Revenue at the wealth unit of Goldman Sachs, which includes the old United Capital, rose 7% year over year to $1.1 billion, while assets under management rose by $49 billion sequentially to $558 billion.
Wells Fargo's wealth unit reported net income of $180 million during the second quarter, down 70% year over year and 61% sequentially, as advisor head count continues to shrink.
While the country slowly emerges from lockdown, the RIA continues to make a series of acquisitions on its way to becoming 'the Mayo Clinic of Wealth Management.'
A recent study by J.D. Power found that unless 401(k) plan providers improve customer satisfaction quickly, they may end up losing large numbers of clients.
John Peluso, head of First Clearing, the Wells-owned custody platform for fully independent RIAs, told WealthManagement.com that the new channel counts 13 ex-Wells teams and has started to look externally.
Creative Planning CEO Peter Mallouk opened up recently on his latest acquisition, where it fit, the firm's approach to M&A, and plans to re-up on his TV marketing strategy.
