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"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.
Pershing's failures "exposed customer funds and securities to risk," according to FINRA.
Ultrawealthy clients can be tough customers. One expert suggests a few ways to stay in their good graces.
For buyers, the cost of funds is low now. For sellers, valuations are rich. Cashing out now is an “easy case to make," says AssetMark EVP Michael Abelson. "Or they can keep riding the wave."
A complaint that Schorsch instructed ARCP executives to shift numbers in the company’s second-quarter results to cover up errors from the first quarter is part of a defamation suit against ARCP, Schorsch and former ARCP Chief Executive David Kay, according to The Wall Street Journal.
High-performing firms are almost twice as likely to effectively describe target client profiles to clients and centers of influence.
"He clearly wouldn't be walking way [from American Realty Capital] if things were business as usual,” says Aite Group analyst Alois Pirker. “The optics are just not very good."
From the breakthrough performance of 'robo advisors' to Schorsch's big grab, the advisory industry has seen major changes in 2014. Here's a look at the most important events and trends pushing the industry forward this year.
The resignation comes in the wake of the apparent suicide in October of David Zier, Convergent's chief executive.
Where did the wealthiest people in the world -- those with at least $30 million in net assets -- go to school? Here's a ranking of the top universities by number of ultrawealthy alumni.