Of all the things we can do to actively cultivate and encourage a person’s career, mentoring is the most expensive, because we cannot pay in dollars. Mentoring costs us in the rare and valuable currency of time. But it’s one of the best things we can do not only for rising professionals, but also for the industry and its clients as a whole. This week, 49 Financial’s President describes the benefits of establishing a mentorship culture at your firm.
We also bring you our weekly Deals & Recruiting Roundup, FSI’s advocacy for elder abuse protections, AuguStar’s advice on addressing longevity with clients, Pensionmark’s rebrand, Coldstream’s $2 billion merger, Modern Wealth’s southern acquisition and the results of Ficomm’s recently published survey.
Deals & Recruiting Roundup: This edition of the Deals & Recruiting Roundup covers Coldstream Capital Management merging with Arnerich Massena, Wealth Enhancement Group acquiring Peak Financial Services, Cerity Partners acquiring Keating Wealth Management, a Bain-led group buying Envestnet, Rockefeller Global Family Office recruiting Titus Wealth Partners, Farther announcing 32 strategic hires and its assets under management (AUM) surpassing $3 billion, Cetera onboarding advisor Steven Dalton, LPL recruiting father-daughter duo Dan and Olivia Countiss, Corient hiring David Frankfort from Rockefeller, Dynasty crossing the $100 billion asset threshold, Trilogy Financial hiring Michael Serio as CIO and UBS recruiting Joshua Cummins from Merrill Lynch.
Mentoring benefits: Rising talent craves mentorship, according to Luke Winskowski, President of 49 Financial, who explains the benefits of a culture of mentorship for recruiting, retaining and developing Next Gen talent.
Reaching $10 billion: Coldstream Capital Management announced its merger with $2 billion Arnerich Massena, raising Coldstream’s AUM to $10 billion. Arnerich’s Co-CEOs Reegan Rae and Bryan Shipley provide comments, as well as Coldstream Managing Shareholder Kevin Fitzwilson.
Protecting seniors: Elder abuse – including financial abuse – is rising both in the number of victims and the costs involved. Dale Brown, President and CEO of the Financial Services Institute, makes the case for the Senate to pass the Financial Exploitation Prevention Act to give advisors the tools they need to help stop elder abuse.
Rebranding to parent’s name: Pensionmark announced a rebrand as World Investment Advisors, taking the name of its parent firm World Insurance Associates, in a move to emphasize its links to its parent and its platform for independent financial advisors. World Investment Advisors CEO Troy Hammond comments, along with Anthony Arnold, Managing Director in Private Equity at Goldman Sachs Asset Management, one of World Insurance Associates’ investors.
Southern footprint: Modern Wealth Management acquired Knoxville, Tennessee-based $260 million C&J Wealth Advisors, its ninth acquisition since launching in April 2023 and its first presence in the South. Jason Gordo, Co-Founder and President of Modern Wealth, provides comments.
More than an account: Marc Socol, Chief Revenue Officer of AuguStar Retirement, gives questions advisors should ask clients to discuss longevity and achieving goals in retirement that go beyond the “retirement number.”
Beware the cliff: Ficomm predicts a “referral cliff” as a generational shift in the upcoming cohort of retirees emphasizes digital marketing over traditional referrals, according to its recent survey of financial advice consumers. The firm’s CEO, Meg Carpenter, and CMO, Mary Kate Gulick, comment.
Join our community of over 5,000 on LinkedIn and be part of the conversation!
Larry Roth
CEO
Wealth Solutions Report
