Added on March 2015 in Form an RIA
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Summary: Just over a year ago, I got one of those voicemails that can make an advisor nervous. It was the SEC letting us know that we had three weeks to prepare for an audit.
Added on March 2015 in M&A Issues
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Summary:United Capital Financial Advisers has pulled off the biggest, best-valued deal in its history, but one that may just underscore how little gas the old roll-up model has in its tank. The Newport Beach, Calif.-based ex-roll-up-turned-super-ensemble-RIA last week quasi-recruited, quasi-purchased a 23-person, $2 billion AUM team — a team that lost its chemistry with its community bank owner after a big Spanish bank purchased it.
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Summary: The volume of dealmaking in the wealth management industry is grossly understated, Dan Seivert, CEO and founder of ECHELON Partners, told advisors earlier this week at Pershing Advisor Solution’s regional conference. His firm estimates between 3,000 and 9,000 people are breaking away and joining other firms, compared to the 700 to 800 breakaway deals reported in the media.
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Summary: I would like to move my accounts,” says the voice on the phone. Your stomach drops and you instinctively want to defend yourself and your firm. “Why?” you finally manage to whisper. Through the rest of the conversation, you struggle to understand the communication disconnect—to explain, defend or even try to persuade the client to stay.
Added on March 2015 in M&A Issues
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Summary: Are RIA prices getting too rich? At least two well-known names in the acquisition business, United Capital and HighTower Advisors, have backed away from buying established registered investment advisers while citing, in part, the high costs of the transactions.
