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CFO moves up as departing exec heads to asset management shop.
Retail advice revenue accounted for roughly two-thirds of RCS's total full-year revenue of $2.8 billion, but the company's 2014 loss was almost 100 times greater than in 2013.
While regulatory costs pulled-down full-year profits, the giant IBD seemed to turn a page at year end with a 9.8% spike in fourth-quarter earnings.
The robo advisor plans to add 90 to 120 new employees and add resources to Betterment Institutional, which already works with 90 advisory firms.
The big questions going forward are who will be doing what in the digital advisory space -- and when and how they'll be doing it.
Paul Reilly describes a recent leaked White House memo supporting the DOL's efforts as "an example of biased and distorted research [that] impugns the integrity of the work our advisors do every day."
Net new AUM is a "high-quality reality check," said Paul West of Carson Wealth Management.
Couples should "practice being retired," taking long vacations and spending more time together -- but not too close to the kids.
Some RIAs who claim to be for sale "have no intention of selling," said United Capital's Matt Brinker. "They like the dance."
"The prospects for organic growth for RIAs and IBDs have never been greater. We expect to see more lift-out and advisors turning independent activity in 2015," says Liz Nesvold, managing partner of New York-based investment banker Silver Lane.
Focus partner firms managed $31 billion and advised on another $10 billion, according to their recent ADV filings -- considerably less than the $70 billion in "total client assets" the firm had previously publicized.
The president's proposals are "not a good capital investment policy in my view, and I think many clients would agree," says Jeanie Wyatt, CEO and CIO of South Texas Money Management in Houston.
Jones' football prospects are certainly bright. But what about his hoped-for career as a financial advisor?
The deal to buy the accounting firm was directly influenced by the increasing commoditization of investment management.
'Financial advisors' insights are critical in helping the family offices evaluate and execute their next steps,' says Julia Cloud, national managing partner, private wealth, for Deloitte.
The new aggregator offering a succession plan is drawing from experience: "I fit the category, I've been in their shoes," says 60-year old Joe Heider, founder of Cirrus Wealth Management.
Mariner looks at around 200 local firms each year, and ends up in serious conversations with around 10, according to CEO Marty Bicknell.
To make a deal work, "find out what values are most important to both of you," says Sean Montgomery, chief financial officer of The Bridgeway Group, based in Pasadena, Calif.
Cerulli predicts that market share gains in the RIA and dually registered channels will likely come at the expense of wirehouses and independent broker-dealers.
The latest Schorsch bombshell "makes quality advisors super uncomfortable," says executive recruiter Mindy Diamond.