The deals come as millions of baby boomers enter retirement.

While small deals are likely, CEO James Gorman said he’d be reluctant to take on a large-scale acquisition

The Labor Department issued guidance Wednesday effectively allowing retirement plans to invest in buyout firms.

The acquisition, set to close later this year, will create a behemoth among custodians.

The pandemic is prompting financial advisors to use video messages, webinars and even board games to connect with clients and prospects, Hightower Chief Marketing Officer Abby Salameh says in an episode of Financial Planning’s Podcast.

More than 300 reps have switched BDs so far this year, with LPL and Cambridge Investment Research completing the two largest grabs.

While CEO Jamie Price says tech capabilities rather than cost savings prompted the decision, he acknowledges the need to win over the reps who are now set to change firms.

The alternative investing platform will service a total of $55 billion in client assets across 650 funds once the deal for its rival fintech closes.

Approximately 450 RIAs custody with Folio, which has $11 billion in assets.

Charles Schwab and other firms have swooped in to absorb the thematic investing company’s remains, even as the reasons for its demise are murky.