SPS Family, the parent company of broker-dealers Sigma Financial Corp. and Parkland Securities, as well as RIA Sigma Planning Corp., announced this week that it’s rebranding as Axtella. The company said the new name was inspired by the words stellar, nexus, and constellation, and that those words relate to its...
Chicago-based registered investment advisor Hightower is laying off approximately 5% of its staff as part of an “ongoing strategic realignment,” a company spokesperson said. The Hightower representative added that the cutbacks were “aimed at optimizing our resources and ensuring the long-term success of our business.” The streamlining is occurring after a...
Advisors continue to break away from captive environments for independence, with some 6,873 making the leap in 2022, according to the Diamond Consultants Advisor Transition Report. The desire to become a business owner continues to be strong, especially as the support infrastructure, product access and upfront capital in the...
Savvy Advisors has added two new principal wealth managers to its growing network of advisors attracted by its technology platform. Erich Yost, CFA, was previously a portfolio manager as part of a team managing $2.5 billion of assets for ultra-high-net-worth clients at Veritable and has 12 years of experience in...
A smaller share of wealthy households donated money to charitable causes in 2022 amid rising economic uncertainty, according to a new report from Bank of America Corp. About 85% of affluent U.S. households made charitable contributions in 2022, down from 88% in 2020, according to a biennial study by Bank...
For financial advisors, part of the appeal of independence is the opportunity to choose which type of partner firm aligns best with your needs, goals and business style. The options are many. In an effort to make comparisons easier, many advisors-in-motion compartmentalize firms into groups, labeled by their most...
Just weeks after it announced that it was acquiring Goldman Sachs Group Inc.’s registered investment advisor business, mega RIA Creative Planning is continuing to focus on deals. It said Tuesday morning it had acquired a Philadelphia-area firm, Kistler-Tiffany Advisors, that has close to $1 billion in client assets. Terms...
Edelman Financial Engines has acquired Align Wealth Management, a registered investment advisory firm that manages $425 million in assets, Edelman announced Tuesday. The Oklahoma City-based RIA also has an office in St. Petersburg, Florida, so the deal expands Edelman’s footprint into Oklahoma and Florida. The firm, co-founded in 1994 by Brian...
Money management firms launched new exchange-traded funds at a rapid pace last month, shaking off fears that the $7 trillion industry is already overrun with low-cost investment vehicles. Sixty-nine new ETFs came to market in September, making it one of the busiest months since at least 2016, data compiled by...
InvestmentNews will be ranking the industry’s leading financial advisors with its inaugural Top Advisors. The best individuals will be ranked based on assets under management, AUM growth, and organic client growth introduced to the business over the last 12 months. All figures submitted are subject to a verification process through...