As advisors’ businesses grow and evolve, new needs often necessitate transitions to a new home office, whether it’s succession planning, leaving a wirehouse or finding a different support structure to best serve clients. Transitions aren’t a commodity – each transition is an application of necessary services to a unique set of circumstances – so cannot be simply an afterthought of the recruitment process. This week, we bring you expert views from Stifel, Berthel Fisher and Cambridge on the optimal transition experience.
We also bring you our weekly Deals & Recruiting Roundup, YourStake on the application of AI to M&A, ECHELON’s latest M&A report, Genstar’s purchase of Docupace, Velox on what custody and clearing firms must provide, KKR’s acquisition of Janney Montgomery Scott, Savvy’s recruitment of six advisors and Practifi on investing in technology to boost valuations before seeking a buyer.
Deals & Recruiting Roundup: This edition covers KKR agreeing to acquire Janney Montgomery Scott, Waverly Advisors acquiring River Capital Advisors, Bluespring Wealth Partners acquiring Shelton Financial Group, Crestline Investors lending to Credent Wealth Management, Alpha Capital Family Office recruiting from Citi Private Bank, LPL Financial recruiting from Osaic, Avantax recruiting from LPL, Savvy Advisors hiring six more wealth managers, the Pearl Diver Credit Company closed-end CLO fund launching, Elevation Point hiring Bradford Smithy and Robert Tamarkin, and Morgan Stanley’s investor survey finding bullish sentiment persisting into the third quarter.
Custody and clearing: Michael Carroll, Chief Revenue Officer of Velox Clearing, unpacks what custody and clearing firms need to provide for advisors, including efficiency, transparency, automation, customization and scalability.
Tech before M&A: Adrian Johnstone, CEO and Co-Founder of Practifi, makes the case for investing in technology to improve data, portability and demonstrable systems to potential buyers to undergird your firm’s valuation before discussions with potential buyers.
M&A meets AI: Gabe Rissman, Co-Founder and President of YourStake, explains how both buyers and sellers can leverage AI in the M&A process for due diligence, risk analysis, identifying opportunities and more.
Spotlight on transition: We take a look at under-appreciated transition services for advisors switching to a new home office with Tammy Robbins, EVP and Chief Business Development Officer of Cambridge Investment Research; Paige Swartzendruber, Chief Business Development Officer of Berthel Fisher Companies; and Cheryl Carvelot, Branch Operations Manager of Stifel Independent Advisors.
M&A on track: Wealth management M&A is on track to be up 3.4% for 2024, while M&A deal volume among RIA firms declined for the second straight quarter in Q2 of 2024, according to the ECHELON Partners 2Q24 RIA M&A Deal Report. Wealthtech deals came in strong for the quarter, and several large transactions pushed the average deal size to a historic $2.3 billion.
Wealthtech sale: Genstar Capital made a majority investment in wealthtech firm Docupace. The previous major investor, FTV Capital, remains invested. Docupace CEO David Knoch, Genstar Director Sid Ramakrishnan and FTV Partner Robert Anderson provide comments.
Janney changes hands: Investment funds managed by global investment firm KKR will acquire $150 billion Janney Montgomery Scott from Penn Mutual. Tony Miller, President of Janney; Chris Harrington, Partner at KKR; and Dave O’Malley, Chairman, President and CEO at Penn Mutual, provide comments.
Growing quickly: Savvy Wealth’s affiliate Savvy Advisors recruited six advisors, bringing its total AUM to $700 million and reaching 30 advisors, 18 of whom were added this year. Founder and CEO Ritik Malhotra comments.
Let us know what’s on your mind via LinkedIn and email!
Larry Roth
CEO
Wealth Solutions Report
