Private equity is a major force in the U.S. and around the world, providing equity to firms, working with management to streamline operations and adapt innovation to increase value. I recently addressed this topic at the MMI Annual Conference. Private equity and capital providers have been actively reshaping and enhancing wealth management for many years, and are set to continue serving as a major force for change in our industry. This week, we honor the top five firms that invest in and improve wealth management firms.
In addition, we also bring you our monthly Wealthtech and weekly Deals & Recruiting Roundups, Hamburger’s take on restrictive covenants, AssetMark on competing with wirehouses, Regent Peak on cybersecurity, Opal Wealth on motivating clients, Realta’s new Head of Advisor Relations, Surge Ventures’ partnership with Lighthouse Wealth Tech Labs, Smarsh’s new service plan, LPL’s new CEO, Modern’s latest acquisition, Sanctuary’s annual conference and the monthly Regtech Surge column on cybersecurity.
Also, I was excited to lead the session focused on enterprise growth at the recent AssetMark Leaders’ Summit. It was great to see many of you there.
Capital growth: Our inaugural CAP 5: Top Private Equity And Capital Growth Partners honors Emigrant Partners, Genstar Capital, Motive Partners, Parthenon Capital Partners and Reverence Capital Partners.
Deals & Recruiting Roundup: Meet our newest Recruiter of the Month, Martine Lellis, Principal, M&A Partner Development at Mercer Advisors. We also cover Hightower acquiring a majority stake in NEPC, Lido Advisors acquiring Pegasus Partners, Waverly Advisors acquiring 9258 Wealth Management, Modern Wealth Management acquiring Petso Financial Consultants, Lovell Minnick Partners acquiring a majority stake in Americana Partners, Greenwood Gearhart acquiring Boston Mountain Money Management, Rockefeller recruiting DiMedio Wealth Partners, GoalVest Advisory launching its Venture Growth Fund, Realta Wealth appointing Abbey Eastham as Head of Advisor Relations, LPL’s Board of Directors confirming Rich Steinmeier as CEO, and Morgan Stanley’s investor survey.
Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, Vickie Lewin, Chief Growth Officer at Amplify Technology. Other entries include Smarsh launching an Annual Services Plan, PensionPro partnering with Dynamis, Lighthouse Wealth Tech Labs partnering with Surge Ventures, CapIntel integrating with FactSet, Sycamore integrating with Quik!, Commonwealth launching outsourced tech stacks for advisors, AlphaTrAI rebranding as Praxis Solutions, Farther closing a $72 million funding round, Facet raising an additional $35 million in funding, FusionIQ appointing Eric Noll as CEO and completing a new funding round, and F2 Strategy releasing a report on customer relationship management systems (CRMs).
Restrictive covenants: Brian Hamburger, Founder, President and CEO of MarketCounsel Consulting, and Founder and Chief Counsel of the Hamburger Law Firm, unpacks the issues surrounding non-competes, non-solicits and other restrictive covenants and tells firms how they must navigate this changing landscape.
Regtech and cybersecurity: In recognition of Cybersecurity Awareness Month, Sid Yenamandra, Founder and CEO of Surge Ventures, discusses 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.
Competing with wirehouses: David McNatt, EVP of Investment Solutions at AssetMark, explains how RIAs can compete with wirehouses for high net worth clients.
Cybersecurity for clients: Elias Crist, Associate Wealth Advisor at Regent Peak Wealth Advisors, explains how advisors can guide clients to guard against cybercriminals and fraud.
Mind the knowing-doing gap: Lee Korn, Financial Advisor and Principal at Opal Wealth Advisors, explains six keys for advisors to motivate their clients into action through personal connection.
Advisor relations hire: Realta Wealth hired Abbey Eastham in the newly created role of Head of Advisor Relations, reporting to CEO Kevin Keefe. Eastham was formerly at Cetera.
Wealthtech partnership: Surge Ventures partnered with Lighthouse Wealth Tech Labs, a solutions incubator by the founders of Beacon Strategies. The partnership aims to provide solutions for organic growth, client acquisition and business efficiency. Sid Yenamandra, Founder and CEO of Surge, and Chip Kispert, Founding Partner of Lighthouse and Beacon, provide comments.
LPL’s new leadership: LPL Financial’s Board of Directors appointed Rich Steinmeier to serve as the firm’s CEO after he had been serving as Interim CEO since Oct. 1. Steinmeier was also elected to the Board. The Board also named Matt Audette as President and CFO, expanding his previous role as CFO and Head of Business Operations. Steinmeier, Audette and Jim Putnam, LPL’s Chair of the Board of Directors, provide comments.
Regtech services plan: Smarsh announced its Annual Services Plan (ASP), aimed to provide flexibility and cost predictability for customer firms. Smarsh’s CEO Kim Crawford Goodman and Chief Customer Officer Rohit Khanna provide comments.
Pacific Northwest footprint: Modern Wealth Management bought Petso Financial Consultants, with about $1.4 billion in AUM. The deal allows Modern Wealth to surpass $6 billion in AUM and expand into the Pacific Northwest region. Jason Gordo, Co-Founder and President of Modern Wealth, and David Petso, who co-founded Petso Financial, provide comments.
tru welcome: Sanctuary Wealth held its annual Oasis conference in Hollywood, Florida, from Oct. 16 to 18, welcoming tru Independence advisors to the fold and introducing new and enhanced solutions. CEO Adam Malamed comments.
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Larry Roth
CEO
Wealth Solutions Report
