Industry

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Topic

Goldman says cash pile will drive equity allocations to new high

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.

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Schwab posts record earnings as retail trading powers on

Customers added 1.2 million retail brokerage accounts during the third quarter, almost double the number added in the year-ago period.

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RIAs should brace for technology disruption

Fintech experts say the next disruption could come from out of the blue, and that advisers should avoid embracing tech for tech's sake.

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Goldman Sachs traders deliver surprise surge

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.

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Merrill ramps up adviser training after record revenues in Q3

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.

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LPL expands retirement plan choices for affiliates

The IBD is offering a multiple-employer aggregate program that affiliates can use with small businesses and start-up plans.

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Head count down, Wells Fargo has ‘underinvested’ in independent advisers, CEO says

In July, Charlie Scharf said that indie brokers were 'underutilized.' In the latest quarter, the number of advisers declined 2.1%.

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Mega RIA firm M&A activity leads to record third quarter

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.

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Morgan Stanley adds record assets, buys retirement plan firm

The wirehouse made yet another acquisition in the wealth management space last month, this time a retirement plan company with $43 billion in assets.

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Pershing lures custody business with latest turnkey offering

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.

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Allworth Financial acquires $180 million RIA

DeBoer Financial Group is based in Roseville, California, just a few miles from Allworth.

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Former LPL adviser back in business after allegations of racism

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.

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Insurance products are morphing into securities

Carson Group Excell conference whets the appetite of advisers looking for fee-based insurance products.

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First Republic recruiting slows in Q3

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.

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FiNet rep managing $175 million moves to LPL

Guy Rodgers Private Wealth Strategies is based in Mansfield, Texas.

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JPMorgan bankers notch record quarter for M&A

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.

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Captrust takes a big bite out of Texas with latest deal

The addition of Covenant Multifamily Offices expands Captrust's Texas footprint and adds $2.6 billion under management.

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A plan for yourself is a plan for the future of your firm

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.

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Adviser overseeing $280 million moves to Arkadios

Ricky Moore’s Oak Financial Group in Angleton, Texas, had been with Sagepoint for seven years.

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Private equity drives another record quarter for RIA M&A

After a record-setting third quarter of 78 deals, Echelon Partners' data showed 2021 has already beaten last year's record for RIA transactions.