“The Fed has lost control.” – If you watch financial news, you increasingly hear this mantra from pundits. However, in wealth management M&A, the Fed never took control, as M&A charged forward though the entire rate-raising episode with only moderate headwinds. Greater factors are at play, such as succession planning needs. At the same time, deal structures continue to evolve. I address these topics and more in my quarterly M&A review.
In addition, we bring you advisors’ views on settling in after a transition, FSI’s views on the recent SEC data analytics rule proposal, our Weekly Recruitment Roundup, and news about Nitrogen’s new CEO, Invest in Others’ board appointments, winners of the Women in Wealth Management Awards and Prospera’s service expansion. We also hear from EP Wealth on how to address client myths and set out our 2024 awards and recognition calendar.
Keep a lookout in early December as we name the invitation-only COO 5: Top Wealth Management COOs.
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Weekly Recruitment Roundup: This edition features Carson Wealth recruiting practices in Georgia and Montana, Helium Advisors bringing on three seasoned wealth experts, Savvy Advisors recruiting Maya Joelson as Global Investment Strategist, Savant Wealth Management acquiring Bridgeworth Wealth Management, Mariner Wealth Advisors acquiring Baystate Wealth Management, Edelman Financial Engines acquiring PRW Wealth Management, LPL launching its Private Wealth Management affiliation model, tru Independence partnering with Opto Investments and EP Wealth Advisors hiring Kyle Miller as Head of M&A.
After the honeymoon: We often focus on the process leading up to a transition, but what is business like for advisors after they settle in? We asked three advisors: Rory O’Hara, Founder and Senior Managing Partner of Ausperity Private Wealth, an affiliate of Sanctuary Wealth; John F. Macielag, President of All Seasons Capital and Advisory, an affiliate of Stifel Independent Advisors; and Brandon Dixon-James, President and Wealth Manager at Resilient Wealth Management, an Osaic affiliate.
Generational shifts fuel M&A: In my latest quarterly perspective, I explore why the M&A landscape may get a boost from succession planning needs, as sellers seeking deal assistance grow tired of waiting out the uncertain economic landscape. I capture data from the latest market intelligence reports, as well as insights from key industry thought leaders.
Calling on the SEC to withdraw: Dale Brown, President and CEO of the Financial Services Institute, describes the shortcomings of the SEC’s recent predictive data analytics rule proposal and its consequences to our industry. He urges the SEC to withdraw the proposal and learn more about the role of technology.
Addressing clients’ myths: Greg Wells, Regional Director and Partner at EP Wealth Advisors, explains how to address client myths derived from social media and word of mouth, describes three of the most common myths, and makes the case that education can solve these problems.
Excellence in 2024: Throughout the past two years, we have called out the best in the industry with awards and recognition, including Pathfinder Awards, Wealth Exemplar Awards and many lists recognizing greatness across different spaces of our industry. This week, we announce our 2024 calendar for awards and recognition.
Honoring women professionals: Winners were announced across seven categories for the second annual Women in Wealth Management Awards on Nov. 15 at the Excell Represent conference. Suzanne Siracuse, CEO of Suzanne Siracuse Consulting Services, provided comments.
Succession planning expansion: Dallas-based broker-dealer Prospera Financial Services announced the expansion of its Succession Your Way services for advisors, which helps them navigate the process of selling or acquiring a practice. The three programs can connect advisors with valuation services, lenders and attorneys familiar with the sale process.
Nitrogen’s new atmosphere: Nitrogen announced that Dan Zitting, formerly CEO of Galvanize, will become CEO on Dec. 4. Current CEO Aaron Klein will remain on the board and serve as a strategic advisor. Zitting and Klein provide comments, along with Board Chair Laurie Schultz.
Charity leadership: The Invest in Others Charitable Foundation added four industry leaders to its Board of Directors: Joseph P. Lombardo, Jr., Head of Leadership and Future Talent Development at UBS Wealth Management; Brian McLaughlin, President of Orion Advisor Technology; Tom North, Mid-Atlantic Regional Vice President at Ameriprise Independent Advisors; and John A. Vaccaro, Head of MassMutual Financial Advisors.
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Larry Roth
CEO
Wealth Solutions Report
