New leadership at the SEC and Department of Labor this year have brought changes in direction to the regulatory environment for broker-dealers, RIAs and advisors. This week, we explore the nature of those changes and how it impacts your work with industry experts.
Five Big Pitfalls Trapping Wealth Firms In The Age Of AI
Ryan George of Docupace makes the case that AI is not a strategy and execution is still the alpha while covering AI pitfalls including misplaced beliefs, automating before operationalizing, ignoring outcomes, expecting AI to be human and forgetting execution’s importance.
George explains in-depth why firms must focus on operations first and let AI help, rather than the other way around.
Regtech Surge: Red Flags When Considering Compliance Vendors
In this month’s Regtech Surge column, Sid Yenamandra of SurgeONE.ai explains five red flags RIAs should look for in compliance vendors: vendor lock-in, vendor sprawl, unstable staff, difficulty pulling reports and disjointed systems.
Yenamandra presents an insightful checklist of things advisors may not think about.
Tracking Advice Industry Regulatory Change At The DOL And SEC
We examine the regulatory environment under current Labor Department and SEC leadership with Todd Spillane of Essential Edge, Kaitlyn Wulfken of Compliance Risk Concepts and Sid Yenamandra of SurgeONE.ai.
Industry regulation has shifted under the Labor Department and the SEC this year under a new administration, affecting many facets of advisor regulation including the fiduciary rule, the independent-contractor rule, private funds, cryptocurrency and more.
Independence In A Sea Of Private Equity
Some broker-dealers and hybrid RIAs choose to not receive private equity investment. We spoke with Tarah Williams of Prospera Financial, Jeff Vivacqua of Cambridge Investment Research, David Fischer at Independent Financial Group and Joe Mallee of MassMutual about why firms make that choice and the upsides of that choice for firms, advisors and clients.
With capital investors surging into wealth management, some firms have chosen the path less traveled.
Wealthtech Roundup
This month we feature Oasis and AdvisorEngine on AI prospecting; Envestnet’s new CTO; service launches and upgrades by Orion, Snappy Kraken, d1g1t and PreciseFP; TIFIN Give’s AI philanthropy platform; Arete and Pontera connecting held-away accounts and more.
The Oasis Group and Jump jointly released a white paper on agentic AI that expands on what Oasis’ John O’Connell told us in September.
Deals & Recruiting Roundup
This week we cover acquisitions by Mercer, Wealthspire, United Capital, World, Dakota and Lido; recruitments by Raymond James and RBC; Altruist appointed as custodian; LPL launching cash management accounts; VestGen launching services for athletes and a study on FMG.
LPL is evolving quickly. Shortly after a pricing announcement, LPL follows with cash management accounts.
BlackRock: ETF Adoption Continues To Grow – Especially Among New Investors
BlackRock found that ETFs are growing in popularity, especially among new investors, for reasons of convenience, cost efficiency and diversification.
Its survey of 5,220 U.S. adults shows that 44% of ETF investors over the next 12 months are expected to be new investors.
Mercer Deepens Tax Capabilities With Latest Acquisition
Mercer Advisors announced the acquisition of Beach Freeman Lim & Cleland (BFLC), a Southern California-based firm that provides tax, accounting and business advisory services to high net worth individual investors, families and business owners.
This was a true strategic acquisition – strategically planned to build out Mercer’s tax capabilities.
Syntax And PM Insights Team Up To Provide RIAs With Enhanced Private Market Analysis
Syntax Data and PM Insights teamed up to create a platform that integrates Syntax’s company classification with PM Insights’ data on mid- to late-stage venture backed private companies.
The firms believe the integration meets a demand for structured, transparent data for private companies.
VestGen Partners With Athlete Collective To Launch New Practice Area
VestGen Wealth Partners teamed up with the Athlete Collective to launch a practice area focused on athletes, called VestGen Athlete. Athlete Collective Co-Founder Cole Dow, a former football player, will serve as the Director of VestGen Athlete.
The new practice area will serve athletes and their families from high school athletes preparing for college to former professionals.
World Investment Advisors Onboards TCG Wealth Management
World Investment Advisors announced its acquisition of Nashua, New Hampshire-based TCG Wealth Management, with $140 million in assets. TCG is joining World branch Boston Harbor Wealth Advisors and will continue to use its brand.
The transaction follows closely on last month’s appointment of Ed Walters as President. World’s growth initiatives are under his purview.
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Larry Roth
CEO
Wealth Solutions Report
