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New tech-driven startups have upended the financial advice market. Now they just have to get through the coming shake-out.
According to RCS, 51 selling agreements have been reinstated -- but the firm refused to disclose the names of any broker-dealers who have resumed selling its products.
"Most advisors are struggling to grow their businesses in a way that is directly impacting their bottom line," says FPA CEO Lauren Schadle. So what are firms that are growing doing right, and what should other advisors be doing differently?
The Atlanta-based IBD, which offers advisory firms both a broker-dealer and a fee-based RIA multi-custodial platform, is closing in on a record $20 million in new revenues this year.
The 3-year old branding campaign has raised awareness among the CFP Board's target market of mass affluent investors by 6%, to the point where nearly one-third of that audience recognizes the CFP brand.
"There's not one thing [RCS] is not willing to look at," CEO Michael Weil said in response to a Wall Street analyst's question about breaking the company apart.
Nicholas Schorsch's expanded financial advisory business reported adjusted net third-quarter income of $35.5 million on Thursday, but revenue was driven by higher retail and investment management results.
At least two firms appear to be trolling for damaging information about RCS Capital, Nicholas Schorsch's embattled financial services company.
Goss Wealth Management hopes to become a super-OSJ, expanding eastward from Louisiana along the Gulf Coast and into the Florida Panhandle.
A deal with Strategic Wealth Partners, outside Chicago, was Focus's sixth of the year, bringing in $1.4 billion.
"The world has shifted from outbound to inbound marketing techniques," Craig Faulkner, founder of FMG Suite, says at Schwab Impact.
RCS executive says it “will take some time” to restore normalcy to his embattled firms.
Record crowd focuses on the future of financial advice.
"In the middle of the night, we received a letter from RCS Capital Corporation purporting to terminate the equity purchase agreement [of Cole Capital]" - statement from American Realty Capital Properties
"We believe the things people do over 30 years speaks volumes, and mean more than rumor and innuendo," says Ed Cofrancesco, president of International Assets Advisory, the broker-dealer that hired Jeb Bashaw.
LPL spent $32 million on fines and restitution for the nine months ending Sept. 30 -- about twice the amount the firm spent on such expenses in the prior two years combined.
"We have to continue to grow and we'll be looking at acquisitions, mergers, tuck-ins and roll-ups, all of the above," says Mark Allen, president of Nebraska-based Allen Capital Group.
"This is a head-on counterattack and is definitely making the [digital] space a lot more competitive," says William Trout, a senior analyst for Celent.
Midsize firms are proving to be an M&A sweet spot: "The next leap for firms with $500 million or less is $1 billion, but they can't get there on their own," says Michael Bilotta.
Stressing the importance of realistic risk tolerance and the inevitability of encountering volatile markets is critical.