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Has Schwab Won the RIA War?

19:53 10 June in In the News by rafferty

June 10, 2020 By Janet Levaux, ThinkAdvisor Consolidation is everywhere, but new options for RIAs are rapidly emerging, Joel Bruckenstein and others say. Charles Schwab received lots of good news last week, with the Justice Department and shareholders approving its $26 billion merger with rival TD Ameritrade. The firms, which collectively work with more than 10,000 RIAs and $5 trillion, should come together by year-end. The technology and related integration, though, requires 18 to 36 months. The industry was “pretty much expecting this outcome, so it’s not a big surprise to anyone,” said Tim Welsh, head of the consultancy Nexus Strategy. “However, it does remove uncertainty, so we expect to see RIAs affiliated with TD Ameritrade ramp up their search and inquiries for a new custodian, particularly smaller firms who fear a lower service level and...

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Raymond James Plans Big Play to Keep RIA-Bound Advisors

18:14 26 June in In the News by rafferty

June 25, 2019 By Mrinalini Krishna, Financial Advisor IQ Hoping to catch advisors looking to go the RIA route, Raymond+James is considering providing an in-house opportunity for advisors who want to drop their Finra registration to transition to the RIA model. Raymond James private client group president Scott Curtis says the firm is working on “an opportunity for advisors who perhaps want to drop their Finra registration, but operate as a fee-only practice. They’ll be able to do that under the corporate RIA and not necessarily have to exit Raymond James as either an independent advisor or potentially as an employee advisor, and go to an independent RIA to operate under that model.” Curtis adds that a pilot for this program will likely be “up and running before the end of this calendar year.” Some industry...

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NFP Buys Bronfman Rothschild, Betting Big on RIA Growth

15:27 27 March in In the News by rafferty

March 26, 2019 by Janet Levaux, ThinkAdvisor The news comes three years after NFP moved to sell its advisory brokerage business -- with 1,400 advisors -- to Stone Point Capital. Insurance broker NFP says it is buying Bronfman Rothschild, a $6 billion RIA that it plans to merge with its wealth manager Sontag Advisory. The combined firm should have over $10 billion in assets and potentially more than 55 advisors. The news comes three years after NFP moved to sell its brokerage advisory business — which had 1,400 affiliated advisors — to Stone Point Capital (who renamed it Kestra Financial) and is yet another sign that the industry is betting that growth in the RIA channel will top that of brokerage firms going forward. By 2020, the RIA segment — which includes about 650 firms...