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M&A activity posted another record for the year despite the slow second quarter December 23, 2020 The fourth quarter of 2020 saw a record 69 mergers and acquisitions of registered investment advisory firms, according to Echelon Partners. The record RIA dealmaking in the fourth quarter resulted in transactions posting an all-time high in 2020 for the eighth consecutive year — 205 deals occurred through Dec. 22, up from 203 in 2019. “This is an impressive rebound, given the 162 total deals forecasted for 2020 at the end of the second quarter, which was the slowest period for RIA M&A in roug...

2020 Pushed Many Advisors to Plan Their Own Retirement COVID-19, economic uncertainty and political change–along with high firm valuations—are pushing more advisors to take their own retirement from the industry seriously. Gary Schwartz knew he had to get serious about making plans to retire from the financial firms he had started in 1997. About two years ago, he went so far as to hire a consultant to get a valuation for the businesses, Madison Advisory Services, an advisory firm with close to $400 million in assets, and Madison Planning Group, which sells insurance and mutual funds....

RIA M&A saw no slowdown in action in 2020 Deal watchers say 2021 will be another record year December 21, 2020 3 MINS The data is still being gathered, but preliminary results suggest the pace of consolidation in the RIA space was barely hampered by the effects of the global pandemic that effectively shut down, or at least locked down, much of the global economy. While the initial shock from COVID-19 came during the first quarter, which saw the S&P 500 Index fall by 30% in less than four weeks, the lagging nature of acquisition activity didn’t start showing up unt...

UBS team managing $4.8 billion launches RIA The move comes at the closes of 2020, which has seen fewer breakaways exit than previous years, but with higher average AUM December 14, 2020 A team overseeing $4.8 billion in client assets has left UBS Financial Services Co. over the weekend to launch NewEdge Wealth, an independent RIA based in Pittsburgh. The new RIA was formed in partnership with EdgeCo Holdings Inc. and follows the acquisition earlier this year of The Private Wealth Partners, which serves ultra-high-net-worth clients. The UBS breakaways forming NewEdge include Jeffrey Kobernick,...

Spouting Rock quadruples AUM with Penn Capital acquisition The asset management firm is looking to roll up boutique asset managers onto a single platform December 11, 2020 2 MINS Spouting Rock Asset Management, which spawned out of a family office two years ago, announced the acquisition of Penn Capital Management Co., an asset manager more than two times its size. Spouting Rock, which has $691 million under management, will add $2.7 billion under administration, including $2.3 billion under management, with the acquisition of Philadelphia-based Penn Capital. The deal, w...