Since becoming a hybrid RIA, Concurrent has added five new firms that combine for $440 million and it's ramping up to co-brand advisors from every possible direction.
Jonathan Kesselman is opening an independent practice, Kesselman Wealth Management, in Westlake, Ohio.
Chief executives at leading brokerage and advisory firms are earning more money than ever. Here are the numbers on last year’s compensation for some of the highest-profile executives.
The executive team under Lindsay Hans and Eric Schimpf is taking shape; Ken Correa takes on an expanded role as head of business and client development, while Erik Vatter was named head of advisor development.
Bruce Pienton and Scott O’Mara launch Bridgewright Wealth Partners in Grand Rapids, Michigan.
Andy Saperstein, Ted Pick and Dan Simkowitz are thought to be executives in the running to succeed James Gorman, who says he will step down in the next 12 months.
Jersey City, New Jersey-based Crescent Harbor Private Wealth was founded by John Araneo.
San Jose-based O’Connor & Associates has $875 million in client assets; Garden City-based Cuneo Denihan & Associates has almost $1 billion in assets.
Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, will assume the role of executive chairman after exiting as chief executive.
But the bank warns that it faces billions in potential costs, including about $13 billion in markdowns on Credit Suisse assets and up to $4 billion in legal costs.
The shareholder suit accused the bank of making misleading statements about its compliance with federal consent orders following its 2016 scandal related to unauthorized customer accounts.
The Compass Group advisors are joining DayMark Wealth Partners, a Cincinnati, Ohio-based RIA with $907 million in assets.
The father-son duo of Jeffrey and Justin Katz are joining LPL’s employee channel and will operate as Katz Wealth Advisors of LPL Financial.
The company, which self-reported the issue, signed separate consent orders with Finra and the New Hampshire Bureau of Securities Regulation.
The firm disclosed the investigations last year, and said it faces potential civil liability from allegations that it caused stock prices to drop before completing a block trade.
Naratil will become the firm's chief financial officer and lead the division that will oversee the Credit Suisse merger, a Swiss newspaper reports.
The giant firms face an approaching winter as they become less prominent in the overall advisory business.
Chicago-based Burnham Harbor Private Wealth has four advisors.
A majority of the bank's investors voted in favor of a shareholder proposal requesting an annual public report on efforts to prevent harassment and discrimination against employees.
While the firm added $28 billion in new funds from clients during the quarter, revenue at the wealth business fell short of estimates.
