A Connecticut-based financial advisor duo that manages $585 million in assets is merging with DayMark Financial Partners, a member firm of Ohio-based Dynasty Financial Partners. Thomas Hofstetter and Daniel Baron co-run the Southport, Conn. Hofstetter Baron Group, and are being joined by DayMark from Wells Fargo. The pair work with high-net-worth individuals and families, with…

In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect's Wealth Management Group, and John Orsini, director of financial advisory services, at MarshBerry, discuss the latest RIA Edge research study detailing how firms are navigate their growth trajectories. and approaching decisions about service expansion, rate compression and specialization. Specifically, David…

Leading financial planning technology provider RightCapital has launched RightRisk, its new risk tolerance measurement tool. Now, the tool is automatically available as part of the company's premium and platinum subscriptions. RightCapital has been in a growth slump over the past few years and has remained firmly in the no. 3 among financial planning platforms with…

Custodian Goldman Sachs has introduced a new lending feature to some RIA clients on the platform. Eligible customers will now be able to borrow against several alternative investment positions in their portfolio. Until now, Goldman Sachs Advisor Solutions, like other custodians, has allowed lending against stocks and bonds, but not private assets. The new lending…

(Bloomberg) — Banco Santander SA has hired 40 private bankers so far this year to look after high-net-worth and ultra-wealthy clients in Europe and Latin America as it aims to increase assets under management. The Spanish lender began boosting the senior and ultra-senior segment of its private banking business last year and has since hired…

Focus Financial Partners, the RIA aggregator that was taken private a sale to Clayton, Dubilier & Rice last year, will combine two of its partner firms, Buckingham Strategic Wealth and The Colony Group, to create a $50.2 billion RIA. Since CD&R took over Focus, it has consolidated its 90 operations independently subsidiary practices in a…

Osaic finalized its $115 billion acquisition of Lincoln Financial's wealth business this week, months after the deal was announced. Osaic, the broker/dealer network formerly known as Advisor Group, acquired Lincoln's two wealth management firms, Lincoln Financial Advisors Corp. and Lincoln Financial Securities Corp., as part of the deal. More than 1,400 advisers will be on…

SoFi Financial, a San Francisco-based brokerage firm specializing in self-directed retail trading, will pay $1.1 million to settle FINRA charges alleging the firm's cash management brokerage account was sensitive to fraud, with third parties transferring millions from customer accounts without authorization. Starting in 2018, SoFi offered some customers the SoFi Money brokerage account, offering features…

(Bloomberg) — It's an oft-told anecdote blowing up on social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth. How much extra cash gives them the confidence to spend more — a phenomenon economists call the wealth effect — is a hot topic whenever crypto prices rise. A group of researchers tried to…

As a defined contribution from small to medium size the sponsors of the plan wake up moving from unconsciously incompetent to consciously incompetent on the way to becoming consciously competent, finding service people and organizations they trust becomes critical. These plan sponsors are in difficult positions, most of them thrown into their jobs with little…