Schwab, Ameriprise, LPL Financial, inclusive leadership program and a new $1 billion firm

August 20, 2021 3:52 PM

Strategic Blueprint, a corporate RIA of SFA Partners, topped $1 billion in assets under management. Orion Advisor Solutions is allowing advisors who do pro bono work to use its Orion Planning tool for free. And Schwab is giving scholarships to improve diversity, equity and inclusion. Scroll through for a look at what happened this week in the world of financial advice.

Financial advisor Jason Williams left BB&T Securities for Ameriprise’s independent channel following the merger into Truist by his prior firm, where he managed almost $200 million in client assets. Williams’ Winchester, Virginia-based practice aligned with The Myrias Group under Ameriprise private wealth advisor John Everson. Williams also reports to Field Vice President Athena McGuire. “The decision to move firms after 27 years is all about finding the best home for my clients,” Williams said in a statement. “I was looking for an independent firm that offered the depth and breadth of solutions my clients need.” The practice’s new enterprise, Myrias Group, spans five offices and $850 million in client assets.

Linsco, the employee affiliation arm of LPL Financial, added breakaway advisors Tracy Applewhite and Sean Tyll from Wells Fargo Advisors. The Richmond, Virginia-based team managed $185 million in client assets with its prior firm. “What LPL offers with Linsco is really exciting,” Applewhite said in a statement. “We own our practice, but we do not have to worry about the operations side of the practice.

Fiduciary software firm Orion Advisor Solutions is supporting advisors who volunteer their time by offering Orion Planning free to all planners serving pro bono clients, regardless of whether the practices already use Orion’s services. The planning software includes budgeting tools, debt management, goals-based solutions and clear next steps to provide to clients. “Pro bono clients have very different needs that traditional wealthtech tools often struggle to address,” Brian Morgan, Orion’s product director for financial planning, said in a statement. “Advisors who volunteer their time quickly discover how much they have to offer, and Orion Planning’s focus on immediate value and an engaging client experience makes it ideally suited for pro bono work.”

Montclair, New Jersey-based Evoke Wealth Management launched its newly independent firm with Kestra Private Wealth Services. Partners Athishay Gangadharan, Craig Petrassi and Howard Reizun joined Kestra PWS after spending decades with TIAA, where they worked with institutional and retail clients, and managed a combined $3.5 billion in assets. “We had been considering the independent channel for some time,” Gangadharan said in a statement. “By going independent, we now have access to many new tools and platform options that we will be able to offer our clients.”

Schwab Advisor Services and the Charles Schwab Foundation

unveiled

the first ever recipients of the RIA Talent Advantage Student Scholarship. RIA firm leaders serving on the new Diversity, Equity & Inclusion (DEI) Advocacy Board picked 12 students who will receive scholarships for $10,000 to use this year and an advisor mentor to support their entrances to the profession. “The scholarship was created to remove financial barriers, promote diversity and open doors within the RIA industry for future talent,” Leslie Tabor, director of business consulting and education for Schwab Advisor Services, said in a statement. “After reviewing the applications, we are excited about the future of our industry and the passion and drive to do what’s best for clients that these young people will bring with them.”

Financial advisors Charles and Adrian Dodds and Financial Planning and Operations Analyst Tarah McKenzie of Dodds Wealth Management Group left Raymond James & Associates for Commonwealth Financial Network. The El Paso, Texas-based team managed $122 million in client assets with its prior firm. “We socialize with a lot of our clients. We see everybody around. We’re well known in the community,” Charles Dodds said in a statement. “Partnering with Commonwealth will allow us to help the clients we want to help, the way we want to help them.”

A corporate RIA affiliate of the midsize independent broker-dealer SFA Partners, Strategic Blueprint, has topped $1 billion in assets under management. AUM soared by 367% since the beginning of 2019, according to the firm. The RIA spans 14 offices with 38 advisors. “While this is no doubt an important achievement for the firm, we are confident that other, similar milestones are in store for the future,” David Pittman, executive vice president of Strategic Blueprint said in a statement. “The challenges to being an independent business owner in this space are as great as ever.”

FPA and the Latino Leadership Institute are teaming to provide members with the institute’s “Insight to Inclusive Leadership” program. The course consists of six virtual 90-minute modules focusing on neuroscience, self-awareness and forming deep connections among participants. FPA and the institute will host an introductory session on Sept. 8 at 2 p.m. Eastern, and the initial cohort for the course will be capped at 30 participants. “FPA is committed to helping make our Association — and the greater financial planning community — more inclusive of professionals of diverse backgrounds. But that means all of us as individual professionals need to know what we can do to be part of that important work,” FPA President Skip Schweiss said in a statement. “We are thrilled to have this opportunity to partner with our friends at LLI to bring their unique badge program to the financial planning community, which is open to all financial planners of all backgrounds.”

Mother-daughter team Cynthia Hansen and Client Associate Elyse Martinez, as well as Senior Investment Associate Brenda Kochevar, left UBS for RBC Wealth Management. The Denver-based team managed $215 million in client assets with its prior firm. “RBC is the best place for us to grow and evolve our practice over time,” Hansen said in a statement. “The firm embraces and cultivates an entrepreneurial, client-first culture and has all the capabilities and resources we need to serve our clients.”

Allianz Life Insurance and Morningstar Investment Management launched a collaboration enabling individual clients using the Morningstar Retirement Manager to buy the issuer’s annuity products through their 401(k) plans. The Allianz Lifetime Income+Annuity with the Lifetime Income Benefit is the first product the issuer will make available through the new strategic partnership. “Morningstar Investment Management is an established leader in retirement services that will help us reach many more people seeking guaranteed income options as part of their retirement plan,” Matt Gray, head of employer markets for Allianz Life, said in a statement. “Through Morningstar Retirement Manager, individuals receive recommendations to help ensure that they are allocating the right amount of their investable assets to guaranteed income at the right time for what could likely be a lengthy retirement.”

Financial data aggregator Plaid attracted new funding this week from J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures. The investment joins the $425 million series D round Plaid announced in April, though terms of the additional funds were not disclosed. Plaid co-founder and CEO Zach Perret says the new funding will accelerate the development of new products that enable an open and secure financial services ecosystem.