Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Planned hikes in production thresholds and other factors impacting wirehouse advisors’ pay got put on ice in response to the global pandemic earlier this year. But the thaw is on at some firms, raising questions about how compensation plans will look in 2021.
By Jake Martin, Citywire – Sanctuary Wealth has widened its footprint in the upper Midwest with the addition of Fjell Capital, a two-person team based in Fargo, North Dakota, to its advisor network. Led by Tom Stadum, the team was formerly affiliated with UBS and has about $150m in assets under management.
Louis Diamond Quoted – By Ian Wenik, Citywire – Parthenon Capital is pursuing a sale of RIA aggregator Allworth Financial, sources familiar with the situation told Citywire. The private equity firm has hired Raymond James to serve as its investment banker, one source said.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – LPL Financial announced its first foray into the W-2 affiliation model when it closed on its acquisition of Allen & Co., a Lakeland, Fla.-based broker/dealer and RIA with 30 advisors and $3 billion in assets under management, last year. Since then, the firm has been building out the business channel, and this week the firm officially opened it to the market with the opening of an office space in Boston, where it is currently recruiting.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews -LPL Financial said last year it was expanding its platform to capture advisers who are employees rather than independent contractors, the firm’s bread and butter. Now, LPL is putting its money where its mouth is and this morning revealed it would pay those advisers top dollar, with an adviser who generates $1 million annually in fees and commissions seeing a potential as much as a 33% pay increase.
Louis Diamond Quoted – By Ian Wenik, Citywire – A new study from Charles Schwab indicates that RIAs are increasingly looking amongst themselves for new talent. According to the RIA custodian’s 2020 RIA benchmarking study, other RIAs were the most popular source of talent for advisory firms with more than $250m in assets under management. Schwab found that 39% of respondents to its survey — which contained self-reported data from 1,010 firms — recruited staffers from fellow independent advisory businesses in 2019.
Louis Diamond Quoted – By Ian Wenik, Citywire – M&T Bank is moving its retail brokerage and advisory business to LPL Financial, the two companies said on Wednesday. The move will add roughly $20bn in client assets under management and 170 advisors to LPL’s institutional platform. LPL said that M&T Bank will be the largest financial institution it serves.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisors IQ – UBS has unveiled to employees plans to shutter its U.S. private bank unit at the beginning of next year and recruiters are predicting advisor attrition and client defections. Jason Chandler, head of wealth management USA, and Sylvia Coutinho, head of wealth management Latin America and country head of UBS Group Brazil, issued in June a company-wide memo detailing the plans.
By Louis Diamond – A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving their colleagues away from the broker dealer, and what they are finding on the other side.
Louis Diamond Quoted – By Mason Braswell, AdvisorHub – Merrill Lynch has been offering clients of departing brokers pricing arrangements that appear more generous than is standard in an effort to retain their accounts, according to recruiters and competitors.
