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Record allocations by households, foreign investors, mutual and pension funds are set to climb even higher in 2022, Goldman strategists led by David Kostin wrote in a note Friday.
Customers added 1.2 million retail brokerage accounts during the third quarter, almost double the number added in the year-ago period.
Fintech experts say the next disruption could come from out of the blue, and that advisers should avoid embracing tech for tech's sake.
The firm's trading operation posted a 23% increase in revenue, while its consumer and wealth management business pulled in $2.02 billion, up 16% from a year earlier.
The new adviser development program is up and running with 750 advisers. Some of the new recruits could be already licensed to sell securities, but don't have a background in financial advice, according to the company.
The IBD is offering a multiple-employer aggregate program that affiliates can use with small businesses and start-up plans.
In July, Charlie Scharf said that indie brokers were 'underutilized.' In the latest quarter, the number of advisers declined 2.1%.
The 64 transactions from July to September make 2021 a record year for deals, and more than half involved sales of firms with $1 billion or more in assets.
The wirehouse made yet another acquisition in the wealth management space last month, this time a retirement plan company with $43 billion in assets.
The new offering, called Pershing X, is headed by Ainslie Simmonds and will enable RIAs to outsource almost all of their practice management needs, like client relationship and investment management tools.
DeBoer Financial Group is based in Roseville, California, just a few miles from Allworth.
The broker-dealer cut ties with Eileen Cure in the wake of allegations of racism on social media. She is now part of a small RIA, Wealth Management of Kentucky.
Carson Group Excell conference whets the appetite of advisers looking for fee-based insurance products.
After recruiting seven teams of advisers in the first half of the year, the bank added just one team over the summer, executives of the firm said on an earnings call.
Guy Rodgers Private Wealth Strategies is based in Mansfield, Texas.
Fees from advising on deals almost tripled in the third quarter, crushing analysts’ estimates and helping to push the bank’s net income to $11.7 billion.
The addition of Covenant Multifamily Offices expands Captrust's Texas footprint and adds $2.6 billion under management.
The No. 1 reason given for the increase in advisory firm M&A is the desire to create a succession plan. Advisers nearing retirement should consider their alternatives.
Ricky Moore’s Oak Financial Group in Angleton, Texas, had been with Sagepoint for seven years.
After a record-setting third quarter of 78 deals, Echelon Partners' data showed 2021 has already beaten last year's record for RIA transactions.