From Financial Advisor IQ
Added on May 2015 in M&A Issues
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Summary: Last month, wealth-firm aggregator Focus Financial Partners entered the Canadian market by purchasing a minority stake in Dorchester Wealth Management, which manages more than $675 million. This boosted Focus’ network to 35 independent advice firms in North America and the U.K. with total annual revenue of more than $325 million
From WealthManagement.com
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Summary: Hillary and wealth managers have an urgent need to engage with new constituents by answering basic questions about who they are and how they can help.
From InvestmentNews
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Summary: When Morgan Stanley bought Smith Barney from Citigroup Inc. in 2009, it created the largest brokerage force in the industry with more than 20,000 of what the company referred to in a press release as “high-quality” financial advisers. The long-term target, the firm said at the time, was to maintain a workforce of between 18,500 and 19,000 advisers.
From Think Advisor
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Summary: As I reflect on the days when I worked with a large brokerage firm, I am reminded of the myriad of onerous rules that were placed on all client-facing advisors and support staff. Many of these rules were the result of actions taken by a few rogue individuals who cared more about their paycheck than the client’s well-being. As a result, compliance came to be known as the “business prevention” department.
From InvestmentNews
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Summary: Fee-only financial planners are shifting away from charging clients based on a percentage of assets in search of models that are free of conflicts, allow them to serve more clients and pay them for the work they do, not market performance.
