The CEO who fled through the bathroom window, the pristinely unopened regulations and the SEC examiners at the Boston Red Sox game – Brian Hamburger knows how to relate the realities of compliance with entertaining and memorable anecdotes. I believe you will enjoy the second installment of his “war stories” series, covering compliance and examinations.
In addition, we bring you our monthly Wealthtech Roundup and weekly Deals & Recruiting Roundup, Oasis on fee structures, F2’s and Modern’s acquisitions, Sowell’s and Advisor Asset Management’s executive appointments, experts on industry consolidation, Prospera’s paraplanner service launch and Great Hill’s stake in Mission.
Deals & Recruiting Roundup: This edition of the Deals & Recruiting Roundup covers F2 Strategy’s acquisition of MD Solutions, Merit’s purchase of Safeguard, Modern Wealth’s acquisition of OFM Wealth, CW’s purchase of Wolf Group Capital Advisor and Parsons Capital Management, Great Hill’s minority stake in Mission Wealth, Integrated’s partnership with RISR, Summit joining forces with SEI, Arkadios’ recruitment of KRM advisors, IFG’s appointment of Kevin Keefe as President, Sowell naming Scott Dooley and Sabrina Freeman to top positions and Docupace’s appointment of Mary Nelson as Chief Client Officer. Plus, DeVoe’s first quarter report on RIA M&A.
Wealthtech Roundup: This edition of the Wealthtech Roundup features LPL appointing a new Chief Data and AI Officer, Envestnet’s partnership with BlackRock, TIFIN AG’s alliance with SteelPeak Wealth, Wealth.com’s integration with Fidelity’s eMoney Advisor, BetaNXT’s debut of an SEC compliance product, an F2 Strategy report that says firms lack the technology to manage alternative assets, Zocks’ partnership with Practifi, Mercer targeting held away accounts, Snappy Kraken’s integration with Catchlight, Oasis Group’s evaluation of AI note takers, GReminders’ integration with several CRM platforms and BridgeFT’s partnership with iCapital.
Memorable compliance stories: The second installment of Brian Hamburger’s “War Stories of the Past 25 Years” focuses on compliance innovation, the evolution of compliance priorities and exams, and some memorable stories with lessons learned. Hamburger is Founder, President and CEO of MarketCounsel, and Founder and Chief Counsel at HamburgerLaw.
Fees in volatile markets: John O’Connell, Founder and CEO of The Oasis Group, makes the case for alternative financial advisor fee structures, including monthly and subscription-based alternatives, and points out the drawbacks of traditional quarterly fees in volatile markets.
Wealthtech purchase: F2 Strategy acquired MD Solutions (MDS), a wealthtech firm and operations managed services provider that offers a wide variety of investment operations and technology solutions. MDS is led by Steve Mars, Co-Founder, Cloud and Managing Principal, and Bill Navarro, Co-Founder, Consulting and Custom Development. Doug Fritz, Co-Founder and Executive Chairman of F2, commented.
Management additions: Sowell Management appointed Scott Dooley as Managing Director of Investment Management, and Sabrina Freeman as Director of Finance and Trek Wealth Solutions. The firm’s President, Daryl Seaton, and Founder & CEO, Bill Sowell, commented.
Modern enters Chicago: Modern Wealth Management announced that it acquired the assets of OFM Wealth in the Chicago suburb of Orland Park, Illinois, in a deal enabling Modern Wealth to enter the Chicago market for the first time. The acquisition adds $310 million in AUM to Modern Wealth. Jason Gordo, Co-Founder and President of Modern Wealth, and Sam Ogrizovich, President and Senior Wealth Manager of OFM Wealth, and Managing Director and Advisor, Modern Wealth Management, commented.
Paraplanner support: Prospera Financial Services announced a planning service program with four levels of paraplanner support, plus a software consultation. President and COO Tarah Williams commented.
Consolidations impacting advisors: What to make of recent wealth management consolidations such as the LPL acquisition of Commonwealth? Industry executives Vince Fertitta, President of Wealth Management at Sanctuary Wealth; Tammy Robbins, Executive Vice President and Chief Business Development Officer at Cambridge Investment Research; and Arthur Ambarik, CEO of Perigon Wealth Management, discuss consolidation and how it affects advisors.
HNW minority stake: Great Hill Partners made a minority investment in Santa Barbara, California-based Mission Wealth, with $10.6 billion in assets. Mission Wealth serves high net worth clients. Matthew Adams, CEO of Mission Wealth, and Matthew Vettel, Managing Director at Great Hill Partners, commented.
Held-away accounts: World Investment Advisors partnered with Pontera to provide World’s advisors the ability to manage held-away retirement accounts through a data security layer. Troy Hammond, CEO of World Investment Advisors and Peter Nolan, SVP and Head of Revenue at Pontera, commented.
Promoted to CEO: Advisors Asset Management (AAM) announced that Cliff Corso, the firm’s current President and Chief Investment Officer, will take on the additional role of CEO, effective May 9, following the retirement of current CEO Scott Colyer.
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Larry Roth
CEO
Wealth Solutions Report
