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3 weeks ago | 
citywire.com | Ian Wenik |Sam Bojarski |Eva Thomas |Joe Duran
A large Arizona RIA has hired a chief investment officer.
Michael Preis, formerly a regional director at investment firm Dimensional Fund Advisors (DFA), will lead the investment management team in the newly created role at TCI Wealth Advisors. TCI also said in a news release that the hire represents a move to deepen its leadership team as it evolves into a regional enterprise.
Headquartered in Tuscon, Ariz.
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3 weeks ago | 
citywire.com | Alec Rich |Ian Wenik |Eva Thomas |Joe Duran
Fiduciary Trust International, the wealth management subsidiary of Franklin Templeton, is making a change at the top.
John Dowd is no longer chief executive of the company, according to a source with knowledge of the situation.
When contacted by Citywire, a Franklin Templeton spokeswoman confirmed Dowd’s exit. Already have an account? Do you personally advise on or manage investments for clients?
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3 weeks ago | 
citywire.com | Ian Wenik |Tania Mitra |Andrew Foerch |Joe Duran
Vanguard on Monday launched its first dynamic asset allocation fixed income model portfolios for advisors.
Called the Vanguard fixed income risk diversification and the Vanguard fixed income total return, the models seek to outperform the Bloomberg US Aggregate Index and Bloomberg US Universal Index, respectively. They have been built for a range of time horizons and risk profiles.
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4 weeks ago | 
citywire.com | Ian Wenik |Sam Bojarski |Alec Rich |Joe Duran
RIA technology company Orion informed a number of its employees on Monday that they are losing their jobs, according to sources with knowledge of the situation. Employees hit by the layoffs will work their final day at Orion on May 9, the source said.
The extent of the layoffs at Orion were not immediately clear. Orion says on its official website it employed roughly 1,300 people as of the end of 2024.
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4 weeks ago | 
citywire.com | Ian Wenik |Alec Rich |Eva Thomas |Joe Duran
Savvy Wealth has hired former Pathstone general counsel Lisandra Wilmott as its inaugural head of legal and compliance, the fast-growing firm revealed on Wednesday.
Wilmott joins Savvy Wealth, the parent company of $1.5bn technology-centric RIA Savvy Advisors, after leading Pathstone’s legal team for just under five years. She left the position at $162bn Pathstone in mid-2024 and was succeeded by Charles Keates, a transition plan Wilmott helped facilitate.
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4 weeks ago | 
citywire.com | Ian Wenik |Eva Thomas |Joe Duran
Pure Financial Advisors has pulled off its second RIA acquisition in a month’s span, snapping up $900m Fairhaven Wealth Management in the Chicago suburb of Wheaton, Ill.
The deal closed on April 11, Pure managing partner and CFO Jason Carver told Citywire. Carver declined to comment on specific financial terms of the deal but said it was financed with a mixture of cash and equity.
Fairhaven’s founder and controlling owner, Marc Horner, plans to remain with Pure, Carver indicated.
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4 weeks ago | 
citywire.com | Eva Thomas |Andrew Foerch |Ian Wenik |Joe Duran
Simon Hoyle is the founder of RIA Choice, a Houston-based recruiting firm for RIAs and independent broker-dealers.
If you’re an advisor considering a new RIA relationship, you’re in good company.
Independent RIAs (IRIAs) with a recruiting mindset — also called tuck-in or turnkey RIAs — are rapidly drawing talent from broker-dealers as advisors are increasingly unwilling to give up revenue and autonomy in exchange for outdated infrastructure and excess administrative work.
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1 month ago | 
citywire.com | Andrew Foerch |Alec Rich |Simon Evan-Cook |Joe Duran
Seattle-based RIA Brighton Jones has brought on an alum of the biopharmaceutical industry to serve as its new chief financial officer.
Robert Ho joined $26bn Brighton Jones in January following successive CFO stints at two publicly traded biopharma companies. Earlier in his career, Ho was a vice president at brokerage giant Morgan Stanley for over seven years, according to his LinkedIn profile.
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1 month ago | 
citywire.com | Andrew Foerch |Eva Thomas |Ian Wenik |Joe Duran
Envestnet has added ‘custom model portfolios’ from BlackRock to its platform.
Unlike traditional model portfolios, which offer a broadly universal asset allocation and set of underlying funds for every investor within a given risk profile, ‘custom models’ are still run by asset managers, and largely populated with their own funds and ETFs, but can be adjusted to meet specific needs of advisors and their clients.
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1 month ago | 
citywire.com | Andrew Foerch |Ian Wenik |Joe Duran
One of the country’s largest independent RIAs has lost its chief product and technology officer.
Tom Kimberly, an executive vice president and double duty C-suiter who’d been with Edelman Financial Engines since 2020, has left the $293bn RIA, regulatory filings show.
Kimberly initially joined Edelman as its head of product and was promoted to chief product and technology officer in 2022. He led the firm’s product, design and engineering teams as well as its information technology functions.
