Culture plays a key role in acquisitions, affiliations, organic growth, advisor satisfaction and more, yet it is one of the hardest concepts to define. This week, Bill Sowell shares some practical tests and takeaways that flesh out the concept of culture for RIAs and advisors.
The Culture Test – Does Your RIA Pass?
Sowell Management’s Bill Sowell discusses how to define and test culture, how to preserve it through acquisitions, and how to cut through the buzzwords and truly discover a firm’s culture.
Sowell said that RIAs must not “pursue growth at all costs,” because a damaged culture can undermine an organization.
The Smartest Question You Can Ask: ‘What Am I Getting Myself Into?’
Sam Anderson of Dynasty Financial Partners makes the case that advisors should ask fundamental questions in the areas of emotions, tactics and strategy before becoming involved in an M&A transaction.
To make the right decision, Anderson argues you need to understand your goals and risks, as well as recognize your emotions.
Cerulli: OCIO Industry Assets To Surpass $5.6 Trillion By 2030
Cerulli predicts that OCIO assets will grow $1.3 trillion by 2030, to $5.6 trillion, in its latest report on the OCIO industry. The report stated that the top factor driving growth is OCIO adoption.
The research firm said the rapid growth is attracting many new entrants to the OCIO business and expects competition to heat up.
Patent Perspectives: How Advisors Can Turn Clients’ Retirement Confidence Into Action
In the latest installment of his Patent Perspectives column, Pat Hynes of Prudential Advisors explains that the mass affluent are confident about retirement, but need more guidance.
He also says that guaranteed income solutions can benefit the mass affluent.
Deals & Recruiting Roundup
This week’s roundup includes an acquisition by Cambridge; recruitments by Cetera, Raymond James and Ameriprise; and executive appointments by Procyon and Angeles Wealth.
Recruiting still pushed forward in the quiet Thanksgiving week.
Angeles Wealth Appoints Jonah Cave As Chief Growth Officer
Angeles Wealth Management appointed Jonah Cave to serve as Chief Growth Officer, a newly created role. Based in Dallas, Cave will head business development and growth initiatives, including inorganic growth in the high and ultra-high net worth segments.
The appointment of a CGO indicates Angeles is doubling down on growth.
Cetera Picks Up Advisor Teams From Osaic And LPL
Cetera Financial Group announced that it picked up two advisory teams: Matthew and Christopher Callero, cousins operating as Callero Capital Management in Mount Prospect, Illinois, with about $265 million in AUA, from Osaic; and Westford, Massachusetts-based Scott Thaxton and Greg Pennini, operating as CarrThaxton Financial Group with $350 million in AUA, from LPL Financial.
Advisors transitioning from one very large firm to another show they don’t see the big firms as commoditized – instead, they sometimes see the differences as compelling enough to move.
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Larry Roth
CEO
Wealth Solutions Report
