Creative Planning CEO and president Peter Mallouk said the giant registered investment advisor with $245 billion in client assets is building three lanes for the several hundred financial advisors and staff at the newly acquired RIA Personal Financial Management to allow them to move comfortably to Creative Planning in...
David Kowach, former head of Wells Fargo Advisors, and his new firm, &Partners, took another step closer to coming to market last week when Kowach and his partners acquired a broker-dealer and registered investment advisor with $663.8 million in assets, according to filings with regulators. The firm, Wiley Bros.-Aintree...
The New York Post reported Thursday that another senior executive at Goldman Sachs Asset & Wealth Management was considering heading to the exit, with Laurence Stein, executive vice president and chief operating officer of the group, the next potentially to go. The Post’s reporting about Stein comes after months...
When one firm buys another, it’s a often testy situation. For old-timers like yours truly, wealth management mergers and acquisitions can often result in a relationship like Liz Taylor and Richard Burton’s: volatile and unworkable. For the youngsters, or those around 40 or below, deals in the end may...
Goldman Sachs Group Inc.’s foray into the retail-focused wealth management business was short, lasting only four years, On Monday, the bank said it was dumping its registered investment advisor business to refocus on the super-rich. The shift in strategy shows how tough change can be for an institution like...
After a week of speculation, Goldman Sachs Group Inc. said Monday morning it was selling its registered investment advisor business, Personal Financial Management, to Creative Planning, a leading RIA with $245 billion in client assets. Terms of the transaction were not released on Monday. The transaction is expected to...
The Securities and Exchange Commission Friday penalized Wells Fargo Advisors $35 million for overcharging advisory fees to certain clients who opened accounts prior to 2014 through the end of December 2022. “Certain financial advisors from Wells Fargo and its predecessor firms agreed to reduce the firms’ standard, pre-set advisory...
LPL Financial Holdings Inc. and Prudential Financial Inc. announced Thursday morning that Prudential will move the retail brokerage and investment advisory assets of 2,600 financial advisors from Prudential Advisors’ current custodian, Fidelity’s National Financial Services, to LPL Financial. LPL is not buying Prudential’s retail wealth management business but instead...
Even though recruiting slowed down in the first half of this year to hit the lowest levels since the credit crisis, some broker-dealers and registered investment advisors are having success in hiring and recruiting from rivals. For example, LPL Financial recruited 47 financial advisors over the first half of...
With Goldman Sachs considering jettisoning the registered investment advisor business it bought just four years ago, two giant broker-dealer networks, LPL Financial and the recently rechristened Osaic, make intriguing potential buyers, one industry analyst said. In 2019, Goldman acquired United Capital for $750 million and then renamed it Personal...