RIA News

Focus Financial shareholders voted overwhelmingly to approve a take-private sale to private equity firm CD&R but were less enthusiastic about executive compensation.

Beyond Hightower's expansion, no less than five other deals were announced this week along with a handful of RIA executive moves.

Carolyn Armitage, who ran Thrivent's independent advisor platform, was laid off, in addition to four other executives on her team. The firm is also halting recruiting new advisors to its RIA.

Executives say the funding will fuel the next stage of growth for PCIA, which has already expanded assets by some 700% since early 2018.

The Texas-based firm doubles Captrust’s tax division while strengthening ultra-high-net-worth and family office services.

Yet, average assets per deal is on track to hit the second-highest level ever recorded by Echelon.

Mercer Global Advisors picked up two more firms with more than half a billion in combined assets, while Robertson Stephens, WEG, NewEdge Wealth, Hub International, Kestra, and RFG all announced new additions this week.

A Focus shareholder filed a lawsuit against the company late last month, claiming its proxy statements were misleading. Focus filed a supplement to the proxy, and says the shareholder will drop the complaint.

Cerity has acquired a New York City–based firm with experience serving private equity, hedge fund and venture capital partners.

Advisors who said they don't have enough time with their clients spend an average 41% more time every month than peers on compliance, administrative and other 'non-value-added' tasks, according to a new J.D. Power survey.