RIABiz | August 17, 2023

Karl Heckenberg Files with SEC to Raise a Staggering $1 Billion, (Presumably) to Buy, Buy, Buy, RIA Stakes in a ‘Crowded’ Market

The former CEO and president of Emigrant Partners has launched the Constellation Wealth Capital Fund with a ten-figure funding target.

RIABiz | March 29, 2023

Schwab Assures It Has Financial Muscle to Shrug Off Billions of Dollars in Unrealized Bank Losses

An estimated 16,000 RIAs with $3.3 trillion assets custodied at Schwab Advisor Services should be insulated from any calamity at bank subsidiary.

Family Wealth Report | March 27, 2023

How Is RIA Merger, Acquisition Market Reacting to Rising Rates?

Further rises to US interest rates, and the drama around Silicon Valley Bank and other lenders such as Credit Suisse, raise questions about what the macroeconomic story means for the M&A market among financial advisory firms.

American Banker | March 14, 2023

Bank Stocks Bounce Back as Investors’ Fears over Sector Ease

Many bank stocks bounced back sharply on Tuesday, with those whose shares got hammered a day earlier mostly seeing large rebounds.

RIABiz | March 10, 2023

Silicon Valley Bank’s Demise Means $15.8 Billion Boston Private Is a Firesale Kindling, and Maybe at a Sweet Price

The Santa Clara, Calif., bank bought the RIA cluster for $1B when it had cash to burn two years ago; now it’s burning down and needs cash.

Family Wealth Report | December 22, 2022

What’s Wrong with Envestnet, Goldman Sachs and CI Financial?

All three companies are leaders in their respective fields. But when it comes to the RIA business, they are all facing major challenges in the year ahead.

Family Wealth Report | December 19, 2022

Five Big M&A Questions for 2023

This is the second in a series of articles featuring highlights of the RIA business in 2022 and prospects for 2023.

Family Wealth Report | November 22, 2022

M&A Decline: New Trough or Brief Bump?

There has been a notable drop in mergers and acquisitions involving registered investment advisors; we ask a firm tracking trends in the space whether this is the start of a bigger trend or a temporary halt to what has been a busy period.

WealthManagement.com | October 21, 2022

RIA Deal-Makers Face an Ebbing Tide

The big players in RIA M&A may be putting on a good face. But debt-heavy acquirers are starting to feel the impacts of the market environment, and it isn’t pretty.

Family Wealth Report | May 25, 2022

RIA Investment Banker Sells Out; Insists M&A Market Remains Strong

A firm involved in a significant wealth sector M&A deal talks about its move and about the wider mergers and acquisitions environment for a sector that has seen a lot of transactions in recent years.

RIABiz | May 12, 2022

As Focus Financial shares languish, Rudy Adolf plans $200 million buyback and rebuffs questions he’s overpaying for RIAs–because he avoids ‘drunken sailor transactions’

The New York City rollup buys at private prices then sells at public valuations, but now the CEO’s buying at public share prices in some ‘privately negotiated transactions’ hoping for a bounce

RIABiz | April 8, 2022

CI Financial’s IPO could make the RIA M&A force next to unstoppable if it ‘pops’, but industry insiders see Focus Financial’s stuck stock price as a ‘tremendous headwind’

The Toronto firm already laps the RIA M&A field in deal flow and buzz but an IPO is only worth it if investors cooperate by seeing a much higher value separated from the old cash cow in Canada

RIABiz | February 28, 2022

Toronto-Dominion Bank’s bid to reestablish the TD brand for U.S. wealth management takes a $13-billion step forward

The Toronto owner of Cherry Hill, N.J.-based TD Bank is adding First Horizon and its 412 branches to its growing U.S. footprint — sweeping East to West

Family Wealth Report | February 28, 2022

Why Partners Should Review Their Buy-Sell Agreements – Now

It is vital for advisory firms to review those agreements before partners face a crisis or an impending sale to make sure that partners can transition ownership smoothly, ensure liquidity and avoid expensive litigation.

Financial Planning | February 21, 2022

6 major trends for financial advisors in 2022: Cerulli study

Where you should work. How you should serve HNW clients. Cerulli’s latest report tells you six trends that are top of mind in the industry.

RIA Biz | January 27, 2022

Dynasty Financial takes next logical step, using Wall Street powers and RIAs to beat Wall Street with an IPO, but timing surprises one expert

CEO Shirl Penney could consolidate power by cashing out elder statesmen Harvey Golub and Todd Thomson, opening the door to his own vision for growth.

Barron’s | December 10, 2021

Will Focus Financial’s Big Bet Pay Off?

The big RIA buyer offers rosy growth projections, but fierce competition—and differing business models—may be a hurdle.

Mindy Diamond on Independence Podcast | September 23, 2021

The Real Impact of the Crisis on Valuations and the Independent Space as a Whole

M&A activity in the RIA space enjoyed a continual rise over the last several years, fueled largely by sellers looking to solve for scale, succession and monetary goals, and a cadre of well-funded buyers seeking to capitalize on potential opportunities.

Financial Planning | August 17, 2021

Beacon Pointe sets sights on becoming $200 billion mega firm

The California-based firm’s latest $1 billion RIA grab is just the start, its leaders say.

Financial Planning | July 30, 2021

Ric Edelman’s excellent crypto adventure

His embrace of volatile cryptocurrencies for mainstream investors is a major shift from the cautious world of fiduciary advice that’s synonymous with his namesake firm.

RIA Biz | July 29, 2021

Robinhood got its $32-billion IPO after it parlayed a Wall Street rebel image into a way for the Wall Street elite to cash in

The Menlo Park, Calif.-based phenom’s founders become billionaires but Goldman Sachs and J.P. Morgan get their cut of the IPO, and the bulk of the trade spreads go to the Street’s giant trading houses like Citadel and others.

Family Wealth Report | June 23, 2021

RIA Mergers, Acquisitions At Mid-Year- State Of The Market  

There’s no reason, wealth industry figures say, why there won’t be more busy M&A activity affecting the RIA space. So far this year there has been a burst in transactions, then a drop, followed by a recovery. What’s driving deals, and where is this sector headed?

Financial Planning | June 21, 2021

How Ric Edelman stepped away from his namesake advisory firm

Can Edelman Financial Engines keep its star quality under private equity owners — with its founder gone?

Advisorpedia | March 17, 2021

How a COO Can Elevate Your RIA: No Matter How Unique Your Business Needs Are

For this special edition of The COO Roundtable, Matt recorded live from Mercer Capital’s inaugural RIA Practice Management Insight’s conference. This virtual conference “focused on back of the house (operational) issues that are as vital to success as they are easy to ignore.”

Bank Director | February 8, 2021

Will We Ever See Three Times Book Again?

Mergers and acquisitions are examined as part of Bank Director’s Inspired By Acquire or Be Acquired.

RIA Biz | November 12, 2020

Focus Financial buys B2B outsourcer — a business model shift that stretches its M&A dollar but also introduces identity issues

The New York rollup bought $9 billion of AUM, but CornerStone Partners is still an OCIO for non-profit institutions with a set of challenges unique to its niche.

Family Wealth Report | October 5, 2020

Will Equity Answer Wealth Management’s “Compensation Conundrum?”

Compensation, recruiting, retention, and equity are the main factors that cause wealth management firms’ owners sleepless nights. Where does equity fit into the picture and how can organizations understand its role better in taking businesses in the right direction?

RIA Biz | October 1, 2020

Despite dissenting Fed vote, Charles Schwab Corp. cleared to close TD merger Tuesday, and ‘Schwabitrade’ looks less fearsome than anticipated

Fed Board member Lael Brainard voted ‘no’ on creating a new category killer but the San Francisco discount broker and RIA custodian got what it wanted; Schwab, TD Ameritrade shares rise on the news.

Pensions & Investments | August 10, 2020

Manager Assets Roar Back but Revenue Restrained

Publicly traded money managers saw their assets under management rebound in the second quarter, even as revenues were slower to recuperate from COVID-19-related drawdowns felt in the first quarter.

Michael Kitces’ Financial Advisor Success Podcast | June 2, 2020

#FASuccess Ep 179: Investment Banking For Wealth Management And The Evolution Of Advisor Enterprise Value, with Elizabeth Nesvold

In this episode, Michael Kitces talks in-depth with Elizabeth Nesvold about how an investment banker looks at the valuation of an advisory firm.

PFI Advisors | April 21, 2020

Silver Linings: Using Crisis to Improve Your RIA’s Health

Bad companies are destroyed by crisis. Good companies survive them. Great companies are improved by them. Matt Sonnen of PFI Advisors discusses the importance of using this time as a wake-up call to focus on the health of your business.

RIA Biz | April 18, 2020

Charles Schwab spends an extra $27 million on staff amid Covid-19, $37 million spent to keep three M&A deals chugging ahead

The San Francisco broker paid cash in March to workers amid challenges of the pandemic as trading exploded, retail calls spiked 16%.

RIA Biz | February 21, 2020

Thomas H. Lee Partners reportedly puts Hightower Advisors on the block, but an air of unreality surrounds the timing and premium price following two-year revamp

The Boston firm repeopled, rebranded, remodeled, and then locked down its advisors with $100 million, paving the way for the next owner — if the $2-billion price is right.

FinancialPlanning | February 21, 2020

Can acquisitions continue to boost Focus’ earnings?

The RIA’s revenues blow past $1 billion but, industry observers not fierce competition among rival buyers.

FinancialPlanning | January 29, 2020

Adios United: Goldman renames RIA and unveils new strategy

The Wall Street giant reveals how it plans to capture a bigger share of high-net-worth and mass affluent markets.