Cybersecurity is important in every industry, but especially so in wealth management, where we handle and generate volumes of client data daily. I addressed this crucial need in August and, last month, frequent contributor Sid Yenamandra addressed it with other industry leaders in his Regtech Surge column. This week he presents us with the second part of that conversation.
We also bring you our monthly Wealthtech Roundup, our weekly Deals & Recruiting Roundup, 55ip on how using models can boost firm valuations, Bob Santella on wealthtech and his vision for BetaNXT, Robinhood buying TradePMR, Carson Wealth’s expansion in Minnesota, Cerulli’s OCIO report and Sowell’s new hires.
Deals & Recruiting Roundup: Meet our newest Recruiter of the Month, Ryan Shanks, Chief Growth Officer of Apollon Wealth Management. We also cover Steward Partners acquiring Mainstay Wealth Management, Savant acquiring Sortino Advisory Partners, Allworth acquiring CCA LLP, Carson taking a minority stake in MAG Wealth Management, Summit Financial taking a minority stake in three firms, Fifth Third Wealth Advisors recruiting a $1.8 billion team, &Partners bringing on 1828 Capital, LPL and Prudential finalizing their strategic relationship, Cetera partnering with Eglin Federal Credit Union, Merchant hiring Matt McPeak, Beacon Pointe hiring Jon Frojen, and Elevation Point hiring Jenna Bloomgarden and Brian Terraciano.
Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, David Crow, EVP and Head of Axos Clearing, who discusses the most pressing needs in custody and clearing. We also cover Robinhood agreeing to acquire TradePMR, Wealth.com partnering with Merit Financial Advisors, Luma partnering with iPipeline, Osaic upgrading advisors’ digital tools, Future Capital integrating with SS&C’s Black Diamond, Flourish integrating with Salesforce and other CRMs, Communify Fincentric appointing Nicole Nakashian as COO, PureFacts appointing Pete Hess as President and Advyzon Investment Management integrating with Syntax Data.
Model valuations: Michael Camp, Head of Client Solutions at 55ip, makes the case for using investment models and tax-smart technology to boost a firm’s valuation for M&A.
Wealthtech vision and future: A few months into his new role as CEO of wealthtech firm BetaNXT, Bob Santella discusses with WSR his vision for the firm, the most impactful technologies for wealth management today, what 2025 holds in store for the evolution of wealthtech and more.
Regtech and cybersecurity: Sid Yenamandra, Founder and CEO of Surge Ventures, brings us the second part of his discussion on cybersecurity opportunities and challenges in this month’s Regtech Surge column with Aaron Spradlin, Chief Information Officer at United Planners; Melinda “Mimi” LeGaye, President and Founder of MGL Consulting; and Srikanth Chavali, Co-Founder and Chief Product Officer of Kitecyber.
Online brokerage buys custodian: Robinhood Markets is buying TradePMR, a custodial and portfolio management platform for RIAs, for about $300 million. The acquisition is expected to close in the first half of 2025. Vlad Tenev, CEO and Chairman of Robinhood, and Robb Baldwin, CEO and Founder of TradePMR, provided comments.
Minnesota expansion: MAG Wealth Management acquired Ovation Wealth Advisors and rebranded to Carson Wealth as part of a strategic deal in which Carson Group is taking a 30% equity stake in MAG. Jeremy Willner, MAG’s Founder and CEO, and Carson Group’s CEO Burt White, provided comments.
OCIO M&A increasing: Cerulli’s report on the OCIO industry predicts increased consolidation led by large OCIO providers and acquisition of smaller providers by RIAs. Chris Swansey, Associate Director at Cerulli, commented.
Three recruits: Sowell Management onboarded three practices with $220 million in combined client assets: Ellis Wealth Advisors, founded by Michael Ellis; Rivers Investment Group, founded by Daniel Rivers; and Gregg Brant – from Raymond James, Osaic and Edward Jones, respectively. Sowell’s CEO and Founder, Bill Sowell, and Chief Revenue Officer, Jason Inglis, provided comments.
As we enter the holiday weekend, the WSR team and I are thankful for you – our community. Connect with us on LinkedIn and reach out by email.
We’re growing! WSR is looking for highly qualified and skilled freelance editors who have strong familiarity with the wealth management space. If that’s you, send your résumé and three recent writing samples to our Editor in Chief at jbuchanan@wealthsolutionsreport.com.
Larry Roth
CEO
Wealth Solutions Report
