Avantax Tag

B/D Aggregator Wentworth to Go Public Via Kingswood SPAC

15:11 13 July in In the News by rafferty

July 8, 2022 By Diana Britton, WealthManagement.com The two will merge under newly created Binah Capital Group, which will have over 1,900 advisors and $25 billion in assets. Broker/dealer aggregator Wentworth Management Services has entered into an agreement to merge with Kingswood Acquisition Corp., a special purpose acquisition corporation sponsored by the major shareholders in British wealth management firm Kingswood Group and a sister company to Kingswood U.S., according to an announcement. The move would allow Wentworth, which owns four independent broker/dealers, to go public. The deal is expected to close in the fourth quarter. "This transaction underscores the importance for wealth management firms to align themselves with organizations that have truly global reach, resources and expertise to accelerate their continued growth and make the most of multiple opportunities that industry, market and economic trends are creating,”...

Raymond James Launches Corporate RIA for Fee-Only Advisors

16:35 16 May in In the News by rafferty

May 12, 2022 By Diana Britton, WealthManagement.com The new model, which sits inside the independent contractors division, is geared toward advisors who want to drop the Series 7 yet don't want to run their own registered investment advisor.   Raymond James has introduced a new Corporate Registered Investment Advisor model, aimed at fee-only advisors who don’t want to run their own RIA yet don't need the association with a broker/dealer. Under the new model, advisors would affiliate with Raymond James’ existing corporate RIA, Raymond James Financial Services Advisors, and drop their Series 7 license with the Financial Industry Regulatory Authority, if they still have it. This would allow advisors to operate as a fee-only fiduciary, with no commission business. “There’s an attraction now to be able to say, ‘I’m a fiduciary,’ and one way that they can...

Commonwealth, LPL Now Using Asset Levels, Not Production Rates, to Calculate Recruiting Deals

23:11 24 January in In the News by rafferty

January 24, 2022 By Diana Britton, WealthManagement.com Commonwealth is now structuring its forgivable notes for new advisors as basis points on the advisors' assets, rather than their production—another sign it continues to see itself as a national RIA.   Waltham, Mass.-based independent broker/dealer Commonwealth Financial Network has confirmed that it recently shifted the way it structures the deals it gives prospects as an incentive to join the firm. It now offers forgivable notes based on an advisor’s asset levels, rather than a percentage of production, which has historically been the norm. A third party recruiter, who declined to be named, said the deals range from 30 to 35 basis points on assets. “Commonwealth remains at the forefront of where the industry is going, which we believe is toward assets versus production,” said Andrew Daniels, managing principal, business development. “As...