Attrition rates for new advisors are very high, and our industry, in need of 100,000 new advisors over the next decade, according to McKinsey, needs to solve for retention and success of new advisors. This week, we hear from 49 Financial on their strategy of recruiting and training new college graduates, which has moved the needle significantly towards retention.
In addition, we bring you our Deals & Recruiting Roundup, Greykasell on tax strategy, Wealth.com’s integration with eMoney, promotions at Perigon, acquisitions by Creative and EP Wealth, recruiting by Stifel and Essential Edge’s partnership with RegEd.
Deals & Recruiting Roundup: This edition of the Deals & Recruiting Roundup covers EP Wealth buying AlphaMark, Pure Financial acquiring Fairhaven, Bleakley Financial adding two teams from Northwestern Mutual, Creative Planning acquiring Monterey Private Wealth, Stifel Financial recruiting two Merrill Lynch teams in Dallas, Raymond James recruiting advisors from Morgan Stanley and Edward Jones, Schwab taking a minority stake in Wealth.com, Constellation Wealth investing in Procyon Partners, Perigon granting partnership to four advisors, Savvy Wealth hiring a Head of Legal and Compliance, InvestCloud hiring its first APL COO and RBC Wealth Management recruiting a $5 billion team from J.P. Morgan.
Tax strategy: David Eisenhauer, Founder of Greykasell Wealth Strategies, recounts his experience at a Big Four firm, explains his tax strategy as an advisor and breaks down common misconceptions about tax.
Estate integration: Fidelity’s eMoney Advisor completed an integration with Wealth.com to enable advisors on Wealth.com’s platform to provide enhanced estate and financial planning solutions. Danny Lohrfink, Co-Founder and Chief Product Officer at Wealth.com and Luke White, Group Product Manager at eMoney, commented.
Junior advisor recruiting: We spoke with Luke Winskowski, President of 49 Financial and Wills Crenshaw, an Associate at the firm, about recruiting Next Gen advisors directly from college.
Midwest expansion: In its fourth acquisition of the year, EP Wealth Advisors acquired $385 million AlphaMark Advisors in Greater Cincinnati. Partners Michael Simon, Kelly Owens and Drew Becker joined with their team. EP Wealth’s CEO, Ryan Parker, commented.
Creative purchase: Creative Planning acquired $1 billion California firm Monterey Private Wealth, led by President and CEO Cristofer Cabanillas, CFO Gary Alt and CIO Steven Merrell. Creative Planning’s President and CEO Peter Mallouk commented.
Partnership promotions: Perigon Wealth Management promoted Mary Ballin, Beth Bosworth, Eric Jardine and Doug Wheat to partnership. CEO Arthur Ambarik commented.
Dallas recruiting: Stifel Financial recruited three Dallas-based advisors from Merrill – Melissa Transier, Chris Green and Ryan Bell – with almost $3 billion in client assets. Transier and Jeff Markham, Managing Director, Southwest Region at Stifel, provided comments.
Branch exam outsourcing: Essential Edge partnered with RegEd to provide an end-to-end outsourced branch office exam solution. Sander Ressler, Co-Owner and Managing Partner of Essential Edge, and Adam Schaub, VP of Product Management for RegEd, commented.
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Larry Roth
CEO
Wealth Solutions Report
