Morgan Stanley, Raymond James, Janney; plus Carson Group tops $20B, coaching for young advisors, and the W Forum Conference

February 11, 2022 4:09 PM

Commonwealth Financial Network is starting a coaching program for next-generation advisors, offering peer collaboration and guidance for those aiming to boost the sizes of their practices. Carson Group has topped $20 billion in client assets. About 1,000 advisors affiliated with Cetera Financial Group brokerages are taking advantage of the firm’s offer to assess their growth capabilities. Advisor Group held its 15th Annual W Forum Conference, featuring presentations by advisors named W Forum Visionaries. And three states have become the first to adopt the North American Securities Administrators Association model rule for continuing education requirements among investment advisors

There were M&A deals and advisors changing affiliations. Scroll through to find what you might have missed this week in financial planning news.

Ameriprise recruits independent practice from LPL

New Hope, Pennsylvania-based Penn Wealth Planning dropped LPL Financial for the independent channel of Ameriprise. The 11-member team led by founders Lisa and Frank Policare and managing partner Patrick Trauger managed $670 million in client assets with their prior firm. “The pandemic and continued economic uncertainty have shown the value strong financial advice and comprehensive planning have in helping clients reach their short- and long-term financial goals,” Lisa Policare said in a statement. “In our search for a new firm, it was clear that Ameriprise leadership was aligned with our vision of delivering the very best client experience every time.”

LPL adds team with $550M from MassMutual

St. Louis-based Planify Group dropped MassMutual’s brokerage to affiliate with LPL Financial and Cornerstone Wealth Management as their office of supervisory jurisdiction. Financial advisors Todd Gentry, Joe Heitkamp, Nick Dragan, Valerie Baker, Shannon Lewandoski and Rachel Burks managed $550 million in client assets with their prior firm. “With more freedom, independent solutions and an open architecture platform, we’re able to offer more comprehensive and personalized experiences to our clients to better help them maintain a lifestyle both now and in the future,” Lewandoski said in a statement.

Advisor Group’s W Forum

Independent wealth manager Advisor Group held its 15th annual W Forum Conference for women advisors and associates this week at the JW Marriott in Austin, Texas, and virtually. In addition to the keynote speech by polar explorer Ann Bancroft, Advisor Group executives including CEO Jamie Price, executive vice president for advisor engagement Erinn Ford, executive vice president of business development Kristen Kimmell and SagePoint Financial CEO Desireé Sii addressed hundreds of attendees. One highlight every year is the TED Talk-style presentations by advisors that the firm calls W Forum Visionaries. The honorees this year were: Donnalee Bowles of CAP Financial Planning on "Creating a Culture of Caring Makes a Difference”; Michaela Scott of Borislow Insurance on "Why Employee Benefits Matter to You and Your Clients"; Sarah Walkinshaw of Focus Financial Partners on "Choose the Bigger Life: How I escaped an abusive relationship, restarted my career, and gained my purpose"; and Sibyl Slade of LifePlan Financial Advisors on "The Next Economy is Values Based."

Merchant’s 3 latest investments include 2 billion-dollar RIAs

Private wealth management operating partnership Merchant Investment Management unveiled three different new minority investments in RIAs in the past week: Minnesota, Wisconsin and Florida-based Summit Investment Advisory Services; Libertyville, Illinois-based Inspirion Wealth Advisors; and Woodury, New York-based Fusion Family Wealth. The latter two practices each manage $1 billion in client assets, and Summit is maintaining its brokerage relationship with LPL Financial after receiving the growth equity investments from Merchant. “Our partnership with Summit allows them to invest in their own business, capitalize on growth opportunities and serve comprehensive, personalized advice to clients,” Merchant Managing Partner Tim Bello said in a statement.

Janney picks up teams from Truist, Morgan Stanley and Raymond James

Janney Montgomery Scott recruited five financial advisors who managed roughly $500 million in combined client assets with their respective prior brokerages of Truist, Morgan Stanley and Raymond James. Advisors Steven Napier and Landon Weeks, as well as senior registered private client associate Christi Banko, of The New Buckhead Group, joined Janney in Atlanta. Father-son team Raymond and Matthew Lamorgese moved to the branch in West Chester, Pennsylvania, while advisor Kevin Muñoz and registered private client associate Liz Arza went to the Miami office.

NASAA’s continuing education rule adopted in 3 states

Last year, Maryland, Mississippi and Vermont became the first three states to adopt the North American Securities Administrators Association model rule for continuing education requirements among investment advisors. The new rules will go into effect this year in all three states, according to NASAA. The organization’s members adopted the rule in November 2020. “Drafting and finalizing an investment advisor representative continuing education program has been a priority for NASAA for many years as a way to help ensure financial professionals are remaining up to date on relevant industry information.” NASAA President and Maryland Securities Commission Melanie Senter Lubin said in a statement. “I’m pleased that states are moving to implement this continuing education requirement and look forward to more states doing so in the coming months.”

Robo advisor for military and veterans credit union members

Navy Federal Investment Services and its investing technology partner DriveWealth have launched a robo advisor called Digital Investor for Navy Federal Credit Union Members that only costs $3.50 per month. The firm is also offering a 30-day trial without a minimum investment to the 11 million different members of Navy Federal who are veterans and service members from all branches of the military. With Digital Investor, the members can choose between automated and self-directed options that enable them to decide from their choice of 1,000 investment options or let the tool match them to prebuilt portfolios based on goals and risk tolerance. “Improving our members’ financial security and ability to build wealth remains our top priority, and we want each of our members to know it’s never too early or too late to start investing to achieve financial goals,” Navy Federal Financial Group Chief Operating Officer Diane Young said in a statement. “Digital Investor is the perfect tool to help make your goals a reality.”

Cetera advisors make use of firm’s growth consulting program

At least 1,000 financial advisors affiliated with independent wealth manager Cetera Financial Group’s brokerages have taken the firm up on its offer of an assessment of their growth capabilities. The firm launched its Growth360 team last year, and in 2022 it has tapped advisor success consultants Actifi to translate the expansion goals directly into practices’ Salesforce desktops for real-time tracking. Under the program, at no additional cost beyond Cetera’s standard arrangements with advisors, the firm’s coaches pinpoint areas of focus for advisors seeking to accelerate their practice’s growth. “As a part of my Growth360 consultation, I uncovered a missed business opportunity — community presence,” advisor Anthony Grassi of BG Wealth Advisors said in a statement. “I’ve always been active in the community near my home, but with the help of my growth officer, I realized I wasn’t leveraging the connections I had made to grow my business. I am now doing some work to ensure my community involvement strengthens my brand awareness and supports growth through sponsorship and team activities.”

Raymond James recruits an advisor with $174M from Wells Fargo

Financial advisor Anothip “Thip” Zimmerman left Wells Fargo Advisors for Raymond James & Associates in Vienna, Virginia. The team managed $174 million in client assets with its prior firm, and the 27-year financial services veteran now reports to complex manager Warren Wright. “I’m looking forward to leveraging the cutting-edge technology and other planning resources to further grow my own practice here at Raymond James,” Zimmerman said in a statement.

Major fee-only RIA passes the torch to the successor

Long Beach, California-based Halbert Hargrove has carried out its succession plan, promoting 25-year veteran of the firm JC Abusaid to CEO, Cecilia Williams to chief operating officer and Kelli Kiemle to managing director of growth and client experience. Russ Hill, the former CEO of the fee-only RIA, will remain with the firm as its chairman. “Looking back on the past 25 years at Halbert Hargrove, I’m extremely proud of what our team has accomplished,” Abusaid said in a statement. “Helping to grow the company from seven employees and $250 million in assets to 44 employees and $3 billion in AUM isn’t even the highlight. What gives me the greatest sense of accomplishment is seeing how people I hired and mentored, like Cecilia and Kelli, have flourished both personally and professionally.”

Carson Group tops $20 billion

Carson Wealth Management Group building, CWM, provided by Carson Group.

Wealth manager Carson Group has topped more than $20 billion in client assets from 40,000 families across the Omaha, Nebraska-based firm. In other metrics displaying its size, Carson Partners has reached 120 different practices, 300 stakeholders in its client, coaching and partnership arms and moved into a new 200,000-square-foot headquarters in 2021. "These milestones mean more to us than just growth; they speak to the expanded impact we have on tens of thousands of people around the country," CEO Ron Carson said in a statement. "Our partners and our stakeholders share our commitment to making this impact and believe in our goal of always doing what's in the client's best interest."

New insurance and annuities executive at J.P. Morgan Private Bank

J.P. Morgan Private Bank poached a former UBS Private Wealth Management executive, Paul Hewitt, to be its head of insurance and annuities. He had served as head of insurance sales and distribution with the wirehouse after being at Merrill Lynch for a decade in the firm’s private banking and investment group and U.S. Trust business. In the new role, he’s reporting to Head of Insurance & Retirement Solutions Laura Pantaleo and he’ll be responsible for helping to expand advisor and client adoption of annuities and insurance products across the private bank.

Commonwealth launches coaching program for next generation

Independent wealth manager Commonwealth Financial Network has launched a yearlong coaching program for next-generation advisors called the NextGen Business Development Group. Advisors aiming to boost the size of their practices will receive guidance, peer collaboration and accountability through the program. Chief business development officer Kristine McManus will lead monthly webinars while facilitating bi-weekly peer group calls and the use of a software program tracking the advisors’ performance. “Our Practice Management team built this program in response to a growing demand for offerings geared toward next-gen advisors,” McManus said in a statement. “Interest in the program exceeded our expectations and was limited to 24 participants to ensure that they each received the hands-on training and attention they needed. We’re thrilled to have such a talented, committed group of advisors who are motivated to build and grow a sustainable practice for the long term.”

Raymond James Financial Institutions adds program with $148M from LPL

Guaranty Financial Services, the wealth management program of the Guaranty Bank and Trust Company, left LPL’s bank and credit union channel for Raymond James. The Mississippi and Tennessee-based firm managed $148 million in wealth client assets with its prior brokerage. The team includes Managing Director William “Clayton” Smith, financial advisors Walker Sudduth and Schyler Cannatella, branch associate Amy Wheeler and administrative assistant Alison Martello. “Raymond James’ client-centric reputation, coupled with its robust technology offering, made for a natural alignment between our brands,” Smith said in a statement.

Beacon Pointe acquires $700M RIA

KKR-backed RIA consolidator Beacon Pointe Advisors acquired Altavista Wealth Management, an Asheville and Charlotte, North Carolina-based RIA with $700 million in assets under management. Financial advisors Dan Akers and Kyle Boyd lead a team with eight other employees that folded into Beacon Pointe in the Feb. 1 transaction of an undisclosed amount. “We are thrilled to be joining a firm with such extensive investment and financial planning capabilities,” Akers said in a statement. “For our team, there is no substitute for time spent with clients, so to be able to tap into these incredible expanded resources that will allow our team to spend more quality time with clients delivering on a premier service experience is something we are truly excited about.”

CAIS customization available to Focus Financial

CAIS has a customized version of its alternative investments technology to meet the needs of firms affiliated with Focus Financial Partners. Advisors will be able to access a curated selection of investment products — hedge funds, private equity, private credit, real estate, structured notes and digital assets — as well as education, independent due diligence, digital transaction processing and third-party reporting integrations. Advisory firms will be able to work with CAIS to add their own sourced third-party funds to the platform.

Morgan Stanley to acquire $72B retirement plan firm

In the second deal of its kind unveiled by the wirehouse in the last six months, Morgan Stanley Wealth Management’s Institutional Consulting unit secured an agreement to acquire Cook Street Consulting. Based in the Denver-area, principal owners Sean Waters, Karen Robinson, Lindsey Levison, Patrick Smith and Scott McIntosh lead a 30-member team that oversees $72 billion in assets under advisement across nearly 160 employers with 1 million 401(k) plan participants. The parties expect the deal of an undisclosed amount to close in March. During the third quarter, Morgan Stanley also acquired Portland, Oregon-based Hyas Group and added its $45 billion and 600,000 participants to its workplace retirement business.

TIFIN consolidates wealthtech division

Fintech company TIFIN has restructured its wealthtech division, combining several current tools — risk profiling, micro-planning, financial personality, next best actions and trading automation — into a single platform called TIFIN Grow. The goal is to help advisors offer more personalization at scale and better understand a client or prospect’s unique circumstances, concerns, needs and wants.

Cetera picks up 30-year veteran from Voya

Financial advisor Tracy Veillette left Voya Financial Advisors for Cetera Financial Group’s Cetera Advisor Networks. The 30-year industry veteran who started his career with Cetera predecessor firm ING Financial Partners had remained with Voya after the brokerage network acquired certain assets of Voya’s wealth management arm last year. His Minneapolis-based solo practice had managed $100 million in client assets with its prior brokerage. It’s now affiliated with the other former Voya advisors under Cetera Wealth Partners as an enterprise within Cetera Advisor Networks. "I'm thrilled to join the Cetera community and look forward to leveraging the leading technology and resources to grow my business and provide the best service and advice possible to my clients," Veillette said in a statement.

Trust & Will partners with Wealthbox to track estate planning for clients

Trust & Will, a leading digital estate planning platform, announced a new partnership and integration with Wealthbox, a client relationship management (CRM) tool. The arrangement will allow financial advisors to offer Trust & Will's estate planning services and track clients’ progress directly in Wealthbox. “Our partnership with Trust & Will helps ease common pain points of financial advisors by offering a seamless digital approach to estate planning, which is often overlooked in the financial planning process,” said Steve Carroll, head of product at Wealthbox. “We look forward to continuing our focus on providing modern product design backed by a powerful yet intuitive user experience through this new collaboration.”