The recruitment tool and marketplace for buyers and sellers of wealth management firms also plans to connect investors with advisors this year.

The firm, founded by one of Wall Street's gay female pioneers, is recognized for its advocacy, inclusion and diversity.

The RIA makes its first purchase, but it's not in the Northeast or the South.

The FTC and SoFi resolved a government complaint, issued in October, around the firm's student loan advertising.

For now an IPO is off the table, but Warburg continues expanding its U.S. wealth management presence.

Bank of America will also drop the U.S. Trust name from its private bank.

Ben Brigeman, nonexecutive chairman of the board of directors, will take over as interim CEO, according to sources close to the firm.

The firm will maintain its New York office, and employees will continue to operate out of Chicago and San Francisco.

The leading potential heirs to the fashion icon's £150 million fortune include a child model and his cat, Choupette.