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Author: rafferty

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Hightower Sees New Opportunity in IBD-Affiliated Firms

17:26 27 January in In the News by rafferty

January 26, 2021 By Diana Britton, WealthManagement.com Hightower has already made two acquisitions of firms sitting at independent broker/dealers, and CEO Bob Oros expects it to be an area of growth for the firm going forward. While Chicago-headquartered Hightower’s core strategy continues to be acquiring standalone registered investment advisors, the firm has recently made a foray into the independent broker/dealer channel, and CEO Bob Oros expects it to be a complementary area of growth for the firm going forward. The move would certainly expand the universe of potential acquisitions. Just this week, Hightower announced it was taking a stake in Siller & Cohen Family Wealth Advisors, a Rye Brook, N.Y.-based hybrid RIA with $830 million in client assets, which was previously affiliated with Lincoln Financial Advisors. In October, the firm made an investment in...

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Midsize IBD to make its first $1B acquisition

19:31 25 January in In the News by rafferty

  January 22, 2021 By Tobias Salinger, FinancialPlanning.com A midsize wealth manager is boosting its annual revenue by 40% and its advisor headcount by 75% through its first major M&A deal. Arete Wealth agreed to purchase Nashville-based Center Street Securities, which has 112 advisors and $1.04 billion in total client assets, the firms said Jan. 15.     Read the full article on FinancialPlanning.com....

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Commonwealth Launches Enhanced Support Offering for Breakaways

20:44 21 January in In the News by rafferty

January 20, 2021 By Diana Britton, WealthManagement.com Commonwealth’s new Business Consulting Services will provide dedicated transition support for advisors leaving the wirehouses to go independent. Waltham, Mass.–based independent broker/dealer Commonwealth Financial Network has introduced a new offering to help lure breakaway brokers out of the wirehouses. Business Consulting Services, as the firm calls it, will be a suite of offerings to provide a so-called “soft landing” for employee advisors as they transition into owning and running a business as an independent. While the firm has had a practice management function for many years, which does a lot of what’s required to transition to independence, this is a formal packaging, with dedicated resources for breakaway advisors, said Matt Chisholm, senior vice president, RIA services and practice management, at Commonwealth. Most of the functions are done...