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Range: AI-Based Wealth Tech Company Raises $28 Million (Pulse2)

Range, an AI-driven WealthTech platform, raised $28 million in Series B funding led by Cathay Innovation, with participation from Gradient Ventures. This round brings Range’s total funding to $40 million. Founded in 2021 by Fahad Hassan and David Cusatis, Range integrates services like tax filing, estate planning, and investments into an AI-powered platform, providing faster and more cost-efficient wealth management. With 1,000 high-net-worth members and $3 billion in advised assets, the funding will fuel expansion, enhance AI capabilities, and scale operations, positioning Range as a disruptor in an industry that has remained largely unchanged for decades.

Allworth Acquires $500M RIA In Ninth Deal This Year (WealthManagement)

Allworth Financial, a $26 billion RIA, has acquired Ryan Wealth Management, a $500 million firm with offices in Yuba City, California, and Spokane, Washington. This marks Allworth’s ninth acquisition in 2024, expanding its presence in California and the Pacific Northwest. The deal brings three partner advisors and support staff under Allworth’s umbrella, enhancing resources and technology while maintaining personalized client service. Under CEO John Bunch, Allworth continues its aggressive growth strategy, integrating acquired firms into its national brand and leveraging private equity backing from Lightyear Capital and Ontario Teachers’ Pension Plan.

Finra Fines, Suspends Ex-Broker Who Earned $740K Referring Clients to RIA (AdvisorHub)

A former broker, Michael T. Shoniker, has been fined $7,500 and suspended for six months by FINRA for failing to disclose a referral agreement with an RIA, earning $740,000 from sending 401(k) clients to the firm. Shoniker violated Paychex Securities' policy, which allowed referrals but prohibited earning finder’s fees or commissions without prior approval, as well as FINRA rules regarding outside business activities and professional standards. FINRA's investigation stemmed from Shoniker's termination by Paychex in early 2023. This case highlights ongoing regulatory scrutiny of undisclosed outside activities within the financial industry.

$5.3B VestGen makes RIA platform debut(InvestmentNews)

VestGen Wealth Partners, a new RIA platform led by industry veteran Josh Gerry, has launched with 10 partner practices managing a combined $5.3 billion in assets. The Chicago-based firm focuses on addressing the industry's succession crisis by pairing retiring advisors with next-generation talent. VestGen targets practices managing between $100 million and $500 million in assets, offering mentorship, technology, and comprehensive support, including tax and legal services. With 37% of advisors expected to retire in the next decade, VestGen’s structured acquisition model aims to ensure seamless transitions and preserve client assets during this pivotal industry shift.

Constellation hires alternative investing exec from Callan (CityWire)

Constellation Wealth Capital has added a new alternative investing executive to its ranks. The serial RIA minority investing firm has hired Catherine Beard as a senior vice president of capital coordination, Beard announced today on LinkedIn. In the role, she’ll help ‘lead the coordination of investment capital solutions,’ shoring up access to private deal flow for Constellation limited partners and portfolio companies. Beard joins Constellation from Callan LLC, a San Francisco-based investment consultancy, where she spent about five years as an alternative investing consultant focused on sourcing and vetting credit managers. Before that, she served as a principal with Sinclair Capital and director of research focused on alts at Blueprint Capital Advisors.

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