The Wire

July 14, 2014

HighTower Gets $100 Million Loan

HighTower Advisors has received a $100 million credit line from two banks as it looks to boost recruiting and build out its newer offerings, including its Alliance platform.

The firm, which until this point had secured funds — around $165 million — only through venture capital or offering equity, received the credit line from BMO Harris Bank and PNC Bank.

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July 1, 2014

Asset Growth is a Good Sign for RIAs

"A year ago in our prior RIA survey cover story, we spoke about the profession possibly entering a golden age where numerous stars were aligned in its favor,

including the ascendency of the fee-based model, the increasing attractiveness of going independent and the greater awareness of fiduciary responsibility among the investing public."

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June 26, 2014

Time to take a fresh look at how much you charge clients

“Should there be a pricing paradigm change in private wealth management? The model for delivering advice in the private wealth space has seen tremendous change this century. The expansion in the independent channels has been quite acute, with asset growth, technology advances and the advent of delivering tailored client experiences being some of the most meaningful changes.

Despite the different ways advice is being delivered, few firms have taken a fresh look at how they charge for it. Since I starting working in the private wealth space, the pricing model for registered investment advisers has — shockingly — seen virtually no change.

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June 24, 2014

Klingman & Associates Hires Industry Veteran, Michael Paley, as COO

Klingman & Associates, a leading independent wealth management firm, announced today the addition of Michael Paley to the company as its Chief Operating Officer.

An almost 8 year veteran of the wealth management industry, Mr. Paley will be the firm's first ever Chief Operating Officer. This strategic hire demonstrates Klingman's ongoing commitment to not only enhance the capabilities it offers to clients but also expand the business to new clients and advisors.

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June 13, 2014

Ameriprise Makes its Move Upmarket

Ameriprise Financial is offering 150% of an advisor’s last 12 months of revenue as its base recruiting bid in an attempt to zap its recruiting efforts back from the dead, according to a Reuters article published Thursday.

The Minneapolis-based giant has had lackluster recruiting results, according to a Reuters database where it tracks firms’ numbers. The decision to jack to 150% from 120% an advisor’s last 12-months of revenues — 25% — in a public bid for advised assets was revealed in a recent call with analysts and recruiters. The new bid applies to advisors who bring in $830,000 or more of revenue. It would also pay signing bonuses of 150% for so-called “second quintile” brokers who bring in $585,000 in revenue, according to the Reuters report.

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June 1, 2014

Calm before the RIA storm

“Many fee-only registered investment advisory firms are sitting pretty after strong growth in 2013, when rising markets perked performance across the board. But don't get too comfortable, industry experts warn.

“One of the dangers of a year like last year is that it can cause you to be a little complacent,” said Scott Hanson, a founding principal of the Hanson McClain Group, an RIA with about $2 billion in assets. “This may be the quiet before a storm.”

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