RIAs

MLV & Co. Financial has struck a deal to buy a stake in an investment advisor in Connecticut and promises more acquisitions to come.

Kanaly Trust, a Houston wealth manager with approximately $2 billion in assets under management, announced it will be acquired by Lovell Minnick Partners, a private equity firm that provides buyout and growth capital to companies in the financial services industry.

Amid growing economic worries and a shift in investing strategy, advisors say they are bullish about their own firms' profits and assets under management.

Commonwealth Financial Network, the nation’s largest privately held independent broker-dealer, added Schluchter Investment Advisors, which manages more than $300 million in client assets.

National Advisors Trust, an RIA-owned trust company with over $7.5 billion in assets under administration, announced Tuesday that it hired that Joseph Morsman as senior vice president of institutional trust.

"In five years," Brian Holmes of Los Angeles-based Signature Estate and Investment Advisors predicted, "I expect that we'll manage more than $5 billion, with revenues over $30 million."

In a new strategic direction, Washington Wealth Management, a two-year old firm that has been growing on a tear by luring advisors from wirehouses, has joined LPL, bringing $750 million in assets under management to the country's largest independent broker-dealer.

On top of a $180 annual fee, the CFP Board's 67,000 members are also each paying a $145 surcharge for the promotional campaign, which includes advertising on NPR and in major consumer publications.

Wirehouses are set to lose 7% market share in the next three years, according to a report released Monday by Cerulli Associates. "These survey findings indicate a shifting advisor base between channels, with a lot of activity moving away from the wirehouse firms," Bing Waldert, director at Cerulli, said in a press release.

The Salentica Advisor Desk with the Schwab OpenView Gateway is a platform for independent investment advisors to access real-time information on their clients' financial holdings through the Salentica CRM solution.