Industry

A survivor of the Wall Street brokerage culture of the 1990s, the Ellevest co-founder said success in financial services today is found in diversity and collaboration.

A year after announcing it would leave Raymond James and restructure from an OSJ to a hybrid, multi-custodial RIA, Concurrent says it recruited more than $1 billion in assets and added Schwab as a custodian.

New new assets gathered in the wealth management division were down 60% sequentially, but CEO James Gorman said these numbers tend to bounce around.

Beacon Pointe is looking to the wirehouses to bring over talent and assets at lower multiples.

Merrill added about 33,500 net new client relationships year-to-date, according to the firm's third quarter earnings. Wells Fargo also announced earnings this week, with mixed results for its wealth management business.

“By selling United Capital and by selling PFM … it allows us to take the resources and the investment we might’ve geared toward growing that and add it to our investment in ultra-high-net-worth growth,” said Goldman CEO David Solomon.

The new Fidelity Independence Hub offers information and tools for advisors thinking about striking out on their own.