This week we’re using a new format, which I hope you will enjoy!
Advisors who have been career-long W-2 employees, such as those in wirehouses, often come upon a point in their careers when they contemplate independence. The ramifications of the switch are broad, opening new risks as well as opportunities. This week, we speak with experts about concerns and solutions when advisors leave the wirehouse.
We also cover the convergence of insurance and wealth management; the latest recruiting and wealthtech news, including news from Choreo, Osaic and Kestra; expert tax strategies for charitable giving; the alignment of service pricing to firm needs; and, in Sponsor Partner Content, the need for transparent fee structures.
How’s your tech stack? Make your voice heard with our survey on the state of advisor technology. It ends soon, and there’s an opportunity to win a $250 Amazon gift card.
Weekly Recruitment Roundup: We cover Dynasty-backed Next Capital Management recruiting two advisors from Rockefeller, Osaic recruiting a team from Raymond James, Kestra Private Wealth Services recruiting a team from Morgan Stanley, Creative Planning acquiring Mesirow’s corporate retirement advisory services team, CAPTRUST acquiring Column Capital Advisors, Choreo acquiring the affiliated wealth management business of BDO USA, LPL Business Solutions launching a lower-cost dedicated CFO resource and Fidato Wealth onboarding a new Chief Compliance Officer along with two advisors.
Wealthtech Roundup: Meet our newest Wealthtech Leader of the Month, Alison Dooher, Managing Director of Digital Advisor Solutions for Schwab Advisor Services. We also cover Orion enhancing its Schwab custodial integration, Surge Ventures launching RegVerse, Snappy Kraken partnering with LPL Financial on access to its complete marketing system, RiXtrema launching RemAI to speed up financial and investment research for advisors, Elements launching an RIA to partner with advisors on serving low-asset clients, Smartleaf exceeding $50 billion in assets, Advyzon and RightCapital enhancing their integration for data flow and scenario analysis, and Envestnet partnering with First Command Financial Services to extend the wealthtech platform to military clients.
Leaving the wirehouse: We review the reasons advisors decide to leave a wirehouse, the issues that give them hesitation when contemplating that move, how those concerns can be addressed and other keys to making that leap with Phil Waxelbaum, Founder and Principal of Masada Consulting; Michael Terrana, CEO of Terrana Group; and Craig Stuvland, Founder and CEO of tru Independence.
Insurance as wealth management: We spoke with Chad Druvenga, CEO and President of CBS Brokerage, about the reasons advisors shy away from providing insurance solutions, how those concerns can be addressed, and what an RIA should look for in an insurance brokerage partner.
Year-end tax planning for charitable giving: We explore innovative tax solutions advisors can implement with tax professionals that provide more control to clients, save taxes and boost the amounts that clients’ favorite charities receive with Jerry Michael, President and Co-Founder of Smartleaf; Brian Schmidt, Manager, Financial Planning Support & Advanced Case Solutions of Avantax Wealth Management; and Bryan Eberle, President of Nepsis Tax Solutions, part of Nepsis.
Choreo acquires from BDO: Chicago-based Choreo acquired the affiliated wealth management business of BDO USA and will become an independent member of the BDO Alliance USA Business Resource Network (BRN), which brings opportunities to serve BDO USA, its clients as well as BDO Alliance USA members and clients. Choreo CEO Larry Miles comments; along with Mark Biegel, President of BDO USA’s affiliated wealth management business; and BDO USA COO Steve Ferrara.
Does your tech platform fuel your growth? Akhil Lodha, CEO of StratiFi Technologies, explains why the shift to advice-based business models means advisor-facing risk and financial planning tech platforms should charge firms based on how many households they serve. “The per-unit costs are lower, providing a quicker path toward growth. More than that, though, it’s a signal from the provider that they care about the success of their customers,” he says.
Kestra poaches from Morgan Stanley: Kestra Private Wealth Services onboarded $650 million Kindred Wealth Partners, based in Pittsburgh, Pennsylvania. Rob Bartenstein, CEO of Kestra PWS, comments.
Osaic expands in Chicago: Through its independent partner GCG Advisory Partners, Osaic recruited a $215 million Chicago team, McDermott Gall Wealth Management, from Raymond James. The firm’s James McDermott comments, along with Kristen Kimmell, Executive Vice President Business Development at Osaic, and Joel Burris, President and CEO of GCG Advisory Partners.
Does your gross payout matter? No, according to Jamie Mackay, EVP, COO of SFA Partners, who says that you should focus on your net payout by demanding transparency, knowing your fee structure and checking for retained commissions, in our Sponsor Partner Content series.
You don’t have to wait to participate in T3: January’s T3 Technology Conference is approaching rapidly, and the results of the T3/Inside Information Software Survey will be announced then. Don’t miss the opportunity to share your views on wealthtech providers!
Please share your views on our new format, join us on LinkedIn and tell your friends about us!
Larry Roth
CEO
Wealth Solutions Report