a "one-stop shop" experience, making the ability to offer "liquidity without liquidation" a must for advisors.
The veteran leader from PNC brings experience working with UHNW clients, endowments, and foundations to her new role.
Atlanta-based OpenArc launches as an independent RIA while Merrill Lynch files suit over alleged "corporate raid."
Two new firms have been created by advisors seeking greater independence.
"I think this is the exact time and perfect opportunity for TradePMR and Robinhood to do this because many custodians run retail businesses that compete directly with advisors for end-client relationships," TradePMR's Robb Baldwin told InvestmentNews.
Having broken past the $3 billion AUM mark, the tech-forward RIA platform has hired a veteran leader to lead efforts to upscale its portfolio and investment decision-making capabilities.
