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Former Firm Files Lawsuit Against New Dynasty-Backed RIA

Morning Memo
 
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Wealth Management Morning Memo

JUNE 1, 2024

RIA NEWS

New Dynasty-Backed RIA Sued By Former Firm

Diana Britton

Salomon & Ludwin has filed a lawsuit against former employees who launched Founders Grove Wealth Partners, claiming they breached employment contracts and stole trade secrets.

FULL ARTICLE

RIA NEWS

MAI’s Parent Galway Launches Sports and Entertainment Platform

Diana Britton

GalwayPlus will be an “ecosystem” that links together businesses across Galway Holdings to better serve sports and entertainment clients.

FULL ARTICLE

RESOURCE CENTER

How to Manage Intergenerational Wealth Transfer: Three Critical Strategies for Advisors

Sponsored by SS&C Black Diamond Wealth Platform

This paper explores critical strategies advisors can undertake to help turn heirs into clients.

LEARN MORE

RIA NEWS

Steward Partners Scoops Up $320M Merrill Team in Florida

Diana Britton

After nearly 40 years with Merrill, advisor Alicia Fuller and her team join under Steward's W2 employee model and will use Raymond James for custody.

FULL ARTICLE

REGULATION AND COMPLIANCE

SEC Adopts Updated Cybersecurity Rules

Rob Burgess

On the same day the 24-year-old updates to Regulation S-P were announced, Interactive Brokers reported a customer data breach.

FULL ARTICLE

WMIQ RESEARCH REPORT

Heightened M&A Interest Reflects Booming Firm Valuations

Sponsored by Cambridge Investment Research

In stable economic conditions, financial advisors harness stability to capitalize on opportunities.

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RIA NEWS

Debt Ratings Agencies Lower Outlook on Focus, Issue Junk Rating On Edelman Loan

Diana Britton

Moody’s changed its outlook on Focus to negative, citing the firm’s “hub” strategy. Meanwhile, the agencies assigned junk ratings to Edelman’s proposed $575 million term loan.

FULL ARTICLE

ETFS

ETFs With the Best Returns Over the Past Five Years

Aniket Ullal, CFRA Research

Funds focused on semiconductors were among the top-performing over the last five years.

FULL ARTICLE

RIA NEWS

Wealthcare Launches New RIA Affiliation Model

Diana Britton

Wealthcare Capital Partners aims “to meet the needs of select advisors interested in joining Wealthcare.” It has already recruited a Towson, Md.-based advisor with nearly $141 million in assets.

FULL ARTICLE

INDUSTRY

Raymond James Adds $1B Team to Bank Division

Diana Britton

The Horizon Group, a team of five advisors and four branch professionals, joins Pinnacle Asset Management, an affiliated bank branch, from Truist.

FULL ARTICLE

RPA

Is the Report of the Death of TPAs Greatly Exaggerated?

Fred Barstein

Many face existential challenges and only the ones willing and able to adapt will survive and flourish.

FULL ARTICLE

RIA NEWS

Wealth Enhancement Group Picks Up $1.2B Houston RIA

Diana Britton

The Financial Advisory Group has seven advisors and 14 support staff, and is WEG’s fifth acquisition this year.

FULL ARTICLE
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