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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The Word on WealthTech for November 2024 (WealthManagement)

In November’s "Word on WealthTech," F2 Strategy’s CEO Doug Fritz highlights key tech developments impacting the wealth management industry. CapIntel’s partnership with FactSet is enhancing advisor-client communication, while Orion’s advisor survey reveals insights on AI and tech preferences, aiming to drive industry innovation. Cheryl Nash’s leadership of InvestCloud’s APL aligns with rising interest in updating portfolio systems for 2025. Fidelity’s move to restrict third-party fintech tools, like Pontera, from accessing client data underscores a trend toward stricter data control by large firms. F2’s CRM satisfaction report emphasizes that effective CRM use depends on tailored integration, stressing thoughtful design for optimal results.

Harris or Trump: DIfferent Regulatory Paths Impacting Advisors (WealthManagement)

Whether Kamala Harris or Donald Trump becomes president, each will shape financial regulatory policies differently, significantly influenced by the Senate's makeup. If Harris wins, she may continue Biden’s regulatory approach with moderate adjustments, focusing on stability over rapid policy changes. However, a Republican-controlled Senate could push her to compromise on her appointments, potentially limiting aggressive consumer-protection measures. In contrast, a Trump presidency would likely bring a complete overhaul, aiming to roll back key regulations, particularly the Department of Labor’s fiduciary rule. Trump’s approach could also lead to more state-level initiatives from progressive states looking to enforce stricter investor protections, potentially creating varied regulatory standards across states.

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Aspen Standard Wealth buys San Francisco RIA Summitry (Private Banker International)

Aspen Standard Wealth, a U.S.-based holding company focused on partnering with registered investment advisory (RIA) firms, has acquired Summitry, a San Francisco-based wealth manager with $2.8 billion in assets under management (AUM). This acquisition aligns with Aspen’s vision of being a long-term, supportive partner for RIAs, offering a distinct alternative to traditional investment firms. Established in 2003, Summitry provides a variety of institutional-grade advisory services, including financial and retirement planning, estate services, and equity compensation guidance. Both Aspen’s CEO, Aly Kassim-Lakha, and Summitry’s CEO, Colin Higgins, emphasize a shared commitment to sustainable growth, client-centric service, and nurturing talent. This deal, Aspen’s first acquisition, is backed by private equity firm Alpine Investors.

Sequoia Acquires $300M South Carolina RIA (WealthManagement)

Sequoia Financial Group, an Akron-based RIA managing over $21.5 billion in assets, has acquired Charleston's Family Asset Management (FAM), adding $300 million in assets and expanding its Southeast presence to 16 offices across 10 states. This acquisition marks Sequoia’s seventh since 2023, reinforcing its growth strategy. Founded in 2004, FAM specializes in wealth management for high-net-worth clients, multi-generational families, corporations, and foundations. FAM’s leadership, Andrew Barrett and Dan Russler, view the partnership as a means to enhance client services with Sequoia’s broader resources. Sequoia’s recent moves include launching Sequoia Sentinel, a family office division, and acquiring Eide Bailly’s wealth management business, reflecting its commitment to high-net-worth and ultra-high-net-worth client segments.

Modern Wealth Buys $1.4 Billion RIA Petso Financial And Surpasses $6 Billion AUM (Pulse2)

Modern Wealth Management, an RIA focused on meeting the evolving needs of financial professionals, has acquired Petso Financial Consultants, a Boise-based fee-only advisory firm with $1.4 billion in AUM. This acquisition, the eleventh for Modern Wealth and its sixth this year, brings its total AUM to over $6 billion. Founded by David Petso in 2001, Petso Financial offers holistic wealth management and financial planning, with a team of CFP professionals dedicated to personalized client service. By leveraging Modern Wealth’s 'Organic Growth Hub' for lead generation and operational support, Petso Financial can focus on expanding its client base while benefiting from Modern Wealth’s robust infrastructure. With recent acquisitions, including C&J Wealth Advisors, Modern Wealth now operates 14 offices across 11 states and plans further expansion nationwide.