Annual reviews with clients are fairly standard in the industry. Is it enough? This week, Brandon Garrett challenges that, pointing out other industries have more proactive client interactions. With developing technologies, it’s easier than ever to engage with clients not just about externally driven events, but about events in their personal lives. If more advisors adopt proactive communications, competitive forces will pull the rest of the industry in that direction.
The Annual Review Is Obsolete. Just Ask Your Clients.
Brandon Garrett of BentOak Capital makes the case that the annual review is antiquated, gives a false sense of security and must be replaced with a continuous service model.
Garrett sets out four actions that firms are taking to modernize their client services.
Stop Networking And Start Connecting
Ryan VanGorder of Opto Investments shares how he finds real connection with clients not in conferences, but on the golf course, the ski slope and in other environments outside the conference room.
VanGorder says that conferences serve good purposes, but makes the case for other activities to build connection.
Regtech Surge: Creating Defensible AI Policies For RIAs
In his monthly Regtech Surge column, Sid Yenamandra of SurgeONE.ai explains that AI is weaving its way into many areas of RIAs under the radar, creating regulatory risk.
Yenamandra sets out seven steps to create a defensible AI policy that withstands regulatory scrutiny.
Deals & Recruiting Roundup
This week’s roundup covers acquisitions by Cetera and Maridea; recruiting by Seven Bridges, Genesis, UBS, Baird, LPL, GCG and Prudential; and appointments by Humanity Labs, Loxahatchee and SEI.
UBS had a strong week for recruiting, announcing it added advisors managing over $2 billion in client assets.
Patent Perspectives: Why Experienced Financial Advisors Are Built For The Age Of AI
In his monthly Patent Perspectives column, Pat Hynes of Prudential Advisors explains why experienced advisors are key to the industry and why the industry has opportunity in attracting and retaining them.
“The role of the trusted financial advisor is not under threat from AI. If anything, the profession’s uniquely human qualities are becoming more valuable,” said Hynes.
Gridline Expands Private Markets Benchmarking With Hamilton Lane Integration
Gridline entered into a partnership and technology integration with Hamilton Lane through which Gridline is using the private markets investment firm’s proprietary private markets data to enhance its AI-powered AltComply diligence tool with a new benchmarking engine.
This expansion of AltComply comes shortly after its March launch.
Seven Bridges Wealth Advisors Adds Former Edward Jones Advisor
White Plains, New York-based Seven Bridges Wealth Advisors recruited Jon Connell from Edward Jones, where he managed $165 million in client assets.
Connell will head the firm’s new Saratoga Springs, New York, office.
Sanctuary Wealth Recruits $350 Million Morgan Stanley Breakaway
Miami-based hybrid RIA Sanctuary Wealth recruited Pierstone Wealth Management and its founder, Kyle Young, from Morgan Stanley, where they oversaw $350 million in client assets.
The New York City-based team focuses on serving the LGBTQ+ community.
Baird Picks Up $508 Million Minnesota Advisor Team From RBC
Baird announced that it added The Kashian Karels Group to the firm’s wealth management office in Edina, Minnesota, picking up the advisor team from RBC, where it managed more than $508 million in client assets.
“We’re seeing continued momentum in Minnesota,” said Baird’s Ally Shuman.
Dimple Shah Joins Humanity Labs As Managing Director, Wealth
Humanity Labs announced that Dimple Shah joined in the newly created position of Managing Director, Wealth.
Shah, who left Osaic in early June, will focus on providing RIAs, independent broker-dealers and wealth management enterprises with Humanity Labs’s AI-powered digital workforce service.
AI Solution Provider Jump Launches New Capabilities For Advisors
AI solution provider Jump launched four new capabilities: End-to-End Client Onboarding; Compliant Scheduling; enhancements to its AI Associate tool; and Model Context Protocol (MCP) Support.
These are designed to decrease advisors’ administrative work, eliminate friction between their systems and save time, the firm said.
Jennifer A. Ayer Joins Caprock As Managing Director Of Purpose-Driven Wealth
Jennifer A. Ayer has joined Caprock as Managing Director of Purpose-Driven Wealth, a newly created position focused on families seeking to connect capital with values and long-term planning priorities. Ayer was previously with AlTi Tiedemann Global.
Caprock said the role builds on its existing impact investing work.
Prudential Advisors Onboards Advisor From J.P. Morgan
Prudential Advisors announced that David Bellamy, a Lexington, Kentucky-based financial advisor, joined the firm’s Mid America Financial Group, based in Columbus, Ohio.
Bellamy was responsible for over $140 million in client assets at his prior firm, J.P. Morgan Wealth Management.
Cambridge Names VP Of Infrastructure And Operations
Cambridge appointed Erik Smyer to the role of Vice President, Infrastructure and Operations, where he will oversee the firm’s cybersecurity, infrastructure and hardware management.
In this role, Smyer is tasked with advancing Cambridge’s cloud adoption, enterprise security and IT infrastructure.
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