The Great Wealth Transfer is already underway, and with it comes both the potential to gain clients and wallet share as well as the risk of losing clients to better prepared competitors. In my quarterly review of wealthtech, I explore how to be on the retention and growth end of this seismic shift with several industry experts.
Also, I have some exciting news: We are going to serve you better by switching to a new website platform that will improve our layout and function, as well as manage the demands of rapid growth. This change will be implemented in the coming weeks. When we convert to the new platform, we will simply ask you to enter your email address and confirm it through a link we will send you via email. Thanks for your help as WSR grows!
The AI Agent Is Only As Smart As Your Workflow
John O’Connell of The Oasis Group unpacks the risks of giving inadequate guidance to agentic AI to accomplish workflows. He says that agentic AI needs more clarity, not less, and describes how Business Process Model and Notation can be used for the solution.
O’Connell gives a practical and sensible take on AI and what it needs in order to deliver for advisors.
Using Technology To Win And Retain Clients During The Great Wealth Transfer
In my quarterly review of the wealthtech space, I explore the ways that technology can help advisors retain clients during the Great Wealth Transfer with Greg Bogich of AcquireUp, Susan Theder of FMG, Hilda Wong-Doo of GreenLine Consultants and Ajmal Hachim of Berkshire Global Advisors.
There’s more to this than just leveraging generative AI.
How Giving Can Become A Cornerstone Of Personal Fulfillment And Professional Success
Private Advisor Group’s John Hyland, who recently received the Invest in Others Executive Tribute, discusses how surviving leukemia and volunteering helped him be a leader and inspire colleagues and communities.
We spoke with Hyland about how philanthropy is reshaping the financial services industry, what leaders can do to embed giving into their firms’ cultures and client relationships, and more.
Deals & Recruiting Roundup
This week’s roundup features acquisitions by Mid Penn, Perigon and Corient; Ares staking EP Wealth; Dynasty raising credit; recruiting by Sanctuary, AmeriFlex and LPL; Evergreen’s debut; Wealth.com’s partnership with Osaic; and appointments by RFG and U.S. Bancorp.
M&A is far from the only funding option for wealth management firms: Dynasty raised a $125 million line of credit from banks.
Mid Penn Bancorp To Acquire $3.3 Billion Florida RIA
Mid Penn Bank parent company Mid Penn Bancorp said it entered into an agreement to acquire Sarasota, Florida-based RIA Cumberland Advisors. Cumberland is expected to bring about $3.3 billion new AUM to the combined firm.
Mid Penn has 59 locations in Pennsylvania and New Jersey. This is its first entry into the Sarasota area.
CAIS Further Expands Alts Offerings As Demand Continues To Grow
CAIS further expanded alternative investment strategies from several global asset managers that are available on the CAIS Marketplace. The latest expansion features alts strategies from asset managers including BlackRock, Franklin Templeton, Goldman Sachs, Morgan Stanley Investment Management and Nuveen.
Citing a CAIS-Mercer Survey from 2024 indicating strong interest in alts among advisors, CAIS said these additions are responding to demand.
Fintech Veteran Launches RIA Focused On Tax Optimization And AI-Driven Advice
Ex-PayPal CEO and Co-Founder Bill Harris announced the public launch of Evergreen Wealth, a digital RIA with offices in Dallas, Miami and Raleigh, North Carolina, that he said is focused on providing tax-aware investment management and AI-powered financial advice to affluent and high net worth clients looking to build long-term wealth.
Harris is far from the only one aiming for a tech-forward RIA, but given his history leading tech firms, this is an RIA to watch going forward.
AmeriFlex Welcomes $354 Million Team From Osaic
The AmeriFlex Group recruited $354 million Capital Insight Financial Group from Osaic. Jacob Reid leads the California-based team.
This recruitment follows shortly after AmeriFlex partnered with Cambridge for broker-dealer services.
Sanctuary Wealth Recruits Cedar Cove From Thrivent
Sanctuary Wealth recruited Bloomington, Minnesota-based Cedar Cove Wealth Partners from Thrivent. Cedar Cove is led by Jennifer Cords, Ben Johnson and Chris Sipe.
The 14-person team had been independent for five years before moving to Sanctuary.
Raymond James Launches Its First Active ETFs
Raymond James Investment Management launched three actively managed ETFs on the New York Stock Exchange, all managed by Eagle Asset Management, one of its investment managers. The three focus on large-cap equity dividend, municipal and fixed income alternative strategies.
In June RFG launched ETFs. Now Raymond James is doing the same. We could be witnessing an increased blurring of the lines between asset managers and wealth management.
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Larry Roth
CEO
Wealth Solutions Report
