High net worth

Wealth management firms are consolidating at a breakneck pace in a bid to grab wealthy U.S. clients.

Robinhood Markets has snared most of the attention for attracting an army of day traders during the pandemic. But far bigger profits are flowing to the family behind Fidelity Investments in Boston.

Wealth Enhancement Group’s second acquisition of 2021 comes as experts say there’s an “ever-increasing buyer appetite” for $1 billion-plus firms.

The firm has 20 teams that cater to ultra-high-net-worth individuals in the Sunshine State, and has plans to double that over the next few years.

Though interest rates remain low, the partnership gives advisors specialized deposit accounts and lending opportunities tailored to wealthy clients.

A hunt for heavily-short stocks has delivered millions of dollars to wealthy executives and investors.

Whitnell & Co. changed hands in a deal with a regional bank that also struck a strategic partnership with the wealth manager.

The private equity-backed RIA agreed to purchase its first firm of the year after being one of the most active acquirers in 2020.

For all the central bank’s plaudits, it’s powerless to stop the wealth gap in America from growing wider.

Some advisors say they’re busier than ever in the last weeks of 2020.