Portfolio

The products have already attracted $1.3 billion in new assets this year, more than half what they took in during 2018.

The deal combines two giants: the leading financial planning provider by market share with the leading TAMP by client assets.

The products invest in private equity, hedge funds and real estate for the bank’s wealth management arm.

The sector has seen an inflow surge in recent months as Treasury yields continue to fall.

The transaction means the TAMP will own software that serves tens of thousands of financial advisors.

The losing firms? Morgan Stanley and Wells Fargo.

The value custodians offer RIAs is not going away any time soon, but it is has changed.

A seller’s market means firms will need to adjust pay-raise budgets for 2019. They may also need to increase salary offers to attract the best workers.

It’s not just clients in high-tax states buying up muni bonds.

Alternative asset managers are under pressure to broaden their offerings as institutional investors seek to make big allocations to fewer firms.