RIAs

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.

In light of looming changes in industry regulations and advances in current technology, advisors need to act now when it comes to making data and document management electronic, Timothy Welsh of Nexus Strategy, said at FPA Experience in San Antonio on Sunday.