Minneapolis-based Wealth Enhancement Group surpassed $79 billion in assets in the first quarter of the year after closing two deals. On Thursday, the active buyer announced it acquired Piermont Wealth Management, an independent registered investment advisory firm that manages about $221.4 million in assets for 181 clients. The three-person team is focused on providing investment…

According to Dynasty Financial Partners, there's a “perfect storm” brewing for independent wealth managers, and some will drown while others will thrive by understanding trends and adapting new skills and technologies. In a recent webinar, CEO Shirl Penney and Tim Oden, Dynasty's newest executive in residence and a 30-year veteran of Schwab Advisor Services, attributed…

Stifel Financial will pay over $2.2 million to repay FINRA fees the firm failed to implement policies to capture inappropriate recommendations by registered representatives for non-traditional exchange-traded products. Fines follow residence of 2014 knocking Stifel for the same mistakes. The settlement includes Stifel and Stifel-based independent advisors. Louis, formerly known as Century Securities Associates. Fees…

Hello and welcome to this week's edition of 401k Real Talk. This is WealthManagement.com's Fred Barstein Omnichannel RPA Contributing Editor & CEO at TRAU, TPSU & 401kTV – I review all of the stories from the past week and pick the most relevant and interesting ones while providing open, candid discussions honest ones you won't…

A new competitor has entered the cash management market for advisory clients: Altruist Cash. The new offering, available now, was built by Altruist's in-house developers, who launched in 2019 and leverages some of the firm's existing infrastructure. Connected: Now self-purifying, the Altruist Becomes a True Guardian “This is designed to be used as advisers see…

The Internal Revenue Service recently issued Proposed Regulations (proposed regulations) Section 1.6011-15, which are intended to limit the abuse of certain charitable remainder trust funds. In particular, the proposed rules target CRATs funded with appreciated assets, which are then sold, and the proceeds of the sale are used to purchase a single premium immediate annuity…

Morgan Stanley has sued a former adviser in federal court, alleging that he is breaking his restrictive covenants after he started a new practice and retained custody with Charles Schwab. Morgan Stanley filed suit seeking a temporary restraining order against Zakariah Gardezy in Arizona federal court, alleging he breached contract after he left the firm…

In this episode of Focused on the Future, veteran industry leader Suzanne Siracuse talks with Anna N'Jie Konte, president of Re-Envision Wealth, about the importance of taking a human-first approach with clients, how every advisor can incorporate AI in practice and why it's reshaping the way first-generation builders think about money. Specifically, Anna discusses: …

Some clients and their advisors may think it's okay to use a 409A valuation report for a gift or estate filing. While they can get away with it if there is no audit, it is not advisable. Section 409A valuations create a “safe harbor,” which the IRS recognizes as a reasonable method of ensuring that…

Open, honest, and candid discussion about Empower's retirement income platform, the latest retirement megatrend, advisors warming up to DC plans, and more. Source link