As the last decade was drawing to a close, Creative Planning owner Peter Mallouk, an estate planning attorney who bought the firm in 2004, decided it was time to shift the business strategy. Since acquiring the firm, he had been relying on implementing a unified approach and process to clients’...
Veteran dealmaker and CEO Larry Roth has taken a step back from financial advice but is still very active in the industry. As the former chief executive of Advisor Group and Cetera Financial Group, Roth ran giant broker-dealer networks during the financial crisis and the bull run in the...
The marketplace for custodians looking to work with registered investment advisors in the wake of Charles Schwab Corp.’s acquisition of TD Ameritrade Holding Corp. is getting more crowded. Another entrant, a firm with decades of experience as a custodian of self-directed IRA assets, is shifting its focus to smaller...
Morgan Stanley chairman and CEO James Gorman, who is stepping down from that lofty perch next year, said Wednesday morning in a conference call with analysts that a recession is not on the immediate horizon. Gorman’s call comes after months of speculation by a variety of market participants, including...
Despite the broad stock market’s rise over the past year, with the S&P 500 up almost 19% in that time, Bank of America’s Global Wealth and Investment Management group, which includes Merrill Lynch, reported net income Tuesday morning of $1 billion in the quarter that ended in September, a...
Wells Fargo Advisors, the broad marketing umbrella for close to 12,000 bank advisors, wealth management advisors and independent advisors, is betting big on its independent advisor business, in which an advisor works as either an independent contractor or registered investment advisor. With thousands of financial advisors leaving or retiring...
The mergers and acquisitions marketplace for registered investment advisors saw a summer surge this year, according to a report by Echelon Partners, a boutique investment bank focused on the investment management and wealth management industries. According to Echelon, in the quarter ended Sept. 30, RIA buyers announced 86 transactions,...
While 3,100 Avantax Inc. financial advisors likely to get slim bonuses or none at all once the sale of the firm to Cetera Holdings is complete, the chief executive of Avantax, Christopher Walters, could walk away with a golden parachute worth $21.6 million, according to a filing with the...
The Financial Industry Regulatory Authority Inc. has penalized plenty of broker-dealers over sales of private placements manufactured by GPB Private Holdings, typically for selling the high-risk securities in 2018, when GPB had failed to file required audited financial statements for two of its biggest limited partnerships with the Securities...
David Kowach, former head of Wells Fargo Advisors, and his new firm, &Partners, bought a broker-dealer in Nashville at the end of August. Now they’re hiring and recruiting financial advisors, with recent pickups from Edward Jones and Wells Fargo Advisors. Wendell E. Jones Jr. worked for Edward Jones for...