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The new firm Homestead Wealth Management will be based out of Glendale, Ariz. The two advisors have about $150 million in advisory and brokerage assets under management.
The SEC alleges CapWealth failed to disclose lower-cost share class options to its clients. But the RIA's founder calls the complaint "a shameful exercise and an abuse of power.”
The Labor Department's final rule creating an exemption for fiduciaries on certain prohibited transactions under ERISA will go into effect after the start of the new administration.
While the structure is appealing, RIA sellers often focus more on who the partner is going to be and what they bring to the table in terms of peer groups and resources. With a SPAC, a lot of those are unknown.