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Why Living By Your Values is the Key to Happiness
In a world obsessed with materialism, status updates, filters, and likes, it’s easy to lose sight of what truly matters. We chase after superficial goals, trying to keep up with the Joneses, all while ignoring the quiet, nagging feeling inside that something is missing. The secret to a fulfilling life isn’t found in the latest gadget or the number of followers you have. It’s found in living by your values. First things first: what the hell are values?
3 Worldbuilding Lessons From Wake The Tiger — WXO
Risk taking and gut feeling are a huge part of business, especially for an entrepreneur. And when you’re not only building a product, but building an entire world, that determination to succeed is crucial if you’re not only going to convince yourself that it’s a good idea, but bring others along with you, too. Graham Macvoy is Co-Founder and Managing Director at Wake The Tiger, the world’s first “amazement park” in Bristol, UK.
Shirl Penney Eyes Independence Day for Dynasty’s $100B Milestone Original
News November 15, 2023 at 01:45 PM Share & Print Shirl Penney hopes next Fourth of July will mark a significant milestone in the history of independent financial advisors. That’s the date the Dynasty Financial Partners founder and CEO has penciled as a conservative target for reaching $100 billion in assets.
Finding Fulfillment: Identify Your Values and Live By Them
In life, it’s easy to go through the motions without much direction or purpose. You might follow the latest trends, do what’s expected, or pursue goals without really knowing why. But in order to live a truly fulfilling life, you need to know what matters most to you – your Core Values. Identifying and living by your values provides meaning and acts as an internal compass to guide you. Values are your personal principles and beliefs that you find meaningful.
Creative Planning Buys Mesirow's $13B Corporate Retirement Team
“Joining Creative Planning allows us to deliver a new set of products, solutions and technologies to our current and future clients, and we’re excited to be part of one of the largest independent RIAs in the country,” he added. Overland Park, Kansas-based Creative Planning’s assets topped $245 billion as of July 1. Earlier this month, it acquired Kistler-Tiffany Advisors of Berwyn, Pennsylvania, which has seven financial advisors and $1.38 billion of assets under management.
Creative Planning Buys Mesirow's $13B Corporate Retirement Team
October 31, 2023 at 03:59 PM Share & Print RIA Creative Planning says it has bought a corporate retirement advisory team from Mesirow that works with over 350 plans with roughly $13 billion in assets. Creative Planning’s Retirement Services Practice now services about $137 billion in assets under advisement. The Mesirow team’s “commitment to tailoring financial solutions while championing social responsibility aligns perfectly with our values,” according to Creative Planning CEO Peter Mallouk.
Focus Financial’s Adolf to Retire Original
News October 23, 2023 at 12:09 PM Share & Print Focus Financial Partners says that founder and CEO Rudy Adolf has passed the reins on an interim basis to Dan Glaser, an operating partner with Clayton, Dubilier & Rice — the private investment firm that bought Focus for $7 billion in August. Focus Financial’s board has started its search for a new leader, with Adolf set to fully retire at year-end. Adolf founded the RIA aggregator in 2004 and took it public in 2018.
Commonwealth to Open, Hire Staff for New Home Office
What You Need to Know The expansion comes as other big firms close offices and conduct layoffs. Commonwealth also says its will roll out upgrades to help advisors with high-net-worth clients, M&A and equity funding. Commonwealth Financial Network plans to hire staff for and open a new corporate headquarters in Cincinnati by June 30, according to Wayne Bloom, CEO of the hybrid registered investment advisor and independent broker-dealer.
Schwab Warns of Revenue Drop, Cost Bump
News October 16, 2023 at 02:09 PM Share & Print Charles Schwab executives said the firm’s full-year revenue could be 8%-9% lower in 2023 than in 2022 “utilizing the recent September Fed Dot Plot and factoring in recent market dynamics,” according to an earnings presentation Monday. Plus, Schwab’s expenses could grow about 9% overall, or 6% on an adjusted basis. Its third-quarter revenues were $4.61 billion, down 16% from the prior year and just shy of analysts’ expectations.
$1.9B Advisor Team Leaves Morgan Stanley to Launch RIA Original
News October 10, 2023 at 02:43 PM Share & Print An advisor team in Vero Beach, Florida, that managed $11.5 million in client assets with Morgan Stanley has broken away from the wirehouse to launch a registered investment advisor with tru Independence. Morgan Stanley declined to comment on losing the advisor team. SpirePoint selected Goldman Sachs Advisor Solutions as its custodian.
Why Jamie Hopkins Left Carson Group, and What’s Next Original
Now that Jamie Hopkins has started a new job, he needs to drive only a mile and a half to get to his office. That was a big drawing point for the former managing partner at Carson Group, who traveled extensively for work and was immensely attracted to the idea of working closer to home and family in Pennsylvania. At the national Carson Group, “my life was, kind of: Go to a partner firm, go to a conference, go to Omaha [Carson headquarters]. Repeat.
Hightower Cuts About 5% of Staff in ‘Ongoing Strategic Realignment’ Original
News October 04, 2023 at 03:08 PM Share & Print In Hightower’s case, about 5% of the Chicago-based registered investment advisor’s staff are affected, a company spokesperson said Wednesday. The layoffs were “across the corporate organization” but “not advisors,” and there were no changes among the firm’s executives as part of these “recent internal adjustments,” according to the spokesperson.
XYPN Considers Launch of Corporate RIA
Kitces explained: “Most corporate RIA platforms are built around AUM models. They charge basis points for providing the service.
XYPN Considers Launch of Corporate RIA
What You Need to Know Some advisors who would rather focus on financial planning and let somebody else deal with operations, Alan Moore and Michael Kitces say. Another factor is that some states have gotten overly aggressive in how they regulate financial advisors. XYPN intends to make a decision this year and, if it goes forward, start offering a corporate RIA option in early 2024.
How Joe Duran Plans to Boost RIAs' Growth
What You Need to Know His new venture, Rise Growth Partners, will start with a small group of firms in 2024. Rise will support RIAs with $1 billion to $5 billion in AUM in becoming national RIAs and facilitate deals, Duran said. Duran stepped down as a partner at Goldman earlier this year; the bank recently sold the former United Capital business to Creative Plannng.
How Joe Duran Plans to Boost RIAs' Growth
During “fireside chats” with potential investment partners, Rise is trying to make sure its strategy is one they would be interested in and then “also making sure there is a cultural fit with our team,” he explained. “A lot of the firms we’re speaking to want to get into the wealth category, are really uncomfortable with evaluations for those platform firms, and really like the idea of a diversified portfolio of high-growth, emerging RIAs. But it’s not for everyone,” he conceded.
Schwab Continues to Lose TD Advisory Assets
In its latest monthly update, Charles Schwab said that assets previously held at TD Ameritrade continue to leave the firm. Most of these deal-related outflows are tied to “Ameritrade RIA clients, including a select number of relationships that did not meet our criteria for an ongoing service relationship,” Chief Financial Officer Peter Crawford said early Friday.
Schwab Continues to Lose TD Advisory Assets
The firm’s stock (ticker SCHW) fell about 2% to $57.75 in pre-market trading Friday as of 9:22 a.m. in New York. Its shares are down about 27% year to date. Schwab’s shares lost about one-third of their value in March when three U.S. banks — First Republic, Signature and Silicon Valley Bank — collapsed. In August, Schwab said it planned to trim its workforce, services and office locations to lower its yearly operating expenses by some $500 million a year.
Dynasty Names Industry Veteran Its First Vice Chairman
Andrew Marsh’s appointment was one of several executive changes Dynasty announced Thursday. Dynasty Financial Partners has named Andrew Marsh its first vice chairman after he was appointed the firm’s first executive in residence in April. The appointment was one of several executive changes Dynasty announced Thursday.
Joe Duran Unveils New Venture Original
News September 12, 2023 at 03:21 PM Share & Print Former United Capital founder and CEO Joe Duran confirmed at the Future Proof conference in Huntington Beach, California, on Monday that he plans to make his return to the registered investment advisor sector soon with a company looking to take minority stakes in RIAs, as reported in August. That new venture’s name is Rise Growth Partners and it will launch in 2024, Duran said Monday.
Jamie Hopkins to Exit Carson Group
News September 12, 2023 at 11:53 AM Share & Print Jamie Hopkins is stepping down as Carson Group managing partner of wealth solutions at the end of September to join a local firm closer to home in October, where he will be able to spend more time with family and less time traveling, he told ThinkAdvisor on Tuesday morning. Hopkins, who declined to name the firm, lives in Pennsylvania. Hopkins joined Carson Group, which is based in Omaha, Nebraska, as director of retirement research in 2019.
Jamie Hopkins to Exit Carson Group
When he joined Carson Group in 2019, he was working as a professor of retirement planning, insurance law and estate planning at The American College of Financial Services. In January 2019, the same month Hopkins joined Carson Group, he became a part-time finance professor at Creighton University’s Heider College of Business. It was not immediately clear on Tuesday if Hopkins will continue teaching. Carson Group declined to provide additional details.
Here’s Why RIAs Should Add Banking Services: Flourish CEO
Independent registered investment advisors should offer products to defend against wirehouses and robo-advisors who are “looking to steal their clients by offering banking solutions to get a foothold,” says Max Lane, CEO of Flourish, a technology platform that is a subsidiary of MassMutual. RIAs are “facing stiff competition from wirehouses” who are “using their core banking products as lead generation into the wealth management division,” Lane contends.
Here’s Why RIAs Should Add Banking Services: Flourish CEO
Independent registered investment advisors should offer products to defend against wirehouses and robo-advisors who are “looking to steal their clients by offering banking solutions to get a foothold,” says Max Lane, CEO of Flourish, a technology platform that is a subsidiary of MassMutual. RIAs are “facing stiff competition from wirehouses” who are “using their core banking products as lead generation into the wealth management division,” Lane contends.
All Eyes on Schwab: 8 Things Experts Are Watching on TD Integration Weekend
As TD Ameritrade advisors and their clients’ accounts were about to move to the Charles Schwab platform as part of the long-planned conversion over the Labor Day weekend, a few industry experts told ThinkAdvisor they were keeping an eye out for any positive or ominous signs about whether the integration was running smoothly or not. Schwab has been moving accounts in groups since February. The transition to the Schwab platform scheduled for Labor Day Weekend, Sept.
Goldman to Sell Former United Capital Unit to Creative Planning
The business, formerly led by Joe Duran, oversees $29 billion in assets; it was purchased by Goldman for $750 million in 2019. Creative Planning has $240 billion in assets and is run by Peter Mallouk, who has also written several investing books. Last month, Creative Planning announced a custody deal with Goldman and is expected to expand on that partnership. Goldman Sachs Group Inc.
Last-Minute Steps for TD Advisors as Schwab Integration Closes In
We always knew it was high. No one wants to change custodians. It’s an absolute last-ditch, terrible thing to have to do voluntarily. The cost of switching to [another custodian] was so high that the vast majority of TD clients decided to stay put and work with Schwab. That’s a huge tell. And that’s a tell that, I think, for the next 10 years, we’ll be referencing back to that as newer custodians come to market. We had a huge reason to leave before the conversion and very few people did.
Joe Duran Plots a Return to RIA World
“Joe and his team will have more to share in the coming weeks,” at the Future Proof conference, Sept. 10-13 in Huntington Beach, California, the spokesman said. Siegert didn’t immediately respond to a request for comment. News of Duran’s plans comes as Goldman Sachs is considering the sale of the former RIA United Capital, which it acquired four years ago for $750 million.
Schwab Says TD Ameritrade Deal Leading to Retail, Advisory Attrition
Charles Schwab Corp. said it’s experiencing temporarily lower net flows of client money as the brokerage sees attrition of some retail and advisory clients’ assets while it integrates TD Ameritrade into its business. The company has stepped back from certain custodial relationships that Ameritrade had offered to institutional clients, Charles Schwab Chief Financial Officer Peter Crawford said in a statement Monday.
This Is Not the ‘Altruist’ You're Looking for: Michigan RIA Sues for Trademark Infringement
Altruist Financial Advisors LLC says it has owned the Altruist trademark since 2001. Its CEO, Eric Haas, says investor data and funds intended for the California-based investment platform have mistakenly landed at his firm. The California firm, Altruist Corp., says allegations of trademark infringement are without merit. A Michigan financial advisory firm that has filed a trademark lawsuit against investment platform Altruist Corp.
Goldman Scores Another Custodial Win With $2B RIA
After announcing the deal with Creative Planning, a GSAS spokesperson said: “We do not comment about assets custodied by specific business lines; however, our client assets are significant across the different wealth segments.” The spokesperson added: “The Goldman Sachs Advisor Solutions custody platform is a strategic focus area for Goldman Sachs, and we continue to invest resources into the growth of the business supporting independent advisors.” Said Burney chairman and president Lowell...
Dynasty Adds Ron Insana as Chief Market Strategist
Dynasty Financial Partners appointed Ron Insana to the new role of chief market strategist at the firm, a role in which he will serve as a spokesperson for the company on investment, economic and related topics, it said Wednesday. Insana will also join the Dynasty’s investment committee and the investment committees of Dynasty Network firms, as well as meet and share insights with financial advisors in Dynasty’s Network and their clients, the company said.
Avoid These Mistakes When Going Independent
Registered investment advisor tuck-ins are on the uptick, as many independent advisors seek to ambitiously expand from coast to coast. “The independent movement is now reaching a more mature state. A lot of CEOs of larger [RIA]s want to become wealth management boutiques and no longer one-office [shops]. They want a nationwide presence,” Caitlin Douglas, director of transition services at Dynasty Financial Partners, tells ThinkAdvisor in an interview.
Harris: End of the 88th draws near
This is the final stretch. In some ways it seems impossible that we are now down to the last week of the 88th legislative session. But with Sine Die in sight, these last few days are the crucial moments on some monumental bills. Last Friday, I voted for SB 17 which will put an end to Diversity, Equity and Inclusion practices at institutions of higher learning.
NY university fires 2 employees over pronouns in email signatures: report
A small college in Upstate New York, Houghton University, is under fire for terminating two employees over using pronouns in their work emails. Houghton University/Facebook Two staffers at a private Christian university in upstate New York were fired for using their pronouns in their work email, according to a report.
Harris: Working to Protect Texas Children
Last Friday night, the Texas House of Representatives passed Senate Bill 14 to stop the gender modification of children in the State of Texas. I felt a great relief after voting for this bill. I truly believe this is one more way to protect Texas’ greatest resource—our children. We postponed the vote following outbursts and protests as well as multiple amendment attempts to gut the bill. In the end, the will of the people of Texas prevailed.
COLUMN: Working to protect Texas children
Last Friday night, the Texas House of Representatives passed Senate Bill 14 to stop the gender modification of children in the State of Texas. I felt a great relief after voting for this bill. I truly believe this is one more way to protect Texas’ greatest resource—our children. We postponed the vote following outbursts and protests as well as multiple amendment attempts to gut the bill. In the end, the will of the people of Texas prevailed.
State Rep. Harris: Practical legislation improving lives
Another busy week in the House of Representatives meant the passage of several bills that will bring practical change to improve the lives of Texas citizens. My HB 3297 is this kind of legislation. Many states across the country have already eliminated mandates for vehicle inspections. They are both burdensome and unnecessary and why I was so pleased to see this bill pass to eliminate them for Texas.
Harris: Property tax reform
People are angry. Property owners across our district began receiving their most recent property appraisals and the soaring values have people angry, and rightfully so. Where does it end? Will you be able to afford to keep your home or commercial property? Calls continue to come into my office asking for solutions, answers, relief. First and foremost, appeal your appraised value with your local appraisal district. It is one step you can take to help alleviate some of the pressure in the short term.
COLUMN: Property Tax Reform: The Facts
People are angry. Property owners across our district began receiving their most recent property appraisals and the soaring values have people angry, and rightfully so. Where does it end? Will you be able to afford to keep your home or commercial property? Calls continue to come into my office asking for solutions, answers, relief. First and foremost, appeal your appraised value with your local appraisal district. It is one step you can take to help alleviate some of the pressure in the short term.
Bringing broadband to all Texans
Quality of life in the State of Texas is a significant reason for our continued success as a state and the reason so many continue to choose to make it home. For those of us who are natives, it is in our blood and we would never leave. Regardless of whether or not you chose to move to Texas or were blessed to be born here, I am always looking for ways to keep the quality of life high and improve upon it when possible.
Harris: Ensuring kids are protected from explicit materials
During last week’s Public Education Committee meeting we heard testimony and received over 2,000 public comments regarding House Bill 900, also known as the Restricting Explicit and Adult-Designated Educational Resources or READER Act. This crucial discussion lasted over six hours and I am grateful for the opportunity to coauthor this bill as an advocate for children and their families.
Harris: Ensuring kids are protected from explicit materials
During last week’s Public Education Committee meeting we heard testimony and received over 2,000 public comments regarding House Bill 900, also known as the Restricting Explicit and Adult-Designated Educational Resources or READER Act. This crucial discussion lasted over six hours and I am grateful for the opportunity to coauthor this bill as an advocate for children and their families.
State Rep Harris: Turning the tide at the border with HB 20
Your Texas legislators are standing in the gap where the Federal Government has failed once again. The announcement last week of House Bill 20 is but one more example. The crisis at the border is a national issue and I am proud to support HB 20 and the establishment of the Border Protection Unit. This initiative will change the dynamic at our Southern border and turn the tide on the ongoing wave of illegal immigrants.
State Rep. Harris: Turning the tide at the border with HB 20
Your Texas legislators are standing in the gap where the Federal Government has failed once again. The announcement last week of House Bill 20 is but one more example. The crisis at the border is a national issue and I am proud to support HB 20 and the establishment of the Border Protection Unit. This initiative will change the dynamic at our Southern border and turn the tide on the ongoing wave of illegal immigrants.
State Rep. Harris: Property tax relief act
When I’m out at a local football game or community event, people often approach me to talk about issues they want me to fix as a legislator. Based on the hundreds of interactions that I’ve had like this, the one issue that towers above the rest is skyrocketing property tax appraisals, which usually lead to higher property taxes owed by a property owner.
State Rep. Harris: Protecting and improving public education
When I’m out at a local football game or community event, people often approach me to talk about issues they want me to fix as a legislator. Based on the hundreds of interactions that I’ve had like this, the one issue that towers above the rest is skyrocketing property tax appraisals, which usually lead to higher property taxes owed by a property owner.
Commonwealth Rolls Out CPWA Designation Program for Wealth Advisors
Commonwealth Financial Network has created a “custom” Certified Private Wealth Advisor designation program for its network of affiliated advisors, it said Wednesday. The program “equips advisors with the tools and strategies to strengthen their expertise and support more high-net-worth” clients, the RIA and broker-dealer said. Commonwealth has partnered with Investments & Wealth Institute and Executive Education at the University of Chicago Booth School of Business on the new program.
That Big New Spending Package and Medicare: A Medicare Customer Question
What You Need to Know The Consolidated Appropriations Act of 2023 could have cut physician pay 4.5%. It did cut their pay 2%, starting this month. Some clients might wonder how that cut will affect their access to care. Just days before the new year, President Biden signed the $1.7 billion . This omnibus spending package included emergency assistance for Ukraine, academic medicine policy provisions, pandemic preparedness funding – as well as funding cuts that could affect Medicare beneficiaries.
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