If you have ever bought a house or apartment, you know how unique each one is. These are the opposite of commodities – each has its own geography, setting, risks, conveniences, look and feel. But the uniqueness of a house doesn’t compare with that of an advisory business, in which funding structures vary, control may be only partially sold, and owners seek different goals. This week, I bring you some key issues for monetizing your business, along with expert views.
The Best Way For Advisors To Monetize The Value Of Their Life’s Work
I review the considerations that go into monetizing an advisor’s business, including the fundamental “why,” deal structure, funding, control issues and considerations according to business size with Bryan Staff of Merchant, Jeff Nash of Bridgemark, Jon Stern of Berkshire, Andrew Melnick of Davis Wright Tremaine and Jim Abbott of Seward & Kissel.
Advisory businesses are all unique, and every monetization event must be tailored to suit the “why.”
Beyond Access: How Advisors Are Unlocking Tax Alpha In Crypto
Christopher King of Eaglebrook discusses a lesser-known tax strategy with directly held cryptocurrency – the wash-sale rules do not apply, unlike with crypto ETFs.
King makes the case that for advisors today, the question is no longer whether clients can access crypto, but how to do that optimally.
From Building Brands To Building Purpose: Turning Vision Into Value
Ann Hynek of Hestia Wealth & Wellness discusses her journey serving clients who are neurodivergent and developmentally disabled and how it relates to her personal journey.
She explains how advisors can develop a practice serving these clients and makes the business case for it.
Beyond The Founder’s Shadow: Evolving From Founder-Led To Enterprise-Led
David Hefty of Credent Wealth Management discusses how founder-driven firms can move to Next Gen-ready team-based leadership with a shared mission and culture.
Many firms are built around the founder as culture-setter and decision-maker. Hefty shares how to successfully transition leadership for growth.
Deals & Recruiting Roundup
This week we cover LPL staking Private Advisor Group; acquisitions by Carson, GTCR, Merit and Beacon Pointe; recruiting by Osaic, AmeriFlex, Cresset and Kestra; the launch of 71 West; and appointments by Merit and Bogart.
LPL continues its bold moves with a minority stake in Private Advisor Group.
Study Reveals A $6.9 Trillion Shortfall In Private Market Allocations
A white paper from Capital Preferences estimates a $6.9 trillion gap between what accredited investors could reasonably hold in private market assets and what they currently own, stating that the shortfall is tied to a lack of insight into how clients make decisions.
The study suggests steps for advisors and asset managers to overcome the gap.
VanEck Launches ETF Giving Investors Exposure To Solana Token
VanEck started trading the VanEck Solana ETF on Nasdaq under the ticker VSOL, saying the new exchange-traded fund gives investors exposure to SOL, the native token of the Solana blockchain network.
VanEck has $5.1 billion in assets for its digital asset solutions funds.
Merit Adds Execs From Osaic And Commonwealth
Merit Financial Advisors added two executives to its leadership team in new roles at the firm, saying Alex Hansen was named Chief Advisor Success Officer and Brian Brashaw was appointed Vice President of Employer Plan Solutions.
“We don’t foresee any slowing of our rapid organic and inorganic growth programs,” said Merit’s David Wahlen.
Cresset Adds Advisor Team With $1.8 Billion From Goldman Sachs
Cresset added a wealth advisory team led by Jamie Gilbert, Jean Wright and Max Ripans, formerly of Goldman Sachs, where the team oversaw over $1.8 billion in assets under management.
The team will join Cresset’s Atlanta office and establish its presence in Jackson Hole, Wyoming.
Former $6 Billion UBS Team Goes Independent With RIA Launch
Denis Cleary and Greg Devine, who led a $6 billion team at UBS, have established RIA 71 West Capital Partners, based in Boston and Los Angeles.
Large wirehouse teams continue to break away.
Genesis Wealth Surpasses $2.5 Billion AUM Milestone
Genesis Wealth crossed the $2.5 billion AUM threshold through organic and inorganic growth. The firm provides a supported independence model it said attracts bank-based advisors.
The firm plans to continue expanding in greater Chicago next year.
Prudential Adds Advisors With $3 Billion In Assets This Year
Prudential Advisors, the retail arm of Prudential Financial, expanded its national geographic footprint and added new advisors with nearly $3 billion in client assets this year through Oct. 31, representing an almost 9% increase in advisor headcount. It now has over 3,000 advisors.
Prudential Advisors leverages a strategic relationship with LPL for technology and operational support.
Kestra Picks Up $800 Million Advisor Team From Commonwealth
Kestra Financial added Grandview Partners, an advisor team in Westwood, Massachusetts, overseeing about $800 million in assets under management, to its network of independent financial advisors.
The Commonwealth departures continue.
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Larry Roth
CEO
Wealth Solutions Report
