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Oct 17, 2024 | 
portfolio.bisanet.org | Diana Britton |Patrick Donachie |Joshua Franklin
There were 74 total registered investment advisor (RIA) deals announced in the third quarter, 63 of which were done by strategic acquirers, defined as “firms such as RIAs and broker/dealers that acquire firms to realize synergistic efficiencies, enter new markets or introduce new service offerings,” according to an analysis by Echelon Partners. Of the 63 deals, 46% involved buyers with private equity backing.
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Sep 17, 2024 | 
ourcommunitynow.com | Patrick Donachie
ShareA trio of advisors with about $1 billion in managed client assets is ditching their LPL affiliation to join Raymond James via the firm’s independent channel. Utah-based Jaden Gurney, Trevor Hanson, and Jonathan Rogers moved from Zions Bank and LPL to Raymond James Financial Services, one of several advisor/team moves announced Monday. The advisors have offices throughout Utah, in Salt Lake City, Richfield and St. George.
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Sep 11, 2024 | 
ourcommunitynow.com | Patrick Donachie
ShareA Tennessee-based advisor touting a “faith-based investing” strategy is facing SEC charges that he defrauded several clients out of millions. The commission filed its complaint against Cookeville, Tenn., resident Donald Anthony Wright and his SEC-registered firm Retirement Specialty Group in Tennessee federal court Monday. Wright was the president and CEO of RSG, which he co-owned with his wife and has been SEC-registered since 2002.
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Sep 9, 2024 | 
portfolio.bisanet.org | Patrick Donachie |Rachel Dalloo
Nine registered investment advisors (RIAs) agreed to pay a total of about $1.2 million to settle charges they violated the U.S. Securities and Exchange Commission's (SEC) marketing rule. Corey Schuster, co-chief of the SEC Enforcement Division’s Asset Management Unit, said the ads at the heart of the allegations posed “a serious risk” of misleading clients.
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Mar 5, 2024 | 
ourcommunitynow.com | Patrick Donachie
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Feb 14, 2024 | 
portfolio.bisanet.org | Patrick Donachie |Fatima Hussein |Ayo Mseka |Pritam Biswas
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Feb 12, 2024 | 
portfolio.bisanet.org | Ayo Mseka |Patrick Donachie |Fatima Hussein |Robert Corsarie
A study from Cerulli Associates estimates that 109,093 advisors plan to retire over the next decade, comprising 37.5% of industry headcount and 41.5% of total assets. Meanwhile, the rookie-failure rate hovers around 72%. As the industry grapples with such a low success rate for new advisors who are entering the industry, firms must grow their talent pipeline and better communicate the role and training timeline of a financial advisor, the study said.
Read the full article on Insurance News Net
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Feb 12, 2024 | 
portfolio.bisanet.org | Pritam Biswas |Suzanne McGee |Patrick Donachie |Fatima Hussein
Franklin Templeton has filed for a spot Ethereum exchange-traded fund (ETF), following the recent approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). With Franklin's registration, there are now eight ETF providers competing to introduce spot Ethereum ETFs, all of whom rolled out spot bitcoin products in January.
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Feb 9, 2024 | 
portfolio.bisanet.org | Rick Green |Patrick Donachie |Fatima Hussein |Robert Corsarie
Sixteen financial firms agreed to pay more than $81 million in civil fines after a probe by the U.S. Securities and Exchange Commission (SEC) found their employees used personal text messages for business purposes. The SEC said it “uncovered pervasive and longstanding uses of unapproved communication methods” at various levels that included supervisors and senior managers from at least 2019 or 2020. The firms also didn’t preserve most of those messages, violating securities laws.
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Feb 8, 2024 | 
portfolio.bisanet.org | Leo Almazora |Patrick Donachie |Fatima Hussein |Robert Corsarie
Raymond James' new Paraplanning Services are designed to assist advisors in leveraging the firm’s goal planning and monitoring software tool to create detailed financial plans for clients. “Raymond James was founded on the belief that clients deserve advice that considers their entire financial picture, and that principle is still at our core today,” Frank McAleer, senior vice president of wealth planning at Raymond James, said.
