Pat Donachie

New York

Staff writer @wealth_mgmt. Formerly @EdDiveK12, @TimesLedger, @CityLimitsNews. @newmarkjschool alum. Permanently fledgling musician.

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Articles

Former Securities America CEO Sues Osaic Over Alleged “Breach of Contract”

6 days ago | wealthmanagement.com | Pat Donachie

Former Securities America CEO Jim Nagengast is suing Osaic, the firm that integrated Securities America and Advisor Group’s eight legacy broker/dealers. Details of the accusations remain under wraps - for now. On Thursday, Nagengast filed a complaint against Osaic and its holding company, Artemis Holdings, L.P., in Delaware federal court. He also successfully moved to place the complaint under seal for the time being.
Ohio Launches National Program for Advisors Helping Clients Face Addiction

6 days ago | wealthmanagement.com | Pat Donachie

Ohio’s Securities Division is expanding a state-level program to help advisors better assist clients facing addiction. With a nationwide rollout, the division hopes the country’s largest investment firms will sign on to help spread the message even further.
$5B Team Joins RBC From JPMorgan

1 week ago | wealthmanagement.com | Pat Donachie

The Degenaars Babb Group originally joined JPMorgan after it purchased First Republic in 2023, following that bank’s collapse. A New York-based team managing over $5 billion in assets is joining RBC Wealth Management from JPMorgan in one of the largest teams RBC has ever recruited.
Constellation Stakes Dynasty-Backed Procyon Partners

1 week ago | wealthmanagement.com | Pat Donachie

Constellation Wealth Capital has staked its latest firm: Procyon Partners, an $8 billion RIA based in Connecticut and part of the Dynasty Financial Partners network. Procyon CEO and Co-Founder Phil Fiore said in a statement that the deal was a “transformative moment” for the firm. Constellation Wealth Capital "shares our commitment to client-first values, innovation and long-term partnership,” he said.
Merrill Attracts $1.9B Advisor from Raymond James, Concurrent Adds $2B From New Teams During Q1

1 week ago | wealthmanagement.com | Pat Donachie

Micah Scheinberg will join Merrill Private Wealth as a managing director, while Concurrent’s six new teams pushed the firm above $10 billion in assets under advisement. A Los Angeles-based advisor managing $1.9 billion in client assets is joining Merrill Private Wealth Management from Raymond James, the wirehouse announced today.
LPL Expands Legal Battle Against Ameriprise With New Lawsuit

1 week ago | wealthmanagement.com | Pat Donachie

LPL claims Ameriprise “has sunk to a new low” by sending out allegedly “misleading” notifications about a data breach. LPL Financial claims Ameriprise “has sunk to a new low” by sending out allegedly “misleading” notifications about a data breach, which the firm says is an attempt to frighten LPL customers and hurt its business. Ameriprise claims it is trying to protect investors’ data.
Wirehouse Wealth Divisions Boast Higher Revenue As Trade War Looms

1 week ago | wealthmanagement.com | Pat Donachie

Bank of America, Morgan Stanley and Wells Fargo all reported year-over-year growth in wealth revenue; executives cautiously optimistic diversification will help clients weather tariff-induced market turmoil. The largest wealth management divisions of the publicly traded national banks claim they are well-prepared for any economic turmoil in the wake of President Donald Trump’s series of tariff announcements (and a brewing trade war between the U.S. and China).
SEC Denies 16 Firms' Request to Revise Off-Channel Communication Fines

1 week ago | wealthmanagement.com | Pat Donachie

LPL, Raymond James, Ameriprise, and Osaic were among the firms asking the commission to modify settlements concerning the supervision of off-channel communications, claiming that firms who settled later got better deals. The Securities and Exchange Commission (SEC) denied an attempt by 16 firms (including Raymond James, LPL, Ameriprise and Osaic) to revise settlements they made with the commission regarding their supervision of employees’ off-channel communications.
Atkins To Take Lead of SEC Amidst Staff Cuts, Market Turmoil

2 weeks ago | wealthmanagement.com | Pat Donachie

The U.S. Senate confirmed President Donald Trump’s choice to lead the agency. He will follow Acting Chair Mark Uyeda, with one compliance expert calling his brief tenure “unusually active.”Paul Atkins is poised to become the 34th chair of the Securities and Exchange Commission after being confirmed by the U.S. Senate this week.
SEC to Review AUM Threshold for State Advisors

2 weeks ago | wealthmanagement.com | Pat Donachie

The Securities and Exchange Commission is reconsidering the assets under management threshold separating state-registered advisors and their federal peers set by the Dodd-Frank Act. In a speech at a joint conference between the commission and the North American Securities Administrators Association, Acting SEC Chair Mark Uyeda said it “was time to rex-examine” the “mid-size advisor regulatory split” set in the mammoth legislation passed in 2010 as a response to the 2008 financial crisis.