Both in our industry and beyond it, compliance is often viewed as a cost center, and sometimes even as a headwind to revenue generation, an attitude that may result in underbudgeting, unnecessary risk-taking or disharmony between sales and compliance. But there’s a better way to think about it. If management and firm culture view compliance as a strategic advantage, these outcomes can be avoided as compliance provides a tailwind for growth.
This brings me to an exciting announcement: This week, wealth management regtech veteran Sid Yenamandra launches his Regtech Surge column by giving us five steps to shift to positive, growth-centered compliance strategy. Going forward, Yenamandra will provide his insights at the convergence of wealthtech and compliance to you on a monthly basis.
In addition, this week we bring you our Deals & Recruiting Roundup, Summit’s advice on putting humans at the center of tech, Dynasty’s keys to managing emotional aspects of advisor retirement, Rise Growth Partners’ inaugural investment stake, Invest in Others’ Charitable Champion winners, AlphaTrAI’s acquisition and RBC’s new Cincinnati team.
Deals & Recruiting Roundup: This week’s roundup includes Rise Growth Partners investing in $10 billion Bleakley Financial Group, CW Advisors acquiring $1.2 billion Agili, LPL onboarding the merging firms Academy Financial and PFG Advisors, Raymond James adding The Perl Group from Morgan Stanley, Stifel recruiting Gasper Investment Consulting Group from Baird, Invest in Others naming 10 advisory firms as Charitable Champions, Todd Mackay becoming President of Cetera Solutions, EP Wealth Advisors appointing Megan Glover as Chief People Officer, Cerity Partners appointing Suk Shah as CFO, the wirehouses releasing second quarter performance reports, RBC Wealth Management adding The Paradigm Group, and U.S. Bank partnering with Edward Jones to provide checking and credit card products.
Compliance as an advantage: In our inaugural Regtech Surge column, Sid Yenamandra, Co-Founder of Surge Ventures and CEO of RegVerse, sets out five steps to turn compliance from a boring obligation into a strategic advantage.
Human-centered tech: Reed Colley, CEO and Co-Founder of Summit, advises software manufacturers to put humans at the center of software development for financial advisors and clients through a focus on empathy.
Emotions of retirement: Retirement is more than just numbers. Casey Jorgensen, Head of the Dynasty Institute for Adaptive Leadership at Dynasty Financial Partners, gives four keys for advisors preparing for retirement to manage its emotional aspects and build a fulfilling life post-retirement.
First stake: Rise Growth Partners has taken a strategic minority stake in Bleakley Financial Group, a Fairfield, New Jersey-based wealth management firm that managed about $10 billion in client assets as of June 30. The transaction represents Rise Growth’s first minority investment since its launch last year. Rise Growth Managing Partner Joe Duran and Bleakley Principal Andy Schwartz comment.
Charitable champions: The Invest in Others Charitable Foundation named 10 financial advisory firms as 2024 Charitable Champions for going above and beyond in giving back to their communities. Executive Director R. Barkley Payne comments.
Wealthtech M&A: Wealthtech firm AlphaTrAI has acquired scheduling and sales management solutions provider Anchor Advisory Services, with plans to enhance sales support for wealth and asset management firms. Steve Rokoszewski, Founder and President of Anchor, and Bill Dwyer, CEO and Chairman of AlphaTrAI, provide comments.
Ohio Expansion: RBC Wealth Management continued its growth in Ohio by adding The Paradigm Group from Morgan Stanley, where the team managed about $693 million in client assets. The multi-generational Paradigm team joins RBC’s new branch in Cincinnati. Kyle McLaughlin, Managing Director – Private Wealth Advisor at Paradigm and Justin Ferdula, Chicago Complex Director at RBC Wealth Management-U.S., provide comments.
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Larry Roth
CEO
Wealth Solutions Report
