I am excited to announce the launch of Ascentix’s Strategic Framework thought leadership series. Each issue of the series will deliver an analytical framework for decision-making on a top of mind industry topic that can be seamlessly adapted by wealth management leadership teams. The first issue addresses succession planning.
Founders Should Plan A Legacy, Not Simply An Exit
Ascentix produced the first issue of the Strategic Framework series in collaboration with Haven Tower Group and WSR. Joe Kuo of Haven Tower and Ascentix, as well as WSR editors Julius Buchanan and Thomas Lee, worked with me to develop a framework for the steps to an optimal succession for advisory firm founders, beginning with the key questions of legacy, family, clients, employees and community.
After addressing these fundamentals, the framework sets out a practical roadmap, including assembling legal, tax and estate advisors; evaluating transaction structures; enhancing valuation; and preparing for execution.
Wealthtech Roundup
This month’s roundup features AlTi, Orion, Envestnet, Asset-Map, VastAdvisor, FIS, Field, FMG, Dispatch, Hightower, TradePMR and SEIA.
Wealthtech news this month featured many integrations and platform upgrades.
Deals & Recruiting Roundup
In this week’s roundup, we cover acquisitions by Focus, Modern, CW Advisors and MAI; recruiting by Raymond James, Perennial, Dynasty, LPL and DayMark; appointments by Lincoln and RBC; and research by Ficomm.
Ficomm’s research provides a view into how wealthy prospects choose advisors.
Raymond James Picks Up $2.8 Billion Advisor Team From Commonwealth
Raymond James added Financial Strategies Retirement Partners (FSRP), a team of 12 advisors in Bedford, New Hampshire, to its independent advisor channel.
FSRP was previously with Commonwealth Financial Network, where the team oversaw $2.8 billion in client assets.
Modern Wealth Buys $1.1 Billion Firm In Tampa Bay Area
Modern Wealth Management announced that it acquired Flaharty Asset Management, a Clearwater, Florida-based advisory firm managing about $1.1 billion in advisory and brokerage assets.
The deal is Modern Wealth’s fourth announced acquisition overall and second Florida firm acquisition this year.
Wellington To Buy Hartford Funds For About $1.9 Billion
Wellington Management and The Hartford said Wellington will acquire Hartford Funds from The Hartford in a transaction valued at a net present value of about $1.9 billion.
“This is the first acquisition Wellington has made since it went private over 50 years ago,” said a spokesperson for The Hartford.
LPL Adds $2 Billion Indiana Advisor Team
LPL Financial announced that Indiana wealth advisors Scott Gilliam and Travis Blessing launched an independent practice, Align Private Wealth, which will affiliate with LPL’s broker-dealer and RIA platform.
The advisors were previously with PNC Private Bank, where they reported serving about $2 billion in advisory plan assets as of Dec. 31.
Pathstone Buys $12 Billion Pennsylvania RIA Mill Creek Capital Advisors
Pathstone acquired Mill Creek Capital Advisors, a Conshohocken, Pennsylvania-based RIA serving nearly 450 families and institutions representing almost $12 billion in assets.
The acquisition brings Pathstone’s Philadelphia area assets to almost $30 billion.
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Larry Roth
CEO
Wealth Solutions Report
