This week we switched to a new format for Letters From Larry. Tell us what you think.
FSI Launches FinancialCareers.org To Attract Prospective Advisors
The Financial Services Institute (FSI) launched FinancialCareers.org, a website designed to attract newcomers to the independent financial services industry and provide the sector with Next Gen advisors.
“With increasing demand for financial advice and an aging advisor population, there is a growing need for new, diverse talent within the industry,” said FSI’s Dale Brown.
How M&A Is Reshaping Wealth Management And Client Experience
Alaris Acquisitions’ Allen Darby argues that a seller has much to gain in innovation, technology and efficiency by being acquired, even by large firms.
Some say that acquisition by large buyers can inhibit personalization of services, but Darby argues the opposite – that sellers may be able to provide more personalized services to clients after a sale.
Shuba: Why Quantitative Oversight Is Now A Fiduciary Imperative
Helios’ Chris Shuba discusses the benefits of “quantitative oversight” of portfolios – which he defines as “quantitative approaches that can systematically identify, measure and manage risk.”
Data science has produced many tools to address various aspects of advisory businesses. Shuba starts at compliance but argues for other benefits including building client trust and bringing down the costs of quality risk management.
Yenamandra: Unlocking Growth Through AI And Automation
In his monthly Regtech Surge column, Sid Yenamandra unpacks how AI can be leveraged for efficiency, compliance, client services and decision-making.
AI in regtech will be a balance moving forward. The SEC has taken a keen interest in AI as used in business, which then motivates firms to use AI in compliance. Firms need a strategic approach to AI going forward.
Deals And Recruiting Roundup
This week’s Deals & Recruiting Roundup covers acquisitions by Carson and Simon Quick; multiple recruitments including LPL, Integrated Partners, RBC and Beacon Pointe; AdvisorEngine’s integration with TradePMR; new executives at Cetera and LPL; and more.
This week the scales tilted towards recruiting, with a couple of notable wirehouse breakaways.
Wealthtech Roundup
This month’s Wealthtech Roundup covers Envestnet’s roadmap; AI tools from Carson, Raymond James, Surge, Jump and TIFIN; cybersecurity; Cetera’s first Chief Data and Analytics Officer; and more.
AI is the standout for this edition as half of the stories covered involve AI tools. AI meeting assistants are currently catching the industry’s attention.
Integrated Partners Recruits $370 Million Boston Advisor Team
Integrated Partners announced that Boston-based advisory firm Corey Wealth Partners joined its advisor network. Corey Wealth oversees almost $370 million in client assets and focuses on high net worth and ultra-high net worth clients.
The focus on high and ultra-high net worth clientele continues to grow.
Beacon Pointe Adds Veteran Retirement Specialist
Beacon Pointe Advisors added retirement plan specialist Greg Mykytyn as part of the expansion of its retirement planning services in the Dallas-Fort Worth market.
Mykytyn has almost three decades of experience with profit-sharing, 401(k) and employee stock ownership plans (ESOPs).
Mai Park Joins LPL’s Employee Advisor Channel From Merrill Lynch
Mai Park joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Mai Park Capital. Park reported serving about $330 million in client assets as of Dec. 31. She was recruited from Merrill Lynch.
The Linsco model continues to attract advisors.
Cetera Appoints Ex-Envestnet Exec Head Of Its RIA Blueprint Platform
Cetera Financial Group appointed ex-Envestnet executive Andina Anderson to serve as Managing Director, Digital Solutions, and Head of RIA Blueprint, which provides infrastructure, technology and compliance services through support teams for advisors looking to launch or grow an RIA.
Cetera says RIA Blueprint is “central” to its “Wealth Hub” strategy and “plays a critical role” in its multi-affiliation model.
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Larry Roth
CEO
Wealth Solutions Report
