Wealthtech Weekly - The Latest News

Volume 3

Author

Matt Ober
October 02, 2024

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Wealthtech Weekly is a newsletter that keeps you updated on the latest news on wealth management technology including fundraises, M&A, hiring, & more. 

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Reads:

Wealth tech firm RISR strikes partnership with GVA (InvestmentNews)

RISR, a financial planning platform focused on business owners, has partnered with Great Valley Advisor Group, a $9 billion RIA, to enhance the services of over 180 advisors. RISR helps advisors centralize and organize business owners' fragmented financial data, enabling more comprehensive planning and strategic conversations. This collaboration comes as wealth transfers from retiring business owners accelerate, with $10 trillion expected to change hands in the next two decades. RISR's platform also addresses the need for succession planning, a critical area where many business owners lack proper documentation or guidance.

Wealth tech firm strikes partnership

The fintech startup will help advisors at the $9B RIA achieve organic growth with enhanced services to business owner clients.

TPG acquires minority stake in wealth management firm Creative Planning (YahooFinance)

TPG has acquired a minority stake in wealth management firm Creative Planning, marking its second similar deal in a week as it expands its presence in the investment advisory sector. The deal follows reports that TPG was set to invest $2 billion, potentially valuing Creative Planning at over $15 billion. Wealth management firms have attracted private equity interest due to their steady cash flows, especially during economic uncertainty. This investment, made through TPG Capital, follows a recent stake purchase in Homrich Berg. The terms of the transaction were not disclosed, and Goldman Sachs advised Creative Planning.

TPG acquires minority stake in wealth management firm

The deal, disclosed on Monday, comes days after Reuters reported that TPG was a frontrunner to pick up a $2 billion stake in a deal that could value Creative Planning at more than $15 billion.

LPL Fires CEO Over Alleged Misconduct (RIABiz)

The Board of the Fort Mill, S.C. and San Diego broker-dealer fired Arnold for “cause” on the recommendation of a special committee of directors based on an investigation by an outside law firm. It found he made statements to employees that violated LPL’s code of conduct.

Dan Arnold steps down as LPL CEO, under a cloud, effective immediately

Well-regarded, Steinmeier has been LPL's go to player, after he was promoted to chief growth officer in May

$700M Team Leaves Equitable to Launch RIA With Dynasty Support (WealthManagement)

A team of 14 financial advisors and support staff in New York City has launched a new registered investment advisor, Matauro, managing $700 million in client assets. The team, previously with Equitable Advisors, has partnered with Dynasty Financial Partners. Matauro is led by partners Matthew Klein (CEO), Barrett Tabeek (CFO), and Steven Van Hooker (COO), all of whom began their careers at AXA Advisors. The team includes several other key professionals, including financial planners, wealth managers, and operations staff, all contributing to the new firm's comprehensive services.

$700M Team Leaves Equitable

A team of 14 professionals has launched Matauro, which will use Fidelity for custody and Purshe Kaplan Sterling Investments for brokerage business.

Watching:

SeedsInvestor- Are Booths Worth It? (YouTube)

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