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Wealthtech Is Opening Doors For Advisors To Serve The Mass Affluent
Wealthtech, especially AI, is opening doors for advisors to reach the mass affluent in a cost effective way. In my quarterly wealthtech review, we hear from Sindhu Joseph of CogniCor, Tom Wilson of Orion, Greg Bogich of AcquireUp and John O’Connell of The Oasis Group on how wealthtech is improving client service and operations at scale.
We also discuss the advent of Robinhood’s $250 robo and what it means for advisors.
A Strong C-Suite Is The Cornerstone For RIA Growth
Terri Kallsen of Rise Growth Partners explains why RIAs need to build a C-suite and how to thoughtfully develop a C-suite that empowers future growth.
Kallsen nudges growing RIA Founders to pass control to a C-suite as the growth makes management more complex, and advocates for a bespoke C-suite tailored to a firm’s needs.
Deals & Recruiting Roundup
This week’s Deals & Recruiting Roundup covers several multi-billion dollar deals, including by Mercer, Arax, Sammons, Mariner and Coldstream, and includes several notable executive movements, including Larry Restieri’s long anticipated taking of the reins from Bob Oros.
As we near the end of the second quarter, M&A keeps putting points on the scoreboard.
Mercer Buys Second RIA In Oklahoma, With $2 Billion In Assets
Mercer Advisors acquired Full Sail Capital, an Oklahoma City-based RIA managing $2 billion in assets from clients who are primarily high net worth and multigenerational families.
The high net worth and multigenerational family space continues to attract capital.
Coldstream Merged With $2 Billion Cable Hill Partners
Seattle-based Coldstream merged with $2 billion Cable Hill Partners of Portland, Oregon, with no private equity support for the transaction. The merger is expected to bolster Coldstream’s retirement capabilities.
In an environment surrounded by private equity, Coldstream continues its model of transactions with zero private equity support.
FP Alpha Launches Enhanced Version Of Its Estate Insights Tech Platform
FP Alpha announced the release of an enhanced version of its Estate Insights 2.0 technology that it said was developed to provide advisors with “deeper, more actionable insights while streamlining the estate review process.”
Estate planning is a key add-on service for holistic wealth management. The enhancements are another case for AI use.
Arax Buys $4 Billion RIA Business Of Michigan-Based Schechter
Arax Investment Partners bought the $4 billion RIA business of Michigan-based Schechter: Schechter Investment Advisors (SIA). SIA will merge with RIA Arax Advisory Partners at closing. Arax is backed by RedBird Capital Partners.
“The Schechter team is known for thoughtful, multi-generational financial planning and sophisticated investment solutions – exactly the type of partner we are looking for as the Arax platform scales,” said Haig Ariyan of Arax Investment Partners.
Sammons To Buy $8 Billion RIA Wealthcare From NewSpring
Sammons Financial Group announced that it agreed to acquire Wealthcare Capital Management from NewSpring Holdings, an RIA that manages $8 billion in client assets.
In a week filled with multi-billion dollar deals, this one took the top spot.
VanEck Launches ETF Giving Investors Access To Alts Asset Managers
VanEck launched the VanEck Alternative Asset Manager ETF (GPZ), an ETF that includes companies that have at least 75% of revenues from private equity, venture capital, private credit, private infrastructure and private real estate.
As private assets increase in popularity, investment firms are creating new vehicles to bring them to retail investors.
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Wealth Solutions Report
