Mercer Advisors Sale: Private Equity's Big Bet on RIAs Just Got Bigger
Oak Hill Capital Partners, a Manhattan-based private equity firm, is taking a sizeable stake in Mercer Advisors, one of the industry's larger RIAs with more than $16.5 billion in assets under management Article quotes Tiburon saying that this is a natural evolution to a larger private equity backer and that Mercer will likely execute more and bigger deals.

Oleg Tishkevich Builds McKinsey-Killer in RIA Consulting by Offering Gigs and Equity to Six Solo Stars, But Good Luck Managing Egos and Economics, Says Someone Who Has Been There
The restless Invest.us founder names (thus far) Tim Welsh, Suzanne Siracuse, Gavin Spitzer, Mark Hollingsworth, & Brian Bleasdell as owners in exchange for being on call to tackle big gigs as a superteam. Article liberally quotes Tiburon explaining McKinsey & Company model and challenges of entrepreneurial consulting models.

Competition Among TAMPs Heats Up
Financial advisors' growing interest in outsourcing is luring new entrants to the turnkey asset management platform space. Article quotes Tiburon Written Research saying that the number of TAMPs will fall from 48 to 42 but assets under management & administration will increase to $13 trillion.

Boomers Shift to Investable Assets will Provide Boost to Industry
Many baby boomers have not saved enough for retirement but do own homes and small businesses, and this will create an opportunity for financial advisors. Article summarizes recent Tiburon Research Call on Consumer Wealth.

Advisors Face a Pretty Optimistic Future Thanks to Baby Boomers
Overall, consumers own about $15 trillion in home equity and another $13 trillion in small business valuation, Tiburon Strategic Advisors found. Article summarizes recent Tiburon Research Call on Consumer Wealth.

Why Wealthfront's Latest Deal Won't Impact Advisors
But the hybrid-robo transaction could lead to rapid escalation in subscription pricing battles. Tiburon quoted saying that the bigger news is that FacetWealth acquired Grove's financial planners and clients.

Skip Schweiss & Chip Roam Reward RIA Super-Hikers with Soft Beds, Sharp Rocks, & Junk Food to Slog New Hampshire's Presidential Traverse
The Excellent Adventure crew of Tiburon CEO Summit origins glamped it and roughed it on a hike famously dangerous despite low elevation peaks. Article summarizes Skip & Chip Excellent Adventure 8.0.

Robos Look Beyond Investing
In Barron's annual ranking of robo advisors, the evolution continues. Article quotes Tiburon data saying that wirehouses, other national, & regional brokerage firms plus independent advisors now control $17.7 trillion assets under administration.

2018 Insurance Company M&A Activity Fueled by CVS-Aetna Deal
Although insurance company mergers & acquisitions activity was relatively high in 2018, the sector is generally cold, an industry consultant said today. Article summarizes recent Tiburon Research Call on Financial Services Industry Mergers & Acquisitions.

TAMP on the Rise; AssetMark Goes Public
The public markets appear to have validated AssetMark's rapid growth as a turnkey asset management platform company. Tiburon quoted saying that AssetMark's IPO has reinforced the demand to invest in the independent advisor market.

The Biggest Challenge for AssetMark's IPO?  Defining its Business Model
Following in its two largest competitors' footsteps, AssetMark is looking to become the latest wealth management firm to go public. Tiburon quoted saying that a $1.3 billion valuation seems likely.

Advisor Slide: Wirehouses' Waning Headcounts
The four wirehouses, giants of US wealth management, overall have seen their advisor ranks decline modestly in recent years. Article quotes Tiburon saying that the breakaway broker trend is smaller than some claim but that competition is strong from firms such as The Charles Schwab Corporation.

Lori Hardwick Steps Down as AI Labs President and Steps Up as a Gunslinging Paladin for Riskalyze and Other Firms in New Gig Economy Consulting Role
The co-founder went to the Tiburon CEO Summit in April and came away with four big consulting gigs that morphed into a new career. Article shares story of Tiburon CEO Summit XXXVI.

Goldman Buys United Capital in Huge Validation for RIA Business
The once upstart RIA business just raised its game - big time. Article quotes Tiburon saying that this deal is an important inflection point because United Capital is being acquired by a prominent strategic buyer.

Focus Financial's Busy Dealmaking Drives Revenues
Focus Financial said first quarter revenue jumped 32.5% year over year, driven primarily by acquisitions of new partner firms over the twelve months ended March 31. Article quotes Tiburon saying that tuck in acquisitions make an assessment of organic growth difficult.

M&A Gains Drive Focus' 33% Revenue Growth
A high volume of M&A activity continues to pay off for Focus Financial Partners. Article quotes Tiburon saying that tuck in acquisitions make an assessment of organic growth difficult, that Focus' expanded cash offerings will make clients stickier, and that the firm's international push is interesting given the perceived strength of the United States RIA business.

Subscribing to Schwab
The wealth manager recently introduced monthly fees. Article utilizes Tiburon graphic to show fee-based financial advisor assets under management have reached $4.0 trillion.

What an Advisor Group-Centerbridge Deal Means for IBDs
With recent private equity deals being struck at high prices, one industry watcher says that there could be some storm clouds ahead. Article quotes Tiburon saying that the independent broker/dealer market remains popular with private equity firms, and Advisor Group is one of the larger properties.

Raj Adeshi Invokes Thernos Fraud in Testy Exchanges Over Data Collection with Envestnet's Bill Crager and Jud Bergman at Tiburon CEO Summit
HiddenLevers co-founder offended some audience members with his accusations, but other say he raises a valid concern. Article summarizes an exchange at recent Tiburon CEO Summit, but without quoting anyone present, on the topic of data collection.

The Future if Advice is Hiding in Plain Sight
What are the industry's biggest dysfunction and its biggest opportunity? Article quotes Tiburon saying that baby boomers will continue to be the key market segment for twenty more years.

RIA Buyers Challenge Private Equity for Deal Dominance
Private equity-backed buyers of advisory firms have dominated the RIA headlines for the past two years. Article quotes Tiburon saying that CapTrust is a successful acquirer.

Economy Keeps Growing, But Unequally, Tiburon Says
Financial advisors are competing for an economic pie that has grown dramatically since the 2008-2009 financial crisis - albeit unequally. Article summarizes recent Tiburon Research Call on consumer wealth.

What Kestra's Warburg Pincus Deal means for its Future
The deal, estimated at between $600 and $800 million, is widely seen as a good one for Kestra. Article quotes Tiburon saying that Warburg Pincus is a savvy private equity buyer with a current stake in Facet Wealth, and prior stakes in both The Mutual Fund Store and Financial Engines.

Moore's Exit Raises Deeper Questions at Cetera
Another storm at the independent broker/dealer group raises issues about its leadership, recruiting, & retention, industry consultants say. Article quotes Tiburon saying that RJ Moore had gained valuable experience as the number two executive at LPL Financial Holdings and that Ben Brigeman is a terrific executive to serve as a bridge.

Massive Fee-Based AUM Growth
Assets managed by financial advisors who do not take commissions have more than quadrupled since 2011. Article reprints Tiburon graphic showing that the fee-based financial advisor market has grown from $0.8 trillion in 2001 to $4.0 trillion in 2017.

TAMPs Competing in a Fragile Market Ask: Sales or Service, Product or Platform?
With outsourced portfolios now at the core of the wealth management industry, vendors used to life on the fringes have an opportunity to carve share from entrenched incumbents. Article quotes Tiburon saying that future development may be TAMPs that add financial planning capabilities.

Fintech is Not Just for Kids
Technology vendors see opportunity in building tools for older investors. Article quotes Tiburon data showing that baby boomers have the most wealth and will also have the largest wealth increase over the coming decade.

Boomers Still Loom Large in the Future - But Do Not Count Millennials Out
Boomers will remain richest age group over the next decade, but it is the millennials who will help determine what is relevant. Article quotes Tiburon data showing that baby boomers have the most wealth and will also have the largest wealth increase over the coming decade.

HighTower Names Bob Oros CEO
The news comes about two months after intense industry speculation that the former HD Vest CEO planned to make the move. Article quotes Tiburon saying that Bob Oros has been successful in several roles, including that at Fidelity Investments.

401K Market at 40: What a Maturing DC Market Means for Funds
We look back at the evolution of the retirement savings scene and how new developments may disrupt the sector going forward. Article quotes Tiburon saying that mutual funds are reliant on flows from the defined contribution plan market because exchange traded funds (ETFs) have taken share of many other flows.

Bigger is Better in Wealth Management.  Except When it is Not
When it comes to wealth management, banks in recent months have been bulking up or thinning out. Article quotes Tiburon saying that many buyers exist for fee-based financial advisors, including private equity firms.

Brian Hamburger Convinces His FSI Nemesis to Debate Him in Las Vegas, After Trips to San Francisco & Washington, DC
The pressure to create fireworks for a big bright line-up of faculty and attendees meant finding common cause with Dale Brown based on their lack of common ground about how financial advisors should be regulated. Article refers to Tiburon managing partner and also refers to Brian Hamburger attending Tiburon CEO Summit XXXV.

Is HighTower Advisors Tapping Oros as CEO?
News that HD Vest CEO Bob Oros is reportedly being tapped by HighTower Advisors to take over as its CEO, remains confirmed as of Wednesday morning. Article quotes Tiburon saying that Bob Oros is an experienced and capable executive.

Focus Financial's Revenue Gains Keep Spotlight on RIA Proxy
Focus Financial Partners solidified its position as a closely watched surrogate for the RIA industry in the public markets after a quarter marked by notable acquisitions and impressive revenue growth. Article quotes Tiburon saying that Focus Financial Partners is helping stock analysts and buy-side investors understand organic and acquired growth.

Guide to Growth
While some planners are focused on generation X and millennials, baby boomers still control about 82% of United States financial affairs, according to a new Tiburon study. Article refers readers to web site to read Tiburon Written Research findings.

Top Six Trends in Wealth Management: Chip Roame
For one thing, the boomers are not going anywhere anytime soon. Article summarizes the keynote presentation of Tiburon managing partner at Tiburon CEO Summit XXXV.

SunStar Strategic Releases New Financial Advisor Research
SunStar Strategic released the results of its joint financial advisors research project with Discovery Data today at Tiburon CEO Summit XXXV in San Francisco, CA. Article recognizes Tiburon at the release location and SunStar Strategic CEO as one of 50+ CEO speakers.

Never Forget to Keep Your Eyes on Baby Boomer Clients
Baby boomers control 82% of financial affairs in America - from credit cards, to bank accounts, to who hirers financial planners - and will do so for at least ten years, if not longer, according to a new study. Article summarizes recent Tiburon Reseach Call on the Future of Wealth Management.

The After-Hours Admission that Sparked an Industry Juggernaut
Sometime this fall, one of the most memorable chief executive tenures in the history of the independent advisor business will come to an end. Article quotes Tiburon saying that Elliot Weissbluth was the first to really gain traction with break-away brokers.

Chip's & Skip's Excellent Adventure Breaks RIA Stereotypes, Sheds Risk Adversion for Gut Busting Alaska Hike; Black Bears, Grizzlies, & Moose; Oh My!
This year the Excellent Adventure crew assembled in Girdwood, Alaska for a trek up the Crow Pass Trail, which meanders through a rain forest inhabited by black bears, grizzly, and moose. Article summarizes Skip & Chip Excellent Adventure 7.0.

Focus Financial Raises Goal for IPO to $600 Million
Company's revised goal from $100 million could be sign RIA valuations are rising. Article quotes Tiburon saying that the $2.5 billion valuation is impressive, as is the 3.8x revenues and 17.2x EBITDA.

Despite Explosive Asset Growth, Advisor Workforce Keeps Shrinking
Two seemingly contradictory trends are at work in the financial advice industry. While advisors managed $11 trillion in client assets in 2010, they now manage nearly double that, at $21 trillion. Article summarizes Tiburon Research Call on Financial Advisor Channels.

Is the Head Count Falling at Independent Broker/Dealers? Not Yet
The number of financial advisors dropped by the largest independent broker/dealers has not exceeded the number gained in any of the past five years. Article quotes Tiburon saying that the number of financial advisors will decline from 301,136 in 2017 to 298,776 by 2022.

Why Digital Banking and Robo Advice are Pairing Up
Banks and digital wealth startups are headed toward the same goal from different starting points. Article quotes Tiburon saying that controlling clients' free cash is often critical to both locking in the clients and gaining more share of wallet.

Why Digital Banking and Robo Advice are Pairing Up
Banks and digital wealth startups are headed toward the same goal from different starting points. Article quotes Tiburon saying that robo advisors are making a savvy product extension by adding deposit accounts with 200-to-300bps spreads.

Discount Brokers, Mutual Funds to Steamroll Roboadvisors
Online advisors affiliated with discount brokerage firms and mutual fund companies will dominate the consumer online advice world in the future. Article summarizes Tiburon Research Call on Online Advice Firms.

Fee-Based Variable Annuity Sales Jump 70% in 1Q
Sales of fee-based variable annuities, one of the industry's best hopes for cracking the registered investment advisor channel, rose 70% to $780 million over the year-ago period. Article quotes Tiburon written research saying that dually-registered and fee-based financial advisors manage $4 trillion of assets.

Ric Edelman's RIA Empire to Merge with Legacy The Mutual Fund Store in $3 Billion Deal that Takes Financial Engines Private
Hellman & Friedman stakes the eye-popping sum in cash to outright own an RIA with nearly $195 billion of assets under management including robo advised 401K assets. Article quotes Tiburon saying it cannot comment due to Tiburon managing partner serving as a board member at Edelman Financial Services.

Bank of the West Takes Root in the East
Bank of the West Wealth Management opened an office in Manhattan last week aiming to grow its United States business by attracting expatriate individuals and families living on the East Coast. Article quotes Tiburon saying that wealth management is a rapidly growing business.

Fee-Based Advisors Largest Holders of ETFs
Fee-based financial advisors held more exchange traded funds than any other distribution channel last year. Article summarizes Tiburon Research Call on indexing & exchange traded funds (ETFs).

Biggest RIAs on Path to Nationwide Footprint?
Some of the nation's largest registered financial advisors will achieve nationwide footprints in the next ten years, according to a market expert. Article summarizes Tiburon Research Call on fee-based financial advisors.

Amazon in Wealth Management?  What About Costco or Target?
The list of retailers that could potentially offer a wealth management offering is surprisingly long, as financial advice is commoditized and scaled even further to reach the smallest investor. Article quotes Tiburon saying that Amazon, Google, and Facebook provide the most interesting potential entrants, with Amazon potentially adding robo advice as a give away within its Prime service.

Wells Fargo Wealth Probe will Hurt Recruitment
Wells Fargo's wealth management business could have a harder time recruiting and retaining advisors as a result of the recently revealed investigation into the unit's sales practices. Article quotes Tiburon saying that any series of ongoing issues can impact financial advisors' ability to prospect and retain clients.

Wells Fargo Wealth Investigation A Big Deal
Industry watchers expect the probe into the wealth management unit to hurt advisor recruiting and retention. Article quotes Tiburon saying that any series of ongoing issues can impact financial advisors' ability to prospect and retain clients.

Citigroup Downgrades Charles Schwab Corporation on Fears that Vise Grip of Lavish Staff Expenses & Slashed Prices Will Overwhelm Banking Windfall
Schwab CEO Walt Bettinger keeps pulling rabbits out of hats much in the way his predecessor, Chuck Schwab, did for decades. Article quotes Tiburon saying that The Charles Schwab Corporation is well positioned strategically for the next decade.

T. Rowe Price Expands Partnership with Financial Engines
Financial Engines announced Thursday an expanded relationship with T. Rowe Price Group to bring all of Financal Engines' managed account services to participants of retirement plans that T. Rowe Price Group administers. Article quotes Tiburon saying that this expanded offering to the same client base should lead to substantial revenues and net profits for Financial Engines.

Advisors Growing Wary of TAMPs, Analysts Say
Assets in turnkey asset management programs have grown significantly in recent years but new investment options threaten to put an end to the party. Article quotes Tiburon research on financial advisor turnkey asset management programs (FA TAMPs).

Advisors Likely Heading for Exits in Broker Protocol Fallout
Waves of captive advisors are expected to break away from their firms in the coming months while still under broker protocol rules to minimize the risk of being sued by their employers. Article quotes Tiburon saying that firms exiting the broker protocol has likely sped up exits.

Mike Alfred Also Exits BrightScope to Follow Brother Ryan into Cryptocurrency Sphere
With Mark Casady and Josh Brown as backers, the former BrightScope CEO raised a quick $1.5 million over the weekend, partnered with a third Alfred - Eddie - and set about casting light on 1,000 cryptocurrencies for hedge funds. Article referenced Mike Alfred Alfred meeting Mark Casady at a Tiburon CEO Summit.

UBS to Merge its US & Global Wealth Units
The combined global wealth management unit should have close to 10,600 financial advisors and nearly $2.7 trillion assets. Article quotes Tiburon saying that UBS' non-United States wealth management business has higher average assets under administration per financial advisor and higher margins.

Why are Robos Still Attracting Millions?
Underlying the harsh online criticism lobbed at Wealthfront after its $75 million funding announcement was industry bewilderment over why robo advice platforms are still attracting millions in investment. Article quotes Tiburon saying that Wealthfront is doing well and challenging financial advisors who have done little financial planning for their 1.00% fees.