Citywire RIA

Breaking news, analysis & insights for RIAs in the U.S. 🇺🇸
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07/14/2023

“I think there is a lot of misperception; people hear the word 'value,' and they immediately think a sacrifice in quality…A misperception of not only quality but also the marriage of value and . I think that’s really, at the heart of this, where the opportunity is.”

Brown Advisory ’s Michael Poggi explains the opportunity for analysis within value investing ➡️https://ow.ly/Ypex50P61cp

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07/13/2023

What's the key to building a sustainable future? Find out: https://ow.ly/1mXh50P9yYi

Sustainable investing offers many opportunities but investors must be willing to think critically and remain disciplined, says AGF Investments's Martin Grosskopf

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07/11/2023

Several mega-RIAs and serial acquirers raised fresh capital to pay down debt and continue funding M&A activity.

Andrew Foerch writes: https://citywire.com/ria/news/private-equity-investments-in-rias-surge-in-q2/a2421358?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Several mega-RIAs and serial acquirers raised fresh capital to pay down debt and continue funding M&A activity.

07/11/2023

A former US Army financial counselor stands accused of defrauding families of fallen service members.

Sam Bojarski writes: https://citywire.com/ria/news/former-army-financial-counselor-charged-with-fraud-reg-bi-violations/a2421333?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

The SEC is alleging that Caz Craffy transferred life insurance and other benefits of grieving military family members into brokerage accounts where he generated millions of dollars in commissions through unauthorized trades.

07/11/2023

Discount brokerage giant Charles Schwab revealed Monday that it plans to automatically enroll clients of its retail brokerage business with more than $1m in assets into one of its private wealth management programs that provides access to a financial consultant.

Ian Wenik has the details: https://citywire.com/ria/news/schwab-to-offer-financial-consultants-to-all-1m-plus-accounts/a2421351?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

The discount brokerage giant is automatically enrolling brokerage customers with more than $1m in assets in either Schwab Private Client Services or Schwab Private Wealth Services.

07/10/2023

LPL Financial has recruited a $400m advisor team from rival independent wealth management group Ameriprise, the firm announced on Monday.

Daniel Gil has more: https://citywire.com/ria/news/lpl-adds-400m-advisor-team-from-ameriprise/a2421348?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Jason Johnson and his team of three support staff at 509 Wealth Management opted to leave Ameriprise's wealth platform after more than 25 years to join LPL.

07/08/2023

A merger of equals, while not without risk, can boost revenue and depress costs to create an enterprise that is more valuable than the sum of its parts, says Steven Levitt & John Eubanks of Park Sutton Advisors.

https://citywire.com/ria/news/why-mergers-may-be-the-next-big-thing-in-ria-dealmaking/a2421134?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

A merger of equals, while not without risk, can boost revenue and depress costs to create an enterprise that is more valuable than the sum of its parts.

07/08/2023

Citywire RIA's readers open up on how their firms are helping clients access real estate through public and private REITs and other investment vehicles.

From Arielle Shternfeld: https://citywire.com/ria/news/how-are-rias-thinking-about-real-estate-investing/a2420609?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Johann Lee, Director of Research — Alphacore Capital
Joseph Spada, Private Wealth Advisor — Summit Financial
Patrick McDonald, Managing Director and Financial Advisor — Manhattan West

Citywire RIA's readers open up on how their firms are helping clients access real estate through public and private REITs and other investment vehicles.

07/08/2023

Focus Financial says a lawsuit filed by one of its shareholders is set to be dismissed next week after it revised its proxy statement filed with the SEC.

Andrew Foerch reports: https://citywire.com/ria/news/focus-amends-proxy-in-response-to-shareholder-s-lawsuit/a2421235?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Additional disclosures made by Focus appear to have assuaged the plaintiff, as the lawsuit is set to be dismissed with prejudice by July 11.

07/08/2023

Charles Schwab is reducing its real estate footprint, as employees continue to work remotely.

Sam Bojarski has the story: https://citywire.com/ria/news/schwab-to-shutter-five-corporate-offices-in-favor-of-remote-work/a2421130?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Schwab has cited low in-person attendance and a need to 'efficiently use resources' as reasons for reducing its real estate footprint.

07/08/2023

The buying continues this week with new deals from
Wealth Enhancement Group, Mercer Advisors, Robertson Stephens and Kestra Financial.

Get the details from Payton Guion in this week's deal roundup:
https://citywire.com/ria/news/deal-roundup-weg-mercer-and-more-make-deals/a2421233?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Private equity-backed RIAs of all sizes snapped up firms and practice around the country.

07/07/2023

Sustainable & Impact Investing - find out how to make Good Gains 👉https://ow.ly/c6Fu50P6oqW

A boom for traditional energy stocks has put a dent in the performances of sustainable investment strategies. But few can deny that assessing all the material risks and opportunities makes good financial sense. As a growing band of investors seek to do well, the party gathers strength, as we explore in this issue of Citywire’s Due Diligence Report.

AGF Investments Brown Advisory Pictet Group Shelton Capital Management

07/06/2023

No June gloom for ETFs, as June's net inflows were roughly double those in April and May.

Will Schmitt takes a look at the numbers: https://citywire.com/ria/news/etf-flows-roar-back-with-over-70bn-in-june/a2421037?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

No June gloom for ETFs, as June's net inflows were roughly double those in April and May.

07/06/2023

The Caprock Group has hired two advisors from Cresset in a growing Texas market.

Sam Bojarski writes: https://citywire.com/ria/news/5-9bn-caprock-hires-austin-based-managing-director-from-cresset/a2420685?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

With the hiring of Whitney Warmack and John Sheffield from Cresset, The Caprock Group has established a boots-on-the-ground advisory presence in Austin, a prime geography for growth-minded RIAs.

07/06/2023

FINRA has ordered Hightower’s securities arm to pay out more than $353,000 in fines and restitution for marketing a pair of funds from defunct alternatives managers GPB Capital and LJM Partners to clients without proper due diligence.

Daniel Gil reports: https://citywire.com/ria/news/finra-fines-hightower-353k-over-failed-alts-fund-investments/a2421124?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

The Chicago-based securities arm of Hightower agreed to pay fines and restitution over its sale of two alternative strategies from GPB Capital and LJM Partners.

07/06/2023

A merger of equals, while not without risk, can boost revenue and depress costs to create an enterprise that is more valuable than the sum of its parts.

via Steven Levitt & John Eubanks: https://citywire.com/ria/news/opinion-why-mergers-may-be-the-next-big-thing-in-ria-dealmaking/a2421134?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

A merger of equals, while not without risk, can boost revenue and depress costs to create an enterprise that is more valuable than the sum of its parts.

07/06/2023

Sources — Goldman Sachs inks custody deal with $5.7bn RIA NewEdge Wealth.

Ian Wenik has the scoop: https://citywire.com/ria/news/goldman-sachs-inks-custody-deal-with-5-7bn-newedge-wealth-sources/a2421133?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Private equity-backed NewEdge Wealth is the fourth $1bn-plus RIA to sign a custody deal with Goldman Sachs since May.

07/06/2023

Leon Vaccarelli is serving more than seven years in prison for stealing funds from his clients to pay for his living and business expenses.

Payton Guion reports: https://citywire.com/ria/news/imprisoned-former-advisor-fined-for-defrauding-elderly-clients-after-sec-suit/a2421012?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Leon Vaccarelli is serving more than seven years in prison for stealing funds from his clients to pay for his living and business expenses.

07/05/2023

A pair of top executives at $28bn RIA Carson Group have left the company, according to sources with knowledge of the situation.

Ian Wenik reports: https://citywire.com/ria/news/marketing-and-tech-heads-exit-28bn-carson-group/a2421010?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Mary Kate Gulick and Nimesh Patel have departed the Omaha-Neb.-based RIA giant.

07/05/2023

Serial RIA acquirer Mercer Global Advisors has acquired $400m Georgia-based RIA Day & Ennis, the companies revealed on Wednesday.

Daniel Gil has more: https://citywire.com/ria/news/mercer-buys-400m-georgia-ria/a2421017?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Macon-based Day & Ennis is the latest firm to be purchased by the serial RIA acquirer.

07/05/2023

Cerity Partners has struck a deal with a $2bn-plus RIA in its own backyard.

Ian Wenik has the exclusive: https://citywire.com/ria/news/exclusive-cerity-partners-merges-in-2-5bn-nyc-ria/a2421004?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

The deal with AJ Wealth is the sixth that $65bn Cerity Partners has revealed thus far in 2023.

07/04/2023

Dave Barton, the $48bn RIA's top dealmaker, has parlayed negotiating skills he learned as a paperboy.

https://citywire.com/ria/news/how-mercer-advisors-dave-barton-became-ria-manda-s-unlikely-king/a2419513?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news

Mercer Advisors

Barton, the $48bn RIA's top dealmaker, has parlayed negotiating skills he learned as a paperboy.

07/03/2023

We examine the sustainability credentials of top-rated companies in the carbon-intensive steel production industry.

https://citywire.com/ria/news/green-steel-how-three-aaa-rated-producers-are-tackling-emissions/a2416347?utm_source=social&utm_medium=facebook&utm_campaign=ria-daily-news&utm_content=international-usa-ria-fix-the-future-list

We examine the sustainability credentials of top-rated companies in the carbon-intensive steel production industry.

07/02/2023

James Iannazzo is accused of structuring cash deposits and withdrawals to avoid triggering cash transaction reports.

Andrew Foerch reports: https://citywire.com/ria/news/merrill-smoothie-slinger-hit-by-finra-complaint-over-cash-transactions/a2420485

James Iannazzo is accused of structuring cash deposits and withdrawals to avoid triggering cash transaction reports.

07/02/2023

Citywire RIA's readers open up on how their firms are planning to transition ownership and give employees equity.

https://citywire.com/ria/news/how-are-rias-thinking-about-succession-planning/a2418755

Citywire RIA's readers open up on how their firms are planning to transition ownership and give employees equity.

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