Hightower has bought a stake in Financial Planning and Information Services, a registered investment adviser that manages more than $1.1 billion in assets under management out of De Pere, Wis. Terms of the deal were not disclosed. This represents Hightower's fifth investment this year and follows last week's news that he agreed to take a…

RBC Wealth Management has pulled a $400 million Connecticut-based team from Morgan Stanley, one of several adviser transitions in recent days. The Smalley Girardi Group is based in Westport, Conn., and includes Richard Smalley and Ali Girardi. Both are senior vice presidents and financial advisors, while Girardi also works as a portfolio manager. Related: SIFMA…

Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets have acquired a minority stake in Mariner, a wealth management firm that advises over $245 billion in assets across its subsidiaries. Leonard Green & Partners, a Los Angeles-based private equity firm that made a minority investment in Mariner in 2021will retain its shares….

Asset managers have been aggressive in issuing AI-themed ETFs in 2024, Reuters reports. Morningstar implemented the previously announced rating methodology change, affecting 15% of rated funds. These are among the investment must-reads we found this week for wealth advisors. Source link

Asset managers Capital Group and KKR have submitted registration statements to the SEC for two public-private fixed income funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-sector+. Pending regulatory approval, the two funds are expected to launch in the US in the first half of 2025. Recordings are the first products of strategic…

An overwhelming number of advisory firms have not adopted policies and procedures related to the use of AI among third parties and service providers, according to results from a study conducted by compliance firm ACA Group and the National Association of Compliance Professionals. Overall, the survey found that 92% of respondents do not have policies…

Kestra Financial, the independent broker/dealer subsidiary of Kestra Holdings, has recruited a team based in Boca Raton, Fla. which manages $1.4 billion in client assets. Wealth Empowerment Financial Strategies is joined by B. Riley Wealth Management. In September, Reuters reported that B. Riley was in talks to sell its wealth management unit to Stifel Financial,…

Sponsored by Regardless of whether the presidential candidates' campaign tax proposals come to fruition — and history shows the possibility of that happening — there is one tax issue the next president and our new Congress must address: the expiration at the end of next year of the tax cuts. and the Labor Act of…

Things are starting to look up for investors in US commercial real estate, according to the newly released 2025 Emerging trends in real estate report issued by the consulting firm PwC and the Urban Land Institute. In this year's survey of commercial real estate professionals, lenders and investors, 65% of respondents indicated that expect their…

FreeWill, a social good enterprise connecting philanthropy and estate planning, today announced the launch of Estately, a software solution that allows financial advisors to offer comprehensive estate planning as a component of their comprehensive wealth management practices, enabling them to manage every step of the process centrally. Estately leverages FreeWill's customer-facing technology and scale to…