Louis Diamond Quoted – By Jacqueline Sergeant, Financial Advisor – The pandemic has weakened, recession has taken a back seat, advisors have eased up on the brakes and recruiters in the independent broker-dealer space are at the ready, or have already begun, to deliver the goods. All signs for record-pace advisor movement within the industry in the months ahead. Louis Diamond discusses the motivations behind these moves…
About Louis Diamond
Executive Vice President, Senior Consultant – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – With his firm’s two-year anniversary coming up in July, Bruce K. Lee, head advisor and founder of Keebeck Wealth Management in Chicago, is celebrating the addition of a Columbus, Ohio branch and two new advisors focused on professional athletes.
By Ross Snel, Barron’s – A financial advice team that managed $1.2 billion at UBS has taken the leap to independence with the assistance of Dynasty Financial Partners. So reports WealthManagement.com, which writes that the new firm will be called Cyndeo Wealth Partners. The name comes from the Greek word syndeo, which means “connect.”
Louis Diamond Quoted – By Erick Bergquist , WealthManagement.com – Jim Dickson, founder and CEO of Sanctuary Wealth, told WealthManagement.com that his firm will roll out a new financing program for its partner firms to make their own sub-acquisitions, using Sanctuary’s capital. Sanctuary Wealth takes only a minority stake in the sub-acquisition, with the partner firm keeping a majority.
By Suzanne Woolley, Bloomberg – Matt Kilgroe and his team have left UBS Group AG, where they managed $1.2 billion in client assets, to start Cyndeo Wealth Partners in his hometown of St. Petersburg, Florida. Kilgroe, 54, spent 21 years at Merrill Lynch before moving to UBS in St. Pete, where he worked for eight years. While Cyndeo has a number of old land-owning Florida families as clients, its seven advisers also work with corporate executives, business owners and professional athletes in about 40 U.S states, he said.
By Jake Martin, Citywire USA – Veteran advisor Matt Kilgroe has defected from UBS to launch Cyndeo Wealth Partners in St. Petersburg, Florida using RIA platform Dynasty Financial Partners, which is headquartered in the same city.
Shirl Penney lands UBS team as Dynasty Financial tower-mate in a sign the breakaway movement remains explosive, despite turning to ‘quiet launches’ during the COVID-19 pandemic
Louis Diamond Quoted – By Brooke Southall, RIABiz – The breakaway movement may have gone underground during the COVID-19 pandemic and subsequent market meltdown, but it never blinked. While wirehouses were getting knocked sideways by the shift to a virtual workplace, RIA custodians and recruiters adjusted their poaching tools on the fly and began shepherding “quiet launches.”
Addepar extends business model from software maker to player in the investments business — a secretive project 10 years in the making
Louis Diamond Quoted – By Oisin Breen, RIABiz – Addepar just reinvented its business model. It’s betting its future on its latest creation, an alternatives assets supermarket where it takes a cut of the action. “[This] tie[s] together viewing, evaluating, transacting in, and monitoring investments across the alternatives landscape … and in a handful of clicks, clients can progress through a singular subscription document … then [pull] all those actions back into the Addepar platform.”
By Louis Diamond, InvestmentNews – An interesting trend is developing amongst the largest and most successful independent broker dealer (IBD) practices. It’s a high-class problem to have—one that we see at every IBD when the top 5–10% of individual practices (those typically generating in excess of $3-5mm of GDC) reach a point where they begin thinking about their end game and how they will monetize their life’s work. They are essentially “growing themselves out of the market.” That is, their practices have reached a point in which there is not a viable successor within their broker dealer network.
Louis Diamond Quoted – By Ian Wenik, CityWire – Captrust’s decision to sell a 25% stake to private equity firm GTCR may mark the start of a new era for both itself and for private equity investment in the RIA industry. The valuation — $1.25bn — may help set a new bar for investors in the RIA space. United Capital netted $750m in cash when it sold itself to Goldman Sachs in 2019.