RBC, LPL, Stifel, plus trends with affluent investors and an advisor who leaves RBC only to come back 3 months later

November 26, 2021 9:20 AM

A New Jersey advisors thought the grass might be greener when he left RBC Wealth Management for UBS, only to do an about face less than three months later and rejoin his former firm. Cerulli Associates research shows that affluent investors are asking advisors for more guidance while also asserting more control over their investments. And Raymond James had an in-person conference for its top producers. Scroll through to find what you might have missed this week in financial planning news.

Affluent investors are seeking more guidance from financial advisors while also asserting more control over their portfolios, according to new research from Cerulli Associates. The proportion of affluent investors who consider themselves predominantly reliant on an advisor rose from 37% in 2015 to 42% in 2021. Over the same period, use of self-directed nearly doubled from 35% to 69%. Investors in their 40s are the most likely to have self-managed accounts, meaning it’s up to advisors to show this cohort how additional service can benefit them moving forward towards retirement.

Giant RIA consolidator Creative Planning made its biggest deal ever, securing an agreement to acquire the retirement practice of Lockton, which spans 1,500 clients with more than $110 billion in assets under advisement. The deal of an undisclosed amount is expected to close by the end of the year. Lockton, a global insurance brokerage with 8,000 associates and, like Creative Planning, operating from headquarters in the Kansas City area, will receive an equity position in the RIA consolidator as part of the deal. After receiving its first infusion of private equity capital last year from General Atlantic, Creative Planning topped $100 billion in client assets. The companies are calling their new partnership, “Lockton Retirement Services, an Offering of Creative Planning.” The partnership “will help our clients create more value for their people through personal retirement, estate planning, legal, tax and other advice resources, which they would otherwise not have access to,” Creative Planning CEO Peter Mallouk said in a statement. “It also broadens the range of organizational advisory services available to them.”

RIA aggregator Wealthspire Advisors, which is owned by the private equity-backed insurance firm NFP, will add its first major location on the West Coast after reaching an agreement to acquire Private Ocean. The San Rafael, California-based RIA has $2.7 billion in client assets. Upon completion of the acquisition and another incoming billion-dollar practice, Wealthspire will top $17 billion in client assets across 18 offices. “We both share the highest fiduciary standards and philosophy on client service, enabling us to remain true to our commitment to deliver personal and powerful wealth management to our clients,” Private Ocean CEO Greg Friedman said in a statement. “Our team is honored to join Wealthspire and embrace the opportunity to continue to serve our clients supported by deeper and broader resources.”

Financial advisors Bill Roland, Jim Westermeyer, Ashley Sawyer and Mike Lemas, along with four support staff members, left Lincoln Financial Advisors for LPL Financial and office of supervisory jurisdiction The Financial Services Network. Their practice, Clearview Wealth Partners, operates from offices in Scottsdale, Arizona, as well as Petaluma and Pleasanton, California. Clearview managed about $500 million in client assets with its prior broker-dealer. “We are excited to move to a fully independent platform with LPL’s robust digital technology, combined with The Network’s local support and additional resources,” Roland said in a statement. “We believe our clients will benefit from an enhanced experience right out of the gate with a single portal to access account information, along with full transparency.”

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

Carson Group picked up its second new incoming executive in roughly the past month from a wealth manager that has its headquarters just outside the location of Carson’s headquarters in Omaha, Nebraska. The hybrid RIA and office of supervisory jurisdiction hired Liz Fishbaugh, the former director of business development with Advisor Group firm Securities America’s Arbor Point Advisors, to be Carson’s vice president of strategic growth. It comes about four weeks after Carson

tapped

Gregg Johnson, the former top recruiting executive at Securities America and Advisors Group, to be its national sales director. During Fishbaugh’s five years with Arbor Point, a multicustodial corporate RIA for Securities America, the firm expanded to more than $10 billion in assets under management from only $900 million. In addition, she had earlier tenures with Gemini Fund Services and Orion Advisor Services. In her new role, she’ll lead Carson’s growth and report to Aaron Schaben, the president of the firm. "Liz understands advisors and what they need to unleash their full potential," Schaben said in a statement. "As we continue to expand our offerings and look to serve a broader market, her deep knowledge of the space and her passion for the work advisors do will be a game changer.”

After less than three months with rival firm UBS, financial advisor Christopher Andreach moved back to RBC Wealth Management. The 27-year industry veteran’s Florham Park, New Jersey-based team managed about $500 million with its prior firm. Andreach had spent 17 years with RBC before jumping to UBS in early September, according to FINRA BrokerCheck. “It took leaving to realize that the grass truly is greener at RBC Wealth Management,” Andreach said in a statement. “The firm’s local and national leadership is approachable, accessible and supportive of their advisors, and I am confident that RBC Wealth Management is the best place for my clients and my practice.” RBC has more than 2,100 advisors managing $528 billion in client assets.

Father-son team Claud and Taylor Gobble dropped Wells Fargo Advisors to join Stifel Financial’s branch in Las Cruces, New Mexico. The two managed $325 million in client assets with their prior firm. They report to Bob Johnson, Stifel’s managing director for its southwest region, which has now added 23 financial advisors with more than $4.8 billion in client assets through recruiting this year. “The Gobble Financial Group is one of the most successful teams in the Las Cruces market, and we’re excited to welcome them to Stifel as we expand our franchise in New Mexico,” Johnson said in a statement.

Raymond James & Associates held its first major conference open to in-person attendees since the beginning of the pandemic — the Fall Development Conference in Orlando. Earlier this month, the advisors with the highest levels of production across the country gathered for a three-day conference with the theme of “Gather + Reconnect.” The event featured panels on practice management and investing trends, appearances by top executives from Raymond James and networking among the firm’s advisors. “During this pandemic, we have had to overcome many trials and tribulations in our own personal lives while also helping to navigate these challenges for our clients,” Raymond James & Associates CEO Tash Elwyn said in a statement. “Our advisors rose to the occasion, providing the same level of client-first service excellence that we’ve always championed.”

EP Wealth Advisors, an RIA that received a minority investment in 2017 from financial services holding company Wealth Partners Capital Group, made its 19th acquisition in the past five years. The firm acquired Mt. Vernon and Friday Harbor, Washington-based Sound Financial Planning, an RIA that has $103 million in assets under management. The incoming team includes Sound founder William “Bill” Morrissey, Vice President Tammy Prouty and client service specialist Sheryl Jakel. The transaction of an undisclosed amount closed on Nov. 19. “I am thrilled to be able to extend to our clients the deep resources and talent that EP Wealth has to offer while maintaining the philosophy and values that we uphold,” Morrissey said in a statement. “We could not have found a better partner than EP and are excited to begin this journey.”