As $160-billion CAPTRUST makes a snack of $10-billion Pensionmark, Fielding Miller accelerates his roll-up plans with a liberal structure
The Raleigh, N.C.-based firm's willingness to buy 49% reduces 'weird' and may set the stage for life as more of a 401(k) franchisor
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Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'
The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.
February 23, 2023 at 8:14 AM
How a white senior vice president at an LPL OSJ came to hire a former black minister as recruiter despite the latter's pledge to make it 'uncomfortable' at times
Rob Sandrew hit it off with Keith L. Frasier, willing to speak up on racial and racial justice issues, who also checks all the boxes for attracting talent and assets at a firm that recruited $2 billion last year
August 19, 2020 at 2:18 AM
Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners
The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.
September 24, 2019 at 2:02 AM
LPL Financial tries to solve two 'digital' problems with one new hire; the broker-dealer admits high 'friction' with clients for onboarding and matching them to the right annuity
Ashish Braganza puts LPL in to the data game but critics wonder whether the belated hire comes with too small a budget and team
July 25, 2019 at 6:18 PM
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LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold
Cerulli Associates
Consulting Firm
Top Executive: Kurt Cerulli
Independent Financial Partners
RIA Serving Other RIAs
Top Executive: William Hamm
Stephen Winks
Fielding Miller has brilliantly built CapTrust on the inability of our largest institutions to support advisory services, professional standing and enterprise management at the advisor level. There is plenty of room for industry innovation given much of the industry is not structured to either (1) render advice or (2) to have ongoing accountability for recommendations against objective, non-negotiable fiduciary criteria— essential for professional standing. In a effort to give advisors control over their value proposition, cost structure, margins and professional standing, CapTrust gains an autonomous growth vehicle in PensionMark that is synergistic but not as tightly managed. Advisors with ten billion will join CapTrust, advisors with $100 million will likely join PensionMark. By interjecting the cut that a third party like PensionMark will take does not hurt CapTrust and it gains accelerated growth without the growth pains of accommodating less accomplished advisors that require more support, resulting in a happy marriage for both firms. Let’s be clear, PensionMark bears quite a burden in the execution of this model which has been vetted by CapTrust..
Wirehouses and TAMPs should pay attention as a far higher level of counsel at lower cost is in the makings and allusive scale and professional standing are about to be achieved at the advisor level in ways not possible in a brokerage or banking format.
SCW
Stephen Winks
