![]() ![]() The duo managed $211 million in client assets with their prior firm, and Wade is branch manager of Stifel’s second office in the Nashville area. “We were very impressed with the breadth of resources we and our clients would be able to access, as well as the culture,” Wade said of their new employer.Īfter the 2019 Secure Act created pooled employer plans, a 401(k) vehicle enabling participants from different companies to join the same plan, financial services giants Principal Financial Group and Lockton Investment Advisors collaborated on a PEP called the (k)Praetorian Retirement Plan. With the Lockton arm serving as the 3(38) fiduciary and Principal acting as pooled plan provider, the strategic partnership has lined up “dozens” of employers with between $10 million and $300 million in assets under management that have either “adopted the plan or are looking to do so,” according to the firms. “We founded our administrative outsourcing practice to help clients manage the rapid retirement industry changes brought on by legislative and COVID impacts,” Mike Duckett, Lockton’s director of outsourced administrative responsibilities, said in a statement. “We’re thrilled to have so quickly delivered these new client solutions, especially in a marketplace that still struggles to understand the new status quo.”Ĭompleting what is likely going to be the largest move in the independent broker-dealer channel by far in 2020, LPL Financial migrated the assets and advisors of M&T Bank’s wealth management arm to its BD, RIA and custodial services. At $22 billion in client assets and 210 registered representatives moving into LPL’s Institution Services platform, M&T Bank’s retail brokerage and advisory unit surpasses even the massive group of 170 reps and $20 billion first announced by LPL last year. The firms moved $8 billion in brokerage assets and $3 billion in advisory AUM on June 12, with plans to onboard the remaining $8 billion during the next several months. “This agreement represents a significant milestone for M&T Bank in its mission to bridge the key gaps in consumers’ financial planning and help fulfill their important life goals,” Matt McAfee, the firm’s head of affluent markets, said in a statement. “We are excited to be working with LPL and to leverage its economies of scale and innovative technology, which is an essential component of our customized brokerage, advisory and insurance solutions.”Ī Philadelphia-area practice called Retirement Planning Specialists is dropping its RIA to use the corporate platform offered by midsize wealth manager LaSalle St. Led by 33-year industry veteran advisor Joe Sarappo, the practice manages $200 million in client assets. The company helps millions of people make better financial decisions while simultaneously enabling advisors to grow their business.” -Mark Johnson, Partner at TTV Capital.In addition to dropping its own RIA for LaSalle St.’s advisory entity, the practice is leaving its prior broker-dealer, APW Capital, for that of LaSalle St. by providing an incredibly valuable resource for both consumers and financial advisors alike. With this funding, SmartAsset plans to invest in improving the user and matching experiences for both consumers and financial advisors. “SmartAsset is quickly expanding its lead in one of the largest markets in the U.S. With this additional capital we are going to make further investments in building the web’s best personal finance resource and enhancing our ability to connect consumers to financial advisors across the U.S.” – Michael Carvin, Founder and CEO of SmartAsset. “Our mission is to help people get better financial advice. In addition, financial advisors and firms on its wealth management referral platform, SmartAdvisor, now generate $1.5 billion in new, closed assets under management (AUM) per month. Since raising its Series C in June of 2018, SmartAsset has grown revenue by 10 times and is on the cusp of $100 million in annual recurring revenue (ARR). SmartAsset reaches more than 100 million people each month through its personal finance content, custom tools and personalized calculators. The financing round was led by existing investor TTV Capital with participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures. Smartasset SmartAsset raises $110 millionĪnnounced that it has closed a $110 million Series D round, valuing the company at over $1 billion. ![]()
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