A new white paper by BNY Mellon's Pershing Advisor Solutions walks advisors through the growth stages of a firm, including when to hire the first support advisor. One-advisor firms can only get so big until they need to hire a support advisor to enable further growth. Depending on the firm, one might find the need for a supporting advisor with as little as $41 million in client assets, Pershing says. Supporting advisors should carry some of the weight of existing client relationships and take on greater responsibility over time.
Genpact announced plans to acquire Rage Frameworks, a technology firm that provides automation tools and artificial intelligence for financial advisors. In a statement, Genpact said it will embed Rage’s AI in business operations to allow clients to generate insights and drive decisions at a scale and speed not possible by humans. Genpact plans to expand Rage’s offering to clients not only in financial services, but in insurance, consumer packaged goods, life sciences, industrial engineering and high tech industries. "In this time of unprecedented change, clients are looking for a different kind of partner—one that is able to combine the latest technological advances and real-world domain expertise with a deep understanding of their business to create meaningful transformation,” said Genpact CEO and president NV Tyagarajan. “The addition of Rage enhances our ability to do that and to drive digital-led innovation at scale." Terms of the deal were not disclosed.
LPL Financial has added Bell Bank, a Fargo, N.D.-based regional bank with about $780 million in advisory and brokerage assets and 12 advisors, to its institution services platform. Bell Bank claims to be the largest independently-owned bank in the upper Midwest area. “LPL’s stability within a consolidating marketplace provides Bell Bank the ability to focus on serving their clients’ needs and growing their program. To date, they have built a very impressive program and going forward they have a growth strategy in place around acquisitions, recruiting and overall organic growth,” said Craig Kamis, LPL executive vice president, institutional business development. LPL currently serves over 700 banks and credit unions through its institution services platform.