Merrill prices shelf access at up to $1.4 million as Raymond James embeds alternatives
Merrill's updated Form ADV discloses shelf fees as high as $1.4 million and an incentive to recommend products from firms that pay for data analytics.
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Canyon and Castlelake file zero-sold credit funds as Nscale SPV sells $2.5M
Five vehicles registered on Sept. 28 report no sales; D. Boral's Nscale series placed $2.5 million of a $3 million offering.
BNY Pershing retires the Wove brand and folds platform into wealth solutions
The custodian says advisors will get a unified wealth offering with custody from BNY or a custodian of their choosing, and it will not say how many advisors use Wove today.
IRS rules certain 351 ETF conversions taxable, says more guidance could follow
Rev. Rul. 2026-20 recharacterizes the exchange between the seeding investor and the authorized participant, while Notice 2026-62 expresses no view on seed transactions that match the fund's strategy and that the fund expects to keep.
2,543 advisor moves in 30 days outpace the 771 announced deals
Five firms, including NewEdge Wealth and UBS, each appear in more than 100 of the month's advisor moves.
Section 1202 widens the QSBS ceiling to $15 million; financial services is carved out
For stock issued on or before July 4, 2025, the fixed amount is $10 million rather than $15 million, though the 10-times-purchase-price alternative still applies.
Waverly to buy a $1.7B Richmond RIA, its 36th deal since Aspire's 2021 stake
Heartwood Wealth Advisors will bring a 13-person Richmond team and roughly $1.7 billion in assets to a Birmingham acquirer with seven closings since late January.
Declaration Partners and Canyon file zero-sold Form Ds as Anthropic SPV sells out
Five vehicles naming companies reported roughly $8.5 million of subscriptions on the same filing date that six established managers registered pools with nothing sold.
PNC survey: 89% of owners want combined advice, 55% have it
The 300-owner survey also found about 40% reassess business decisions against personal goals only occasionally or rarely, and 31% have no succession plan in place.
Liquidity worries push family offices from funds to directs, RBC-Campden survey finds
The 2026 North America Family Office Report, based on a 155-office survey, found nearly half of private-market fund investors could not complete an exit as expected.
Northwestern Mutual launches family office platform; Citi and Northern Trust hire family office specialists
Northwestern Mutual launched a retainer platform while Citi and Northern Trust hired senior family office specialists.
Northwestern Mutual launches family office unit inside its advisor model
The new unit layers legal, tax and legacy specialists behind existing advisors and cites Cerulli's count of more than 100,000 U.S. households above $50 million.
Raymond James launches guided portfolios with an alternatives sleeve
Asset Management Services constructs the risk-based models, with the firm's private markets team handling diligence and monitoring.
Northwestern Mutual launches family office platform for advisors serving clients with $50M+ net worth
More than 40 in-house specialists cover legal, tax, lending and philanthropy, and advisors pay a retainer to access them.
SEC urges sharper private-asset valuations as liquidity pressure builds
Bloomberg reports the reminder also names auditors and other market participants, which could lengthen the valuation paper trail allocators rely on.
Citi hires JPMorgan's trusts and estates head Adam Clark to lead wealth planning
Clark starts in New York in November after garden leave and reports to Citi Wealth's global head of investments, Keith Glenfield.
Merritt Point's Ross Bauer says bigger advisor teams are seeking supported independence
On AdvisorHub's podcast, Ross Bauer says the teams moving now are larger and want a partner to carry compliance, real estate, technology and staffing.
Canyon and Castlelake file Form D for new private credit funds, no sales reported
Canyon's two home equity vehicles and Castlelake's asset-based private credit fund disclose no offering amount and zero sales in Sept. 28 Form D filings.
AE Industrial and Barings file Form Ds for new series with undisclosed size
The AE Industrial filing covers Series 7 of an aggregator vehicle; the Barings filing covers Series B of a CLO equity partnership.
Merrill sets data and shelf fees for third-party managers, up to $1.4 million
The Bank of America unit's updated Form ADV disclosures state a financial incentive to recommend products from firms that pay for data analytics, according to RIABiz.
Ninepoint Partners proposes fixed administration fee and management fee cuts on certain funds
The Toronto alternative manager would absorb fund operating expenses in exchange for the fixed fee, with each fund voting separately on the change.
Cerulli: 73% of RIAs most likely to add junior advisors over two years
The same Cerulli Associates survey with Vista Equity Partners found 64% of RIAs reporting AI has reduced manual and administrative work.
Rising RIA deal size reflects bigger advisory firms, not only private equity capital
A WealthManagement.com column says this decade's sellers arrive with professional management, multiple service lines and succession plans, and that owners may be worth most seven years before an exit.
An AI agent breached Hugging Face through two unreviewed code paths
WealthManagement.com argues that prompt-driven development creates the same exposure for firms building software.
DTCC invests in iCapital; Adhesion waives platform and tax fees
The clearing utility gets an observer seat while the AssetMark-owned UMA platform drops two fee lines for advisors building custom RIA models with Fidelity research.
DeVoe: RIA deal count down 19% in Q3 through Sept. 22
Fidelity's midyear report put the median acquired RIA at $630 million, up from $517 million, while a deal lawyer points to buyer selectivity.
Goldman announces a Lynq and tZERO deal tied to a $100 billion money fund
Franklin Templeton announced a deal and Fidelity listed a fund launch the same day; the log carries no dollar figure for either.
HUB International rebrands for first time in a decade after IPO filing
The Chicago brokerage, majority-owned by Hellman & Friedman, manages more than $38 billion in its wealth division and valued itself at $29 billion in May 2025.
Wilmington Trust's Weese says pandemic memories are pulling owners to sell
Marguerite Weese sees owners moving exits forward after the pandemic; BNY Wealth research shows just under 50% of sellers are prepared for diligence.
Broadridge and LPL fill wealth-platform executive seats as three Schwab executives leave
PWD logged 351 executive changes and 10 custodian changes in the 30-day window, with leadership seats turning over far more often than client books changed custodians.
Hester Peirce resigns from SEC, leaving two Republican commissioners and no Democrats
Paul Atkins and Mark Uyeda are the commission's only members, with three seats vacant, and party-balance rules require at least two of the next three appointees to be non-Republicans.
Cox Capital tenders $40 million at 12.5% below NAV, naming a price for private credit exits
Apollo, Ares and Morgan Stanley disclosed shorter or prorated queues in the third quarter without naming a payout price; Cox's tender does.
Adhesion Wealth adds Fidelity research to custom RIA models, waiving platform and tax fees
The AssetMark-owned UMA platform says advisors can use the new custom model offering without paying its platform fee or its Tax Management Services fee.
Warren letters ask Meta, Amazon, Microsoft and Alphabet to itemize AI tax breaks
The senators want company-level figures on deductions claimed under the 2025 tax law, as Pew finds 54% of US adults call data centers a net environmental negative.
DTCC invests in iCapital and will integrate alternative investment product
The clearing utility will gain an observer seat on iCapital's board as the two firms will connect transaction processing, data exchange and reporting.
Advisors move client assets toward dividend growth as market leadership broadens
The practitioners interviewed screen for payout growth and quality over headline yield and frame dividend growers as a complement to growth books, not an income replacement.
Retail private credit Q3 withdrawal requests ease without fund names or payout figures
Cox Capital's $40 million tender, priced 12.5% below net asset value, remains the only concrete mark in the liquidity story.
DeVoe says RIA deal announcements fell 19%, threatening a seven-quarter record
A six-to-eighteen-month lag between deciding to sell and announcing a deal means the 2025 tariff shock and 2026 Iran conflict are only now showing up in the data.
Stansberry Asset Management rebrands as Meristead Wealth, a nearly $1.4B Texas RIA
The firm says management, investment philosophy and client relationships carry over to the new name, along with SEC file 801-107061.
Withdrawal requests eased at some large retail private credit funds in Q3
The Financial Times reported a decline in requests at some of the largest funds sold to wealthy individuals, without naming funds or giving payout figures.
Ares and Salesforce among five climate announcements, none an advisor product
Two of the five carried figures totaling $950 million; no wealth platform appears.
LPL's $13.5 billion August net new assets rest on a modeled advisory mix
LPL's August total was reported; the mix shift beneath it leans on a retention assumption rather than a counted result.
Crypto is building the advisor on-ramp before the assets arrive
Four September announcements, read in sequence, describe a distribution chain being assembled for RIA portfolios, and the order in which they landed is the strategy.
The recruiting war isn't being fought over custody
Eleven custodian changes against 2,797 advisor moves in the same 30 days, and the busiest firms in the market are competing on everything except where the assets sit.
The rollup market now prices the operating layer
Hightower's two-president split makes the growth machine visible, and Bahnsen's $10.5 billion organic build is the receipt as deal counts lag the repricing.
The next breakaway is a job offer
A $1.25 billion Iowa team picked a W-2 over independence, and the week's moves show employee channels now outbid custody platforms.
The private-markets shelf is full. Now someone has to run the money.
Blackstone's blank committee ledger, AQR's $145.6 million uncapped filing, and Hamilton Lane's 86% allocation mark the shift from selling access to building sleeves.
Hightower splits the rollup from the growth unit to court a buyer
Separate presidents give a buyer two businesses to price, and put a systems résumé over the assets that need reconciling most.
The scarce input in consolidation is now the executive bench
Two deals, three empty C-suite seats at one firm, and a 48% seller-readiness rate trace to one shortage: the executive bench that no purchase agreement can supply.
Raymond James's employee arm is now the independence trade
A $1.25 billion Iowa team chose a W-2 and a nameplate over autonomy; UBS showed how cheap the move gets when the firm already employs the manager.