Captrust Financial Advisors has closed its fifth acquisition of the year and its third in Texas with the addition of Southern Wealth Management, a $2.3 billion RIA based in San Antonio. In a testament to the direction and momentum of the multiyear consolidation across the wealth management space, the primary motivation behind the sale of Southern Wealth Management was a pursuit of scale. “Most of these firms are deciding to partner with a larger firm because they recognize the benefits of...

BNY Mellon Pershing is leveraging its annual Insite conference in Orlando, Florida, to debut its new wealthtech platform that expands the custodian into lanes currently populated by fintech names such as Orion and Envestnet. The multicustodial platform, known as Wove, is described as an open-architecture operating system that includes a set of applications that enable advisors to connect and manage their technology on a single platform. “Most advisors have chosen 10 or 12 applications they...

The sale of a 20% private ownership stake in CI Private Wealth is being described as accomplishing the same goals as the planned initial public stock offering. And, according to CI Chief Executive Kurt MacAlpine, the IPO is still in the works, just postponed. “This is a pre-IPO investment,” MacAlpine said of the $1.3 billion cash infusion from a group of outside investors that includes Flexpoint Ford, Bain Capital and the Abu Dhabi Investment Authority. “We intended to IPO for one reason...

Savant Wealth Management has notched its fourth deal of 2023 with the acquisition of Domani Wealth, a $1.53 billion RIA based in Lancaster, Pennsylvania. Domani is a 25-year-old advisory firm with 25 employees and four offices in central Pennsylvania. The deal brings Savant’s total assets under management to $19.3 billion. The firm’s footprint includes 32 offices in 11 states, including five offices in Pennsylvania. “Domani Wealth is well-known in central Pennsylvania, with deep roots in its...

Bucking the trend: Why some advisors refuse to outsource investment management As portfolio management becomes increasingly commoditized, advisors make the case for managing assets in-house and promoting that to clients as a unique value-add. Expatriate advisor finds a home and client base in France Robert Levitt has traded Florida for the French Riviera, where he sees a wide-open market in the 250,000 Americans living there who need financial advice.