The RIA has poached Stephen Kolano, the former chief investment officer for BNY Mellon Investor Solutions, as managing director of investments for the family office offering. “What Integrated is ...seeing is more opportunities of advisors coming to the table with individuals or families that are in that $20 to $100 million range that have unique needs different from a more mass affluent or affluent client, and it requires a unique approach, where it’s more of a team-based approach, the ability to bring different subject matter experts that can address all those unique needs into a single point of reference,” Kolano said. “Oftentimes the portfolio management and investment management needs of individuals or families of that level of wealth—$20 million and onward—are complex in the sense of it could be oftentimes a business owner, where the business finances are closely intertwined with the personal finances or the family finances,” Kolano said.
...Kennedy Lewis brings more scale as a partner, with the ability to provide capital at larger disbursements to help meet that demand. “Luckily for us, the amount of human capital we’re seeing is at ...record levels.” Just last week, the firm announced two more deals, taking a $3 billion minority stake in GoalPath Solutions, a retirement plan consultant in Overland Park, Kan., and majority stake in Marriott Wealth Advisors, a Hot Springs Village, Ark. firm with $150 million in client assets. John Langston, managing partner at Republic Capital Group, an investment bank specializing in financial services, said Sanctuary has done a great job growing, but questions whether its platform model has limitations longer-term.
“First Trust has an amazing distribution machine in place,” said Neil Bathon, founder and partner at FUSE Research Network. Most recently, financial services firm Baird and global asset manager ...RiverFront Investment Holdings announced they would take minority stakes in GAMMA Investing, a woman-owned investment firm providing custom index–based separately managed accounts to financial advisors. When you talk to advisors who are making really good use of direct indexing platforms, it’s about single stock position management, it’s about industry tweaking for folks that have massive exposure—either from employee stock options or just from their participation in an industry, and then it’s about some of those more subtle tweaks around things like ESG or a factor tilt.
While overall advisor satisfaction in the employee and independent broker/dealer channels did not change much from last year, wealth management firms continue to struggle with managing advisor ...attrition, according to J.D. Power’s 2022 U.S. Financial Advisor Satisfaction Study. ...J.D. Power conducted an analysis of past studies to see how many advisors actually turn up at a different broker/dealer three years after indicating an intention to leave; the firm found that more than one-half (52%) of advisors who in 2018 indicated that they either probably or definitely will leave their firm followed through by 2021. “Over time, as they develop relationships, as they build a book of business, they get to a point where increasingly it’s really their personal brand and personal relationships that are driving referrals and driving growth of their practice.
Joe Duran, co-head of Goldman Sachs’ Personal Financial Management Group, is coming up on the three-year anniversary of selling RIA United Capital to Goldman Sachs. ...the firm had to sacrifice the ...nimbleness it had as an independent. The overall business serves three client segments; Ayco focuses on employees and C-Suite executives at companies that offer sponsored financial planning benefits, personal financial management for entrepreneurs and highly compensated professionals via the old United Capital, and the financial wellness group, for less affluent clients and sponsored workplace employees that interact with the firm primarily through a digital platform with access to financial coaches.
Ross recently spoke with WealthManagement.com to provide more details about his plans and what these new businesses will look like. The firm will provide financial planning for a flat fee and will ...not charge on assets under management. ...the RIA—outside of being this financial planning firm for Gen Z and millennials, and in some capacity, the youngest Gen X—will also be an incubator for Turnqey, which is essentially going to be a big data API play. The lack of data, connectivity of standardization and insights and predictive analysis, as far as crypto is concerned, is just still not there.
