Primerica is also planning an initial public offering, in which Warburg has reserved the right to invest an additional $100 million, in which case its stake would rise to 30%.
The question ties into so many of the factors that distinguish large and small firms, various client niches and decisions about whether or not to hire staff.
Along with bringing in new households and assets, the Bank of America wealth management units are turning to loans, alternative assets and other offerings to do more with existing clients.
The largest wirehouse also reported a record quarter for wealth management revenues built on strong asset inflows in the third quarter.
Allowing artificial intelligence to make investment management decisions poses an organizational threat, according to the majority of advisors in Financial Planning's AI Readiness Survey.
Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.
After a steep decline last quarter, Citi's wealth division rebounded in the third quarter with a record level of net new investment assets.
