The Sanctuary Wealth founder and CEO shares his firm's plans for the New York office, the Azimut investment, the possibility of adding Goldman Sachs as a custodian and international opportunities.
'We kind of think we’re creating—and not to be arrogant about it—but a new mousetrap,' said CEO James Gorman. 'You’ve got three legitimate channels pouring assets into the house.'
A senior Merrill Lynch executive said the bank expects single-digit growth in headcount as it focuses on its advisor training and development programs.
While the brokerage's headcount keeps dropping, those that stay at the firm are becoming more productive and raking in additional client assets.
The deal with Oakwood Capital Management represents Wealth Enhancement Group’s second acquisition in Southern California, adding five advisors and $1.04 billion in client assets.
Independent broker/dealers are expanding their affiliation models, with many following advisors into the fee-only RIA space—does it signal the end of the IBD as we know it?
Melville, N.Y.–based Keith Ryan, a former UBS advisor with $140 million in client assets, is the first to join under Commonwealth’s new pricing model for breakaway advisors.
The deal represents a continuation of Stratos' acquisition strategy, which is to take nonvoting minority interests in RIAs and offer them the same infrastructure that's available to its affiliated advisors.
