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WSR Celebrates National Hispanic Heritage Month

Plus Deals & Recruiting, Content Creator Clients, Turkey Hill On Fourth Quarter M&A, CBS On Spousal Lifetime Access Trusts, Zocks On Client Intelligence, Schwab Supports FFP’s Charity Efforts, TPG Stakes Creative Planning, TradingBlock Launches A Platform, Dynasty Appoints New Leaders And Focus Acqu

WSR Celebrates National Hispanic Heritage Month
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In honor of National Hispanic Heritage Month, we celebrate our third annual installment of the Pathfinder Awards – Top Hispanic Industry Leaders. As always, Pathfinder Awards serve a dual purpose of highlighting outstanding professionals from underrepresented groups in wealth management and providing a platform to address diversity, equity and inclusion. This week we continue the move toward progress by both announcing winners and concurrently bringing you the views of several winners addressing the advancement of the Hispanic community.

In addition, this week we have CBS Brokerage on spousal lifetime access trusts, Turkey Hill on M&A in the fourth quarter, the Deals & Recruiting Roundup, Dynasty’s new appointments, Zocks on client intelligence, Schwab’s support for FFP, TPG’s stake in Creative Planning, TradingBlock’s platform launch, how to serve content creator clients and Focus’ Pittsburgh acquisition.

Hispanic industry leaders: This week we continue our tradition of WSR Pathfinder Awards, by naming the winners of the Top Hispanic Industry Leaders of 2024 in honor of National Hispanic Heritage Month. This is our third installment of winners for National Hispanic Heritage Month and the 12th for the Pathfinders. Please join us in congratulating these 10 winners.

Hispanic advancement: Concurrent with the announcement of Pathfinder winners, we bring you the views of four Pathfinder winners on Hispanic advancement in our industry: Diana Cabrices, CEO at Diana Cabrices Consulting; Jeff Concepcion, Founder and CEO of Stratos Wealth Holdings; Michael G. Perez, Managing Director, Consulting - Family Office Practice at F2 Strategy; and Erika Wilson, Chief Marketing Officer of Sound Income Group.

Deals & Recruiting Roundup: This edition covers TPG investing in Creative Planning and Homrich Berg, Focus agreeing for Fort Pitt to join Kovitz, WEG acquiring FinTrust, Mercer acquiring Kiely Wealth and Kades & Cheifetz, Forsyth investing in Matter Family Office, Beacon Pointe acquiring Bridge Advisory and Charleston Investment Advisors, Credent acquiring Clarify, Waverly acquiring CenterPoint, LPL removing Dan Arnold and appointing Rich Steinmeier as Interim CEO, Schwab CEO Walt Bettinger retiring and Rick Wurster taking the helm, WCG hiring Talley Léger as Chief Market Strategist, and Bank of America and Wells Fargo launching financial awareness initiatives for young people.

Tactical trusts: Jack Elder, SVP of Advanced Markets at CBS Brokerage, describes the benefits of spousal lifetime access trusts (SLATs) including tax advantages and asset protection, how to address their irrevocability, how they can be used for multi-generational asset transfer and the role insurance can play in them.

Fourth quarter M&A: As we enter the fourth quarter, Jessica Polito, Founder and Principal of Turkey Hill Management, cautions sellers of advisory businesses to not create an artificial deadline for political or tax reasons, and instead to carefully consider the deal and make the best choice for the long term.

Rearranging the C-suite: Dynasty Financial Partners hired Marc Hineman to serve as its new COO, and appointed Tim Oden to the newly created position of Chief Growth Officer and Andrew Marsh to the newly created role of Head of Core Services.

Client intelligence: Mark Gilbert, Co-Founder & CEO of Zocks, makes the case for applying AI and data analysis for client intelligence, to help advisors achieve better outcomes for clients.

Charity planning: The Charles Schwab Foundation will serve as Presenting Sponsor for The Foundation for Financial Planning (FFP) Power of Pro Bono 30th Anniversary Campaign, and will match all new contributions to FFP from individual supporters up to $600,000. Jon Beatty, Head of Schwab Advisor Services, and Jon Dauphiné, FFP CEO, provide comments.

Taking stakes: Private equity firm TPG made a minority investment in Creative Planning through its TPG Capital division. TPG joins existing Creative Planning investor General Atlantic. Creative Planning CEO and President Peter Mallouk; TPG Capital Partner Peter McGoohan; and General Atlantic Managing Director and Global Head of Financial Services, Paul Stamas, provide comments. The announcement follows shortly after TPG Growth staked Homrich Berg.

Trading platform launch: Technology provider TradingBlock launched an executing broker-neutral trading platform that allows traders to choose their execution strategy. Gino Stella, Institutional Trading Manager at TradingBlock, provides comments.

Content creator clients: We discuss the challenges that face content creator and social influencer clients and how advisors can guide these clients, with Matt McGraw, Wealth Advisor at Marshall Financial; Rick Nott, Senior Managing Director at Angeles Wealth Management; and Arynton Hardy, Wealth Manager at Savvy Advisors.

Pennsylvania acquisition: Focus Financial Partners subsidiary Kovitz Investment Group Partners will buy Pittsburgh-based Fort Pitt Capital Group, with $5.9 billion in assets. Fort Pitt has affiliated with Focus since 2015.

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Larry Roth
CEO
Wealth Solutions Report

Larry Roth

Larry Roth

As founder and CEO, Larry Roth guides Wealth Solutions Report's direction and provides wealth industry commentary. Former CEO of Advisor Group (Osaic) and Cetera. Founder and Managing Partner of Ascentix Partners and board member at wealth firms.

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