We are excited to release the results of our State of Advisor Technology Survey, sponsored by by Docupace, and thanks to the many of you who shared your voice with us. Our survey uncovered insightful trends about onboarding processes, technology stacks and switching firms, with significant differences across broker-dealer affiliates, wirehouses and RIAs. Veteran executives helped us analyze the results and implications.
In addition, I share my latest quarterly wealthtech review, exploring cybersecurity, as well as two video interviews I conducted with John Wernz on organic growth and Dale Brown on the Department of Labor’s recent rules. We also bring you our latest Deals & Recruiting Roundup, UHNW tax strategies from RBC Wealth Management, CapIntel’s advice on building trust with clients, second half equities predictions from Dynasty affiliates, Fidelity’s new offerings, Cerulli’s latest findings, PreciseFP’s referrals program, Bennyhoff’s fractional CIO launch and Fiduciary Trust’s New York recruit.
Survey results and expert views: We present our survey findings with expert insights from Ryan George, Chief Marketing Officer at Docupace; Tim Boostrom, Director, Business Development at Stifel Independent Advisors; Tammy Robbins, Chief Business Development Officer at Cambridge Investment Research; and Michael Bryan, Chief Growth Officer of Strategic Blueprint, an SFA Partners company.
Deals & Recruiting Roundup: This edition covers Corient acquiring Emerald Multi-Family Office and Byron Financial, Focus agreeing for HoyleCohen to join The Colony Group, Savvy Wealth completing its $26.5 million funding round, Houlihan Lokey agreeing to acquire Waller Helms Advisors, LPL recruiting three practices with over $1.4 billion in total assets, California Coast Credit Union partnering with Cetera Financial Institutions, Journey Strategic Wealth recruiting MDL Wealth Management, Carson Group adding Shane Hall Financial, Private Advisor Group partnering with Succession Link, Chalice offering group health insurance, Nepsis recruiting Troy Williams from U.S. Bancorp and RBC recruiting Marcel TenBerge from Merrill.
Cybersecurity: My latest quarterly take on wealthtech explores the current state of cybersecurity with Joel Bruckenstein, Producer, Technology Tools for Today conference, and Publisher, T3 Technology Hub; John O’Connell, Founder and CEO of The Oasis Group; Scott Lamont, Managing Director of Consulting Services at F2 Strategy; and Sid Yenamandra, Founder and CEO of Surge Ventures.
The organic growth paradox: John Wernz, Entrepreneur-in-Residence at Great Hill Partners, joined me for a video chat on why organic growth slowed as inorganic growth boomed and how firms can start the organic growth engine again.
Disagreeing with the DOL: Also on video, Dale Brown, President and CEO of the Financial Services Institute, sat down with me to discuss the problems with the Department of Labor’s independent contractor and fiduciary rules, as well as how you can get involved. Brown shares an editorial on these topics alongside the video.
UHNW tax strategies: Dean Deutz, Private Wealth Consultant at RBC Wealth Management - U.S., shares insights on mid-year strategies to reduce tax burdens for UHNW clients, including charitable giving, loss harvesting and estate planning.
Reduced cost tech: Fidelity introduced two technology offerings designed to reduce cost and resources: an all-in-one technology offering with Advyzon and Fidelity-owned eMoney, and an advisory bundle including eMoney, Fidelity’s online brokerage platform Wealthscape and the new Fidelity Managed Account Xchange (FMAX) Essentials wealth management platform. Noni Robinson, Head Of Emerging RIAs at Fidelity Institutional Wealth Management Services, provides comments.
Stocks for the second half: What do equities markets hold in store for the second half of 2024? We discuss market direction, economic factors, opportunities and risks with experts at Dynasty-affiliated firms: Eric Branson, Director of Investments at Cyndeo Wealth Partners; Matt Liebman, Founding Partner and CEO of Amplius Wealth Advisors; and Mark Rich, Director of Investments at Procyon Partners.
Asset managers expand RIA resources: To capitalize on the trend of independent and hybrid RIA channels growing at a faster rate than other intermediary channels, asset managers are expanding their coverage model and depth of resources to the largest RIAs, according to research firm Cerulli Associates. But the largest RIAs – those with over $1 billion in AUM – have seen the largest expansion. Kevin Lyons, Senior Analyst at Cerulli, provides comments.
From proposal to trust: Rob Crnkovic, Co-Founder and Chief Revenue Officer of CapIntel, makes the case for creating client trust through personalized and educational investment proposals.
Referral launch: Docupace subsidiary PreciseFP announced the rollout of a new referral program to enhance client engagement. Docupace CMO Ryan George, and PreciseFP Financial Planning Thought Leader Nora Gallegos, provide comments.
New York recruit: Kevin F. Flood joined Fiduciary Trust International’s New York office as a Senior Relationship Manager. At Wilmington Trust, his team oversaw $870 million in AUM and $1.3 billion in AUA. Flood and Anne Fitzpatrick Donahue, Regional Managing Director of the New York office for Fiduciary Trust, provide comments.
Fractional CIO launch: Don Bennyhoff launched Bennyhoff & Co., a fractional CIO business serving RIAs. Bennyhoff was co-creator of Vanguard Advisor’s Alpha client relationship concept.
Be part of the conversation on LinkedIn and send us your ideas, suggestions and views!
Larry Roth
CEO
Wealth Solutions Report
