Merchant Investment Management, a New York–based private partnership that provides growth capital and other support to independent financial services firms, has taken a minority, non-controlling interest in Concurrent Advisors, a super office of supervisory jurisdiction of Raymond James Financial Services. San Diego–based Concurrent supports 55 advisory teams and a total $12.2 billion in client assets, Merchant’s biggest
In a highly unusual, if not unprecedented, move, a $5 billion branch office of LPL Financial with 200 advisers under its roof is adding a direct competitor to LPL, Raymond James Financial Inc., that its advisers can choose to use for brokerage and advisory services. The branch operates under the title of Good Life Cos. and is
June 14, 2021By Mason Braswell and Miriam Rozen Merrill Lynch Wealth Management President Andy Sieg reaffirmed on Monday the firm’s intention to stay out of the veteran broker recruiting game, noting he and other senior executives “don’t think it is a good formula for clients, shareholders or the firm overall.” “One of our principles is that
June 8, 2021By Diana Britton While LPL Financial has custodied assets for registered investment advisors since 2008, it was largely to support the fledgling hybrid advisory business of its registered reps. But as it has across the industry, that advisory business has grown fast; according to Cerulli, LPL is now the third-largest RIA custodian in the marketplace. So
By Jake Martin UBS Wealth Management USA has hired away another group of J.P. Morgan private bankers, this time a six-person team managing $10.5 billion in client assets in San Francisco, according to a Tuesday announcement.The team, led by John “JT” Davenport, Angela Colombani and Sean Livingston, joined the wirehouse’s private wealth management division on
**This article was shared courtesy of Financial Planning (www.financial-planning.com). Written and edited by Andrew Welsch. This year’s largest recruiting moves boast some impressive stats: 17 teams and solo advisors overseeing $75 billion in assets. The overall number of billion-dollar moves is down from last year’s 24, but the combined AUM is up thanks to several
Written By FINRA: KAITLYN KIERNAN The Financial Industry Regulatory Authority (FINRA) and other financial regulators work hard every day to protect investors from fraud, scams and financial professional misconduct. But at the end of the day, a diligent and vigilant investor is her own best first line of defense. The vast majority of registered financial
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