-
3 days 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.
-
1 week 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.
-
1 week 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.
-
1 week 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talent from broker-dealers as advisors are increasingly unwilling to give up revenue and autonomy in exchange for outdated infrastructure and excess administrative work.
-
1 week 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.
-
2 weeks 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.
-
2 weeks 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.
-
2 weeks ago | 
citywire.com | Ian Wenik |Selin Bucak |Joe Duran
Goldman Sachs is contemplating the development of a new program which would refer some clients from its executive financial counseling business, Ayco, out to independent RIAs, according to sources with knowledge of the situation.
The program’s launch is not imminent, sources said. Goldman Sachs may ultimately opt not to pursue the new referral business, a source added.
-
2 weeks ago | 
citywire.com | Andrew Foerch |Joe Duran |Ian Wenik
Publicly traded insurance brokerage Lincoln Financial Group has agreed to sell a 9.9% stake to private equity giant Bain Capital, the firms said Wednesday.
Bain will pay $825m for approximately 18.8m shares of Lincoln’s common stock, which trades on the New York Stock Exchange under the ticker “LNC.” The all-cash transaction values Lincoln’s stock at $44 per share, based on what the companies said was a 25% premium to the stock’s 30-day volume-weighted average price as of April 8.
-
2 weeks ago | 
citywire.com | Sam Bojarski |Andrew Foerch |Joe Duran
One of the RIA industry’s most prolific acquirers has lost a top business development executive.
Scott Lamb left his role as vice president of business development at Allworth this month and joined San Francisco RIA Parallel Advisors, his LinkedIn profile shows. He has taken on the role of principal of firm development at Parallel, a role that includes recruiting advisors, per his profile.
