Louis Diamond Quoted – By AdvisorHub Staff – Three teams of UBS Wealth Management Americas advisors whose leaders each have more than 20 years of experience left in recent days, adding to a net outflow at the wirehouse.
Louis Diamond Quoted – By David Sterman, RIA Intel – Throughout an advisor’s career, major milestones justify the celebratory popping of top-notch champagne. Be it the first multi-millionaire client, the first year that managed assets surpass $100 million, or when a multi-advisor team crosses the billion-dollar threshold, a great sense of accomplishment is well deserved.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Last year, most large broker-dealers claimed 12 months of record recruiting. This year, even though recruitment activity has slowed down a little, firms are still confident about recruitment pipelines and are gung-ho about their advisor retention. Yet high recruitment along with high retention could be confusing. Even the recruiters FA-IQ spoke with for this analysis piece are skeptical of the different metrics put out by the firms.
Louis Diamond Quoted – By Oisin Breen, RIABiz – Sanctuary Wealth just poached yet another breakaway, its 26th in the sixteen months since its founding in 2018. The addition of Des Moines, Iowa-based PrairieFire Wealth Planning adds $100 million to Sanctuary’s sizeable asset haul, bringing the total to $10.1 billion.
Some 42% of the advisory practices that have joined Sanctuary come from Merrill.
Louis Diamond Quoted – By Oisin Breen, RIABiz – “In a year’s time, Sanctuary has become one of the larger RIAs in the country, and have done it far faster than firms that have been in operation for years.”
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Big teams with long tenures are leaving big-name shops, according to experts who say wirehouses continued to lose advisors in the second quarter of 2019. Recruiters and other industry watchers say that for the first half of the year, recruitment activity slowed for the wealth management industry but attrition of larger teams from wirehouses was evident.
By Louis Diamond – We are in the midst of a “seller’s market,” where announcements of mergers and acquisitions continue to dominate the headlines. In the first half of 2019, Fidelity Clearing and Custody Solutions reported 73 M&A transactions; of those, 67 were RIA deals totaling $69.5B in assets, and 6 were IBD transactions weighing in at $391B. Additionally, movement out of the traditional brokerage world has continued to accelerate.
By Louis Diamond – Conversations throughout the wealth management industry have escalated around the topic of “enhanced” sunset programs with talk that the advisor elite at Merrill Lynch will be offered a “retention deal” in the near future.
By Louis Diamond, Citywire – We are in the midst of a seller’s market, with announcements of mergers and acquisitions (M&A) continuing to dominate the headlines. In the first half of 2019, Fidelity Clearing and Custody Solutions reported 73 M&A transactions. Of those, 67 were RIA deals worth a total of $69.5 billion in assets, and six were independent broker-dealer transactions weighing in at $391 billion. What’s more, movement out of the traditional brokerage world has continued to accelerate.
Louis Diamond Quoted – By Garrett Keyes, Financial Advisor IQ – The market for RIA M&A is more active than ever, pundits say. In the second quarter of this year, more transactions were executed than in any quarter before, a DeVoe and Company study shows. But the number of deals isn’t the only record-breaking statistic. Valuations in RIA mergers are the highest they have ever been and have reached levels DeVoe founder David DeVoe has “not seen during the 16 years [he has] focused on RIA M&A,” the study reads.
