While our industry evolves many use cases for AI in advisors’ hands, we must remember that AI is also in clients’ and prospects’ hands. As their behavior adapts to AI tools, our industry must follow suit. This week, I bring you the views of experts on the rise of generative engine optimization (GEO) and what it means for advisors.
Generative AI Upends Marketing For Financial Advisors
My quarterly review of wealthtech covers the rise of GEO, which increasingly rivals traditional search engine optimization (SEO), with Katherine Paulson of Haven Tower, Robert Sofia of Snappy Kraken and Megan Carpenter of Ficomm.
As internet searches increasingly move from Google searches to AI chatbots, advisors must take action to keep pace.
Google Finance Brings Sophisticated Research Tools Without The Enterprise Price Tag
John O’Connell of The Oasis Group walks us through the uses and limitations for wealth management of the AI-upgraded Google Finance.
Google Finance can serve as a free substitute to for-pay data for some professionals and allows others to optimize the for-pay services they currently use, he says.
AcquireUp Masterclass Focused On Seminars As A Growth Engine
AcquireUp hosted its Masterclass event Feb. 25-27 at the Opal Sol Resort in Clearwater Beach, Florida. Speakers included the firm’s Greg Bogich, Alex Hug and Derek Janis, Josh Ross of Energized Retirement Planners, Molly Pierce of TrackThatAdvisor, Bob Oros, formerly of Hightower Advisors, and Mike Bellody of Imperia Wealth Management.
The event focused on how advisors can use seminars to drive organic growth.
RBC Survey: High Net Worth Women’s Economic Power Is Rising
The economic power of high net worth women is growing, with millennial women in the lead when it comes to wealth creation, closing traditional gender gaps and setting benchmarks for future generations, according to the findings of a survey conducted by RBC Wealth Management.
The survey also found that 90% of women collaborating with an advisor have a financial plan and indicated that partnership helped them feel confident they’ll achieve their financial goals.
Deals & Recruiting Roundup
This week’s roundup covers acquisitions by Savant, Wealth Enhancement, Hightower, Aspen Standard, Carson and MCF; J.C. Flowers backing Accelerated Wealth; recruiting by Osaic; Sowell partnering with Altruist; Mercer launching a women’s practice; and appointments by Cambridge and Wealth.com.
M&A dominated the roundup this week with several multi-billion dollar deals.
Sowell Management Adds Altruist As Custodial Partner
Sowell Management selected Altruist as a custody partner in a move the firm expects to enhance its AI and technology capabilities.
Sowell advisors will gain access to Altruist’s AI-based Hazel platform.
SurgeONE.ai To Consolidate Regulatory Tech Stack For United Planners
SurgeONE.ai announced a partnership with United Planners Financial Services to consolidate its compliance, cybersecurity and data operations onto a single platform, replacing the firm’s fragmented legacy tools with a single AI-enabled system.
According to a press release, United Planners selected the platform for real-time visibility of compliance standing and faster reviews, as well as keeping firm policies current for exams.
Fidelity Expands Alts Investment Resources For RIAs And BDs
Fidelity Investments announced two new suites of turnkey model portfolios and an expanded set of educational resources that the firm said were designed to better support wealth management firms looking to understand and implement alternative investments in their practices.
The new turnkey model portfolios were developed to provide exposure to private markets for RIAs and BDs through off-the-shelf solutions.
Wealth Enhancement Buys $6.7 Billion Oregon RIA And Affiliated Firm
Wealth Enhancement acquired RIA The H Group and its affiliated practice, FocusPoint Solutions, which oversee more than $6.7 billion in combined client assets.
Wealth Enhancement had a very active week, also acquiring a $1.2 billion Kansas team, which we cover in the Deals & Recruiting Roundup.
Merit Selects OneVest As A Technology Partner
Merit Financial Advisors selected OneVest as a technology partner to standardize workflows, streamline advisor onboarding and support post-acquisition integration as Merit continues to grow through acquisitions.
Merit said it targets 15 more acquisitions this year.
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Larry Roth
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Wealth Solutions Report
