J.P. Morgan, LPL Financial, Stifel, plus augmented reality education, NASAA rule commenting and more

October 8, 2021 6:00 AM

RIAs were consolidated and advisor teams shuffled amongst firms, with Wealthspire and Janney making significant noise. FINRA gave its highest honor to a financial education consultant working with Native American tribes, Envestnet will help customers choose health insurance, the North American Securities Administrators Association wants your input on rules that would make it difficult for firms or individuals with unpaid awards to do business, and much more. Scroll through to find what you might have missed this week in financial planning news.

J.P. Morgan Asset Management has a new way for advisors to interact with its “Guide to the Markets,” a mobile augmented-reality website. Using an Android or iOS device’s web browser, a holographic projection of J.P. Morgan Chief Global Strategist David Kelly will walk through what major economic themes are impacting investment portfolios. Other elements of the guide will be available along with interactive, 3D visualizations of charts and data tables. The guide is J.P. Morgan’s quarterly analysis of market and economic trends, and the firm hopes the AR experience can be a tool to help financial professionals communicate the information to clients.

Envestnet signed an exclusive partnership with Healthpilot, a digital service designed to help consumers select and enroll in health insurance plans. The deal gives financial advisors the ability to optimize health coverage for clients. Using algorithms to determine the right Medicare plan for each client in or nearing retirement and an integration with MoneyGuide lets advisors incorporate healthcare coverage into the financial planning process. Healthpilot is available to advisors on the Envestnet and MoneyGuide platforms for no additional cost.

Financial advisors John O’Hare II, John O’Hare III and Gerald Jones, along with senior wealth management associate Amanda Sachs and client administrative manager Megan Roder, left Merrill Lynch to go independent with Steward Partners Global Advisory and Raymond James Financial Services. The Mequon, Wisconsin-based team managed $420 million in client assets with its prior firm. “A decade ago, when I joined Merrill Lynch, that was the best platform for my clients, but the industry has changed considerably since then, and we found that the Steward Partners platform gives us access to more resources, which will allow us to do more and better things for our clients,” O’Hare II said in a statement.

RIA consolidator Beacon Pointe Advisors made its seventh acquisition of the year, acquiring Scottsdale, Arizona-based Stonegate Capital Advisors. The practice, which had previously been affiliated with Crown Capital Securities, managed $430 million in client assets with its prior firm. In addition to founding owner Jameson Van Houten, the practice includes advisors Sean Mahoney, Liam Powell, Todd Ruble, Joshua Lustbader and Patricia Lundquist. “Our partnership with Beacon Pointe allows us to bring in unique resources that enable us to evolve alongside our clients and meet the expectations of the increasingly dynamic and tech-focused world in which we live,” Van Houten said in a statement.

Eight of the largest RIAs in the country are teaming up with the Foundation for Financial Planning to start the new

RIA Impact

program for pro bono planning. The firms are: Buckingham Strategic Wealth, Carson Group, Edelman Financial Engines, Hightower Advisors, Mariner Wealth Advisors, SEIA, Stratos Wealth Partners and Tarbox Family Office. Each of the firms is donating at least $25,000 toward the nonprofit organization’s work and, as part of the program, will connect with other leaders from the field for volunteer opportunities. “When established law firms employing thousands of attorneys across the nation formally committed to pro bono service, the number of pro bono hours skyrocketed, and many more people were helped,” Kate Healy, chair of the foundation’s board, said in a statement. “Mirroring the success with pro bono in the law industry, FFP’s collaboration with these RIA Impact Partners brings the financial services industry one step closer to spurring growth and impact around pro bono.”

Sign outside offic eof Financial Industry Regulatory Authority

The FINRA Investor Education Foundation gave its highest annual honor, the Ketchum Prize, to Shawn Spruce, a financial education consultant at

First Nations Development Institute (First Nations)

. The nonprofit organization serves Native American tribes and organizations in the field of economic development through its technical assistance, training and grants. The organization has provided training to the Zia Pueblo, Taos Pueblo, Zuni Pueblo, San Felipe Pueblo, Acoma Pueblo, Ute Mountain Tribe, Santa Rosa Band of Cahuilla Indians and Hopi, along with other nations. In addition, Spruce developed the investment training website InvestNativeOnline.org and the Eastern Band of Cherokee Indians-serving financial education website ManageYourEBCIMoney.org. “Shawn has battled on behalf of Native Americans against systemic financial inequities and proven himself a highly capable fraud fighter, combining investigative research with collaborative action,” FINRA Foundation President Gerri Walsh said in a statement. “At the same time, he has delivered common-sense, unbiased financial and investor education to Native American youths and adults through every available channel.”

A veteran public policy expert focusing on investor protection recently left the North American Securities Administrators Association to launch The LXR Group. The founder, Michael Canning, had been director of policy and government affairs for the state regulators association for more than a decade and a senior policy advisor on Capitol Hill in his prior job with the House Financial Services Committee. “The firm will specialize in financial services and capital markets policy solutions, consistent with the interests of its clients, consumers and investors,” Canning said in a statement. “The firm’s work will encompass legislative and regulatory policy, with an emphasis on the overlapping, interconnected space between the two.”

RIA consolidator Mercer Advisors launched a new business offering institutional investment management and financial education services to small and midsize businesses. The company plans to work with foundations, retirement plans and employee wellness firms in the new business line. “Several of our new partners have deep expertise and a focus on the institutional space,” Mercer CEO Dave Welling said in a statement. “Combined with Mercer Advisors’ rich legacy of serving these markets, the new institutional group provides a tremendous opportunity for growth by providing more businesses with an experienced and dedicated partner to serve their needs.”

State securities regulators are asking for public comment on

proposed model rules

designed to help reduce unpaid arbitration awards through the North American Securities Administrators Association. The guidelines would “serve as bases for enforcement actions related to unpaid awards and allow member jurisdictions to prevent the registration of firms and individuals, whether as broker-dealers, agents, investment advisers or investment adviser representatives, if the firm or individual has outstanding FINRA arbitration awards or other regulatory obligations,” according to the request for public comment. The document includes information about how to submit public comments. After the Nov. 4 deadline, NASAA members will vote whether to adopt the model rules, which would then inform efforts at the state level to enact laws and standards in line with the proposal.

Financial advisor Nick Murphy and director of client services Carroll Davis went independent from RBC Wealth Management to launch Counterweight Private Wealth in Raleigh, North Carolina. The practice managed $178 million in client assets with Murphy’s prior firm, and it went independent on the TruClarity Wealth Advisors RIA platform. “Establishing an independent firm enables us to exclusively focus on our clients to deliver objective advice through world-class capabilities and leading-edge digital solutions,” Murphy said in a statement. “The outcome is the embodiment of a true partnership, helping to connect their wealth to a broader and meaningful purpose.”

Regional brokerage Janney recruited the largest number of incoming financial advisors in the third quarter of any period in the past four years, according to the firm. Janney’s Private Client Group added 21 advisors and 11 client associates in nine branch offices with more than $3.1 billion in client assets. For the year, Janney has poached 48 advisors with more than $9 billion. Of the incoming advisors in the third quarter, eight came from Truist, seven were previously with Wells Fargo, four left Merrill Lynch and one each dropped Raymond James and Ameriprise. “We’re pleased to welcome our new team members and look forward to continuing our recruiting momentum into the final quarter of 2021,” Jerry Lombard, president of Janney’s private client group, said in a statement.

Financial advisor Lindsey Rhea launched Germantown, Tennessee-based Alia Wealth Partners, a newly independent practice under LPL Financial’s Strategic Wealth Services. Rhea left the Wells Fargo Advisors Financial Network, where her team managed $260 million in client assets. Director of client services Leslie Parker and director of first impressions Jennifer Locke left Wells Fargo FiNet for the independent firm as well. “We went through an extensive due diligence process, and LPL really stood out for the depth of resources offered,” Rhea said in a statement.

A new RIA called Intergy Private Wealth opened in Colorado Springs, Colorado, using the Dynasty Financial Partners RIA platform. Its staff of eight professionals includes three advisors: Mark Perrault, Charlie Dunn and Geoffrey Thomas Schaefer. The team managed $300 million in client assets with its prior firm, Northwestern Mutual. “The industry is changing rapidly, and we felt it was important to put ourselves in a position to adapt to our clients’ needs,” Perrault said in a statement. “And by partnering with Dynasty, we are receiving significant support with compliance, research and technology integration.”

A fee-only firm with $1 billion in client assets and based in West Hartford, Connecticut, agreed to roll into Wealthspire Advisors, one of the largest RIAs in the country. The addition of Private Capital Group will push Wealthspire’s assets under management above $15 billion in 14 offices nationwide. “Being part of Wealthspire will bring additional value to our clients and expand opportunities for our dedicated associates,” Private Capital founder Ben Kille said in a statement. Investment bank and consulting firm DeVoe & Company represented the sellers in the deal.

Former Commonwealth Financial Network financial advisor Pamela Monetti of Life Plan Financial switched her broker-dealer to LPL Financial after her Severn, Maryland-based practice folded into SFG Wealth Management. “Acquiring Life Plan Financial helps SFG expand its footprint further in Maryland,” SFG Partner Bill Swartz said in a statement. “This is a valuable acquisition that will enrich services provided to both SFG and former LPF clients. Pamela built a successful firm using the same long-term, sustainable growth principles that SFG uses to help clients achieve their financial goals.”

Carson Wealth Management Group building, CWM, provided by Carson Group.

Integrated Wealth Management, of Scottsdale, Arizona, left its prior broker-dealer, Geneos Wealth Management, to affiliate with Carson and Cetera Advisor Networks. Advisor Brent Pine’s family-run firm manages $370 million in client assets. “By partnering with Carson, we have access to a fully integrated technology platform, a more robust investment process and advanced financial planning solutions that allow us to do more for them,” Pine said in a statement. “Culturally, we share Carson’s commitment to putting our clients’ interests first and striving to make the complex simple.”

RIA consolidator Hightower made an equity investment in Landsberg Bennett Private Wealth Management, a fee-only RIA located in Punta Gorda, Florida, that manages $1 billion in client assets. Principals Michael Landsberg, Lew Bennett and Anthony Dubbaneh lead the firm’s team of five advisors and nine other employees. “As a wealth management practice deeply committed to providing our clients with holistic advice and financial planning services, Hightower’s entrepreneurial culture, growth-oriented network of firms and comprehensive suite of middle- and back-office technology and support services aligns perfectly with our firm goals and values,” Landsberg said in a statement.

Financial advisor Stephanie Turner dropped UBS for Stifel in Waco, Texas. The team managed $900 million in client assets at its prior firm, and it includes her husband and vice president of investments Robert Turner, financial advisor Marguerite Montgomery and client relationship manager Shelly Hall. “Our team is excited and energized by our decision to join Stifel,” Turner said in a statement. “As we contemplated our vison of what wealth management could and should be, we became convinced that there must be a more client-focused culture. Happily, we found a partner in Stifel that shares our client-first vision.”

RIA consolidator MAI Capital Management picked up another Cleveland-area practice called Storey & Associates, a fee-only firm that has about $230 million in client assets. Operating from its location in North Canton, Ohio, the incoming practice has two advisors: Harlan Storey and Kevin Krakora. “We are excited to align with a firm that is as committed as we are to improving our clients’ lives and their financial futures,” Storey and Krakora said in a statement. The deal for the 36-year-old practice marks the fifth of the year for MAI. Financial services operating company Galway Insurance Holdings closed its acquisition of Cleveland-based MAI last month.

Two ex-Ameriprise advisors previously managing $195 million in client assets joined Raymond James. Eric Cornell and Patrick Shea are based in Palm Beach Gardens, Florida, and serve a variety of clients, including business owners, corporate executives and physicians. “The biggest draw to Raymond James is the independence and the ability to make decisions that are best for our clients,” Cornell said.

OWS-HilltopSecurities real estate 04/23/19

Six financial advisors managing $560 million in client assets joined Hilltop Securities and Momentum Independent Network. Juan Guerrero of St. Paul, Minnesota, and Nick McMahan, Hunter Sims and Patrick LaBorde of Austin, Texas, all joined the Private Client Group, while Kevin Speas of Winston-Salem, North Carolina, and Elaine Miller of Front Royal, Virginia, joined Momentum. “As a self-clearing broker dealer, Hilltop Securities is uniquely positioned to support a select group of advisors, helping them better serve their clients while ultimately growing their business. The firm’s two wealth management business models, the Private Client Group and Momentum Independent Advisor Network, give the entrepreneur the flexibility to choose the level of support that’s right for their business.”