News

At least eight deals were announced in the RIA space this week, along with five key hires.

Stratos has taken a majority stake in one of its existing firms, San Diego-based BWM Financial, to seed the new division. Stratos Private Wealth will provide a branded, single experience for UHNW and HNW clients.

The transaction means immediate financial relief, allowing CI Financial to pay down some of the debt it accumulated when it acquired dozens of wealth management offices across the US.

Frank Holding Jr. and his extended family have seen the value of their stake double to about $2.2 billion after buying Silicon Valley Bank’s assets out of bankruptcy.

A lot can be learned listening to clients’ experiences with financial advisors—good and bad. We talked to Mahesh Eswar of Princeton, N.J., an executive at a tech consulting company.

The firm joins others in the industry, including FMG Suite, Morgan Stanley Wealth Management, Hearsay Systems, Morningstar and Nitrogen, to embrace generative artificial intelligence.

The settlement is bigger than the sum that Smith Barney paid decades ago, more than $100 million, to end what was known as the Boom-Boom Room suit, which had accused the firm of harassment and discrimination.

Cresset has combined with TRUE Capital Management, a San Francisco-based RIA managing $1.7 billion on behalf of high-profile clients in the sports and entertainment industries.