A record 55 mergers, acquisitions and other deals involving registered investment advisory firms took place in the third quarter, a 57% increase over the previous quarter, according to a report by Echelon Partners.
“In total, there were 23 firms with more than $1 billion in assets acquired during the third quarter — also a record level,” the company said. “The firms that are being acquired in 2020 are some of the largest — with an average of over $1.7 billion in assets — and most professionally run organizations in the wealth management industry
Professional buyers — which include platforms, consolidators and aggregators — and their interest in acquiring larger RIA firms fueled a substantial amount of deal activity during the third quarter, the company said.
Echelon noted that Creative Planning and Hightower Advisors each announced nine deals during the third quarter alone, accounting for 11% of total overall activity.
“With heightened competition between professional buyers over high-quality sellers, we anticipate this trend will continue and that it will play an increased role in M&A activity moving forward,” Echelon said.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.