Mindy Diamond Quoted – By Jeff Benjamin, Investment News – HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol.”It’s a little bit of form over substance,” said Bob Oros, chief executive of the $50 billion RIA consolidator.
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By Mindy Diamond, WealthManagement.com – The momentum towards independence has given rise to a new generation of uber-entrepreneurs—advisors with their sights set on more than just the freedom and flexibility that the space offers. They’re forgoing the short-term payouts of brokerage recruitment deals for the long-term potential of creating an enterprise with maximum value that will be appealing to buyers in the future.
Louis Diamond Quoted – By Ian Wenik, Citywire – For Goldman Sachs, less may be more once it finalizes its $750 million purchase of United Capital Financial Advisers.Citywire reported Friday that the multinational bank is nearing a deal to buy up 100% of the $23.4 billion RIA.
By Lavanya Nair, Financial Advisor IQ – RBC Wealth Management hired an advisor from Merrill Lynch who oversaw $250 million in client assets, according to the company.Joining the Florham Park office in New Jersey, veteran advisor David Hollenberg has 24 years of experience in the financial services industry. He spent the entirety of his career at Merrill Lynch, according to FINRA BrokerCheck records.
Mindy Diamond Featured – By Dynasty Financial Partners – So many firms want to grow inorganically and recruit established advisors to their firms and transfer their clients across, but what does this process actually entail? Is your firm M&A ready? How do you attract these advisors? What should the negotiation look like? Is the market too frothy right now? Ed and Gordon are joined by a panel of experts who live and breathe advisor recruitment every day: Mindy Diamond, Founder and CEO of Diamond Consultants, Joe Rizzo, Director of RIA Growth Strategies at Dynasty Financial Partners, and Phil Fiore, Partner and CEO at Procyon Partners.
By Mason Braswell, AdvisorHub – A New Jersey broker who had spent his 24-year career with Merrill Lynch shifted last week to RBC Wealth Management, expressing irritation with the firm’s Bank of America parentage.
By Joyce Blay, Financial Advisor Magazine – Former Merrill Lynch wealth manager Craig Robson, who managed $450 million in client assets at the firm’s Atlanta office, is launching Regent Peak Wealth Advisors.Robson’s independent wealth management firm will be based in Atlanta and will serve high-net-worth and ultra-high-net-worth clients, the company said.
WealthManagement.com – A wealth advisory team managing more than $450 million in client assets will be joining Dynasty Financial Partners to create Regent Peak Wealth Advisors, a new independent wealth management firm. The Atlanta-based five-person team is led by Craig Robson, who is leaving Merrill Lynch after 25 years. He said in an interview with WealthManagement.com that optionality in choice and finding new ways to serve clients spurred the change.
Louis Diamond Quoted – By Ian Wenik, Citywire – HighTower Advisors may now have an unobstructed view of an IPO. The RIA firm, which oversees around $68.6 billion, had long planned to go public, but those plans had been shelved by January 2018, when private equity firm Thomas H. Lee Partners bought a 50% stake in the firm’s holding company.
By Alex Padalka, Financial Advisor IQ – After slow growth in its advisor ranks in the first quarter and several departures in April, Raymond James has lured a pair of advisors from UBS, Raymond James says.