RIAS

Flourish / Wealth Management IQ Survey Finds Advisors Vastly Underestimate Clients’ Held-Away Cash Holdings

Retrieved on: 
Tuesday, March 26, 2024
CRM, FDIC, APY, Wealth management, Research, Insurance, WMIQ, RIAS, Safety, Operation, Orbit, Financial adviser

Key findings and insights include:

Key Points: 
  • Key findings and insights include:
    Clients’ cash holdings are vastly underestimated: Surveyed advisors believe their average client holds 7% of their net worth in cash, while high net worth individuals actually hold more than 30% of their net worth in cash .
  • Clients want high yield on their cash: 92% of advisors report that their clients have expressed interest in high-yield savings accounts (HYSAs).
  • Advisors have the opportunity to improve relationships while helping clients earn more by offering a cash management solution to every client."
  • Flourish Cash , Flourish’s cash management solution, built explicitly for RIAs, offers clients competitive interest rates and elevated FDIC insurance through its Program Banks.

Waverly Advisors Acquires McShane Partners

Retrieved on: 
Tuesday, April 9, 2024
Legal, Insurance, Finance, Public Relations, Investor Relations, Consulting, Banking, Accounting, Communications, Professional Services, Other Professional Services, Adviser, Partnership, Acquisition, McShane, RIAS, Financial adviser

Waverly Advisors, LLC (“Waverly”), a federally registered investment adviser (“RIA”) that specializes in investment management, financial planning, and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired the investment advisory business of McShane Partners (“McShane”), based in Charlotte, North Carolina.

Key Points: 
  • Waverly Advisors, LLC (“Waverly”), a federally registered investment adviser (“RIA”) that specializes in investment management, financial planning, and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired the investment advisory business of McShane Partners (“McShane”), based in Charlotte, North Carolina.
  • McShane was founded in 1985 as one of the first fee-only RIAs in Charlotte.
  • “The McShane team brings additional strategies to Waverly's growing public and private market investment options,” said Justin Russell, President of Waverly.
  • “It is clear that Waverly shares these values, and we are confident this partnership will offer increased resources and support for our clients.”
    The acquisition of McShane marks Waverly’s thirteenth transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire Holdings platform.

Founder Ron Carson Announces New Role as Chairman; Appoints Burt White as Carson Group's Next CEO

Retrieved on: 
Tuesday, April 9, 2024
Growth, White, Partnership, Trust, Mental health, LPL Financial, LPL, RIA, RIAS, Investment, AUM, Human

OMAHA, Neb., April 9, 2024 /PRNewswire/ -- Carson Group, one of the fastest growing financial services firms in the U.S., today announced that Founder and Chief Executive Officer, Ron Carson will transition to the role of Chairman and has selected Burt White to lead the firm as CEO.

Key Points: 
  • For more than 40 years, Ron Carson has been a prominent voice of the independent advisor and a driving force of innovation in the financial services industry.
  • "I am proud of the legacy we're building, the growth of our advisor community and the impact we've had on thousands of lives," said Carson.
  • Carson added, "Since joining Carson in 2022, Burt has exceeded my expectations.
  • "I want to thank Ron for his trust and confidence and for his continued friendship and partnership," said White.

Wealth Enhancement Group Deepens Leadership Bench, Surpasses $81 Billion in Client Assets, Grows to 115 Offices Nationwide, and Leads Industry as Top RIA Acquirer

Retrieved on: 
Monday, April 8, 2024
Growth, Empower, Barron's, Fisher Investments, BlackRock, Business development, RIA, RIAS, Personal Capital, Retirement, MASS, WEAS

MINNEAPOLIS, April 8, 2024 /PRNewswire/ -- Wealth Enhancement Group, a national independent wealth management firm, continues to lead the industry as one of the nation's top RIA platforms.

Key Points: 
  • MINNEAPOLIS, April 8, 2024 /PRNewswire/ -- Wealth Enhancement Group, a national independent wealth management firm, continues to lead the industry as one of the nation's top RIA platforms.
  • Today, the firm is announcing three key leadership appointments, continued growth in strategic markets nationwide, and the surpassing of $81 billion in client assets.
  • Our growth trajectory continues this year, and we are eager to progress forward as a leading RIA platform."
  • Wealth Enhancement has named three leadership roles within the organization including Chief Strategy Officer, Chief Investment Officer, and Chief Product Officer.

Sterling Trading Tech Readies Broker-Dealers and Clearing Firms for May 28 T+1 Compliance

Retrieved on: 
Wednesday, March 20, 2024
Risk, STT, T+2, RIAS, Rule, T+1

As with all regulatory requirements impacting operations, affected firms must be in full compliance on the effective date.

Key Points: 
  • As with all regulatory requirements impacting operations, affected firms must be in full compliance on the effective date.
  • STT shares the Commission’s view that risk reduction, lower latency, and increased efficiency can only benefit investors and markets.
  • Said David Weiss, CTO, at STT: “Our team has conducted a thorough analysis and assessed all potential impacts for T+1.
  • STT has taken proactive measures to implement the requirements for reporting, and we encourage all firms to communicate with their clearing firms to ensure compliance on their end.

Flourish Announces New Relationship with Focus Financial to Bring Flourish Cash to More Focus Firms

Retrieved on: 
Tuesday, March 19, 2024
Orbit, Partnership, RIAS, Growth, Focus Financial Partners, Financial adviser

New York, March 19, 2024 (GLOBE NEWSWIRE) -- Flourish , a platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, today announced a new formal relationship with Focus Financial Partners (“Focus”), a leading partnership of independent, fiduciary wealth management firms, to make Flourish Cash available to additional Focus firms.

Key Points: 
  • New York, March 19, 2024 (GLOBE NEWSWIRE) -- Flourish , a platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, today announced a new formal relationship with Focus Financial Partners (“Focus”), a leading partnership of independent, fiduciary wealth management firms, to make Flourish Cash available to additional Focus firms.
  • Flourish already works with over a dozen Focus firms, including Buckingham Strategic Wealth, LLC, which has previously shared its success in leveraging Flourish , and The Colony Group, LLC.
  • This new relationship formalizes the existing strong organic relationship between Flourish and Focus and sets the stage for making Flourish Cash available to additional Focus firms as Focus enters its next phase of growth.
  • “Formalizing our relationship recognizes the mutual benefits that Focus firms, their end clients, Focus, and Flourish have already enjoyed so far.

Nationwide RIA EP Wealth Advisors Builds on California Presence with Acquisition of Central Coasts’ Wacker Wealth Partners

Retrieved on: 
Tuesday, April 2, 2024
Consulting, Accounting, Professional Services, Finance, Organization, Growth, Partnership, Acquisition, RIA, RIAS, EP, Wealth, Financial adviser

EP Wealth Advisors , a leading independent registered investment adviser (“RIA”) with an expanding national presence and client base, has acquired Wacker Wealth Partners, LLC (“Wacker”).

Key Points: 
  • EP Wealth Advisors , a leading independent registered investment adviser (“RIA”) with an expanding national presence and client base, has acquired Wacker Wealth Partners, LLC (“Wacker”).
  • The partnership with the San Luis Obispo, California-based firm expands EP’s presence in California to the state’s Central Coast and adds nearly $1.2B in assets under management.
  • The added depth and breadth of services available as part of EP were key to making the decision to partner with a nationwide firm.
  • “The Wacker team places client service above all other goals, which is just one of the many attributes we share,” said Ryan Parker, CEO of EP Wealth Advisors.

GoldenTree Asset Management Announces $1.3 Billion in Commitments for Third CLO Equity Fund

Retrieved on: 
Monday, April 1, 2024
Asset Management, Professional Services, Finance, CLO, Partner (business rank), GoldenTree Asset Management, CBO, Lisp (programming language), Insurance, RIAS, AUM, IRR, Fund, GLM, AAA

GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $54 billion in assets under management, today announced the closing of $1.3 billion in commitments on its third CLO strategy (“GLM III” or the “Fund”).

Key Points: 
  • GoldenTree Asset Management (“GoldenTree”), a global asset management firm with over $54 billion in assets under management, today announced the closing of $1.3 billion in commitments on its third CLO strategy (“GLM III” or the “Fund”).
  • GLM III is a continuation of the GoldenTree Loan Management (“GLM”) program that began in 2016, bringing aggregate commitments across the entire GLM program (i.e., GLM I, II, and III) to over $2.625 billion.
  • “Demand for our CLO equity has increased as investors recognize the value it can create within their portfolio,” she continued.
  • GoldenTree founded the GLM program to enhance the firm’s already top-quartile track record in CLO equity by taking a unique approach to CLO execution, optimizing both the strategy’s assets and liabilities.

Fifth Third Wealth Advisors Surpasses $1 Billion in Assets Under Management

Retrieved on: 
Friday, March 29, 2024
Banking, Asset Management, Professional Services, Finance, Fifth Third Bank, RIAS, AUM, Completeness, Financial adviser

In less than 18 months since announcing its launch, Fifth Third Bank’s independent Registered Investment Advisor, Fifth Third Wealth Advisors, has exceeded $1 billion in assets under management (AUM).

Key Points: 
  • In less than 18 months since announcing its launch, Fifth Third Bank’s independent Registered Investment Advisor, Fifth Third Wealth Advisors, has exceeded $1 billion in assets under management (AUM).
  • Fifth Third Wealth Advisors currently has seven teams serving clients across the country regardless of geographic location.
  • The national practice looks beyond the traditional Fifth Third regional boundaries and is not restricted by the Bank’s footprint when recruiting.
  • Housman says that Fifth Third Wealth Advisors hybrid model offers advisors the ability to take advantage of Fifth Third Wealth Advisors’ flexible investment management platform while also providing access to trust powers, credit and planning through Fifth Third.

Destra Capital to Acquire Altegris Funds

Retrieved on: 
Wednesday, March 27, 2024
Asset Management, Professional Services, Finance, RIAS, Entrepreneurship, Financial adviser

Destra Capital Advisors LLC (“Destra Capital”), a boutique asset management firm, today announced that it will acquire the investment management contracts for the Altegris/AACA Opportunistic Real Estate Fund, Altegris Futures Evolution Strategy Fund, the Altegris/Crabel Multi-Strategy Fund and various other related assets to include the Altegris Winton Futures Fund LP from Altegris Advisors LLC (“Altegris”).

Key Points: 
  • Destra Capital Advisors LLC (“Destra Capital”), a boutique asset management firm, today announced that it will acquire the investment management contracts for the Altegris/AACA Opportunistic Real Estate Fund, Altegris Futures Evolution Strategy Fund, the Altegris/Crabel Multi-Strategy Fund and various other related assets to include the Altegris Winton Futures Fund LP from Altegris Advisors LLC (“Altegris”).
  • Altegris has been at the forefront of providing innovative alternative investments since its founding over 20 years ago.
  • “Alternatives are now a fundamental element of most advisors’ practices and are becoming an increasingly important element of well diversified client portfolios,” said Dominic Martellaro, CEO of Destra Capital.
  • “Bringing the Altegris and Destra product lines together will greatly enhance the active and alternative offerings we bring to financial advisors, RIAs, broker dealers and financial institutions.”
    “We are excited to be joining the Destra Capital team,” said Matt Osborne, Co-Founder and CEO of Altegris.