Clients are looking for student loan relief over 401(k) benefits

Student loan debt is surging, hitting a new record of $1.5 trillion in the first quarter this year. Massive student loan debt can cause problems in people’s lives, both financial and emotional, to the point that many view eliminating student debt as more important than retirement planning. Indeed, a 2018 study from student loan management […]

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Royal Alliance loses $150M team to Kestra over service problems

Kestra Financial grabbed a Royal Alliance Associates team after impersonal service from their broker-dealer of nearly three decades left them “feeling very disconnected,” the practice’s owner says. The team selected Kestra after considering 10 IBDs and homing in on three contenders, according to Sharla Rountree of Personal Benefit Financial, which was launched in 1977 by […]

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Inspired by 'Shark Tank,' fintech competition prompts tech firms to dive in

Got a hot technology concept for advisors but need a funding boost? There’s a fintech competition styled after the popular television show "Shark Tank" that’s looking for fresh meat — sorry, applicants. ScratchWorks, a startup accelerator, has launched the second year of its competitive program to connect young firms with investors. The fintech accelerator is […]

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LPL's recruits from Cetera hit $660M with addition of new team

A team of three financial advisors managing $300 million in client assets bolted Cetera Advisors for LPL Financial, in LPL’s second recruiting grab from its rival in less than a month. Phillip Multop of Multop Financial brought his 42-year-old practice to the No. 1 independent broker-dealer from the No. 18 firm and subsidiary of Cetera […]

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LPL hybrid RIA to buy $276M firm in its third purchase this year

An LPL Financial hybrid RIA backed by private equity capital is acquiring a practice with $276 million in assets under management. The agreement marks the acquiring firm’s third M&A deal of the year and the latest example of its organic growth methods and financing attracting teams into its fold. Wealth Enhancement Group, which is majority […]

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SEC slams $36B RIA Creative Planning for failure to review radio ads

It may be tempting to overlook low-budget radio ads, but Creative Planning, one of the nation’s largest RIAs with around $36 billion in AUM, learned its lesson the hard way: don’t take the spots for granted. The RIA, which has eschewed acquisitions and instead grown rapidly by spending on marketing and advertising, paid a $200,000 […]

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Steven Merrell, Financial Planning: Is your financial thinking distorted?

By Steven Merrell Financial Planning The human brain is a wonderful thing, but sometimes we suffer from what psychologists call “cognitive distortions.” Cognitive distortions cause us to perceive the world inaccurately. When we act on these distorted perceptions, we make poor decisions and undermine our own happiness. Cognitive distortions can also undermine our financial success. […]

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Should I … work with a CPA?

The more successful your clients, the more they need complex tax considerations incorporated into their overall financial plans. Whether you’re timing charitable contributions, harvesting tax losses, preventing a bump to a higher tax bracket or planning a 199A deduction for flow-through entities, a fluent understanding of a plan’s tax ramifications adds tremendous value to a […]

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Goals-Based Financial Planning Now Focus of Wealth Firms: Aite

Isabella Fonseca A new report from Aite Group, Financial Planning at the Core: Current and Future Developments, finds that wealth management firms are embracing goals-based financial planning technology rather than the previous practice of separating goals-based and cash-flow planning software. Even firms that have heretofore focused on investment management for their high-net-worth clients are now […]

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Financial planner for mayor? Advisor seeks to topple incumbent

A financial advisor is challenging the founding mayor of his town this year, in one of several elections this cycle with a contender from the wealth management industry. Tim Schaffer, a 23-year finance veteran currently affiliated with the independent broker-dealer Calton & Associates, served four years on the Village Council of Palmetto Bay, a suburb […]

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