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Increased operating expenses and higher than anticipated regulatory costs and fines contributed to a 4.4% drop in second-quarter net income at LPL Financial.
'There is a limited supply of top quality RIAs having the right stuff,' says M&A advisor David Selig. 'Suitors are clearly prepared to pay nine times cash flow or more for these gems.'
Daugs fraudulently misused client assets "to make loans to himself to buy a luxury vacation home and refinance a rare vintage automobile," according to the SEC.
The deal creates a new powerhouse wealth management firm, consolidating approximately $9 billion in assets from both Banyan and Boston Private Bank & Trust.
Richard Gill's departure from Focus follows the exit last month of Michael Paley, who co-led the firm's mergers and acquisitions team.
Both parents and their adult children report they are more comfortable talking to a financial advisor than to one another about planning and wealth transfer issues. Use these 7 tips to boost your firm's offering.
The deal with newly launched Global Retirement Partners is a "great opportunity to add scale," says LPL exec Bill Morrissey.
Triad believes it can attract advisors who are "more entrepreneurial" with its hybrid model.
Cantor aims to bring on 250 to 350 advisors within three to six years and is prepared to be "extremely competitive" in its pursuit of wealth managers and advisor teams.
'There's no doubt that this world has opened up and more companies are now open to dividends,' says Thomas Huber of T. Rowe Price Dividend Growth Fund at the Morningstar Investment Conference.
'There are some really extraordinary companies in Russia, but you have to be willing to embrace the controversy,' says Oppenheimer's Justin Leverenz at a Morningstar conference panel.
'Demands for digital capabilities know no boundaries when it comes to age, wealth, or geography,' says Capgemini's Jean Lassignardie
As global wealth grows and client expectations rise, wealth managers need to develop sophisticated capabilities at once, a BCG report finds.
Joan Khoury's position will be eliminated and most marketing functions and all training teams will transition to a new Client Experience and Training group headed by Mimi Bock.
"The wealth creation cycle in Silicon Valley right now has produced many business opportunities which are keeping the entire office very busy," says the firms' new director of wealth management.
By snapping up a series of independent B-Ds in quick succession. the RCS Capital executive chairman has instantly made himself an industry player. He talks to Financial Planning about his plans.
Putterman says his new consulting firm, 1812 Park, is aimed at developing long-term strategies for wealth management companies.
Most of the new arrivals are employees of larger financial service companies, said president Scott Curtis, and about 25% are already independents.
The 'very, very conservative' company is looking for niche deals, not major acquisitions, said CEO Paul Reilly.
When plans for an external sale faltered, Quest Capital Management looked closer to home and found a better solution. Here's what the partners learned.