LPL Financial to report third-quarter earnings after market close Oct. 27
The platform says it supports more than 32,000 advisors and about $2.6 trillion in brokerage and advisory assets.
Story archive
All Private Wealth Daily reporting, newest first.
Wealthspire launches a $2.88 billion sports and entertainment practice inside its family office
Frank Marzano, who joined through the 2023 GM Advisory Group purchase, leads the unit and its more than 200 client relationships.
Alto to buy Forge Trust from Schwab, pooling $20 billion in retirement assets
The deal covers Forge Trust Co. and its parent, leaves the combined business with more than 60,000 self-directed IRA accounts, and needs South Dakota banking approval.
Cresset is pursuing National Advisors Trust to build a $13.1 billion trust platform
Cresset would move its $5.4 billion trust division onto the target's charter in the same 48 hours that brought Aspen Standard's Cullen purchase and Concurrent's $5.4 billion Spire deal.
Creative Planning hires Ovi Vitas as chief marketing officer
He joins the $780 billion Overland Park RIA from AmeriLife and succeeds Nick Jacobson, who left in August.
Why Northern Trust and Citi are adding senior trust executives
Twelve states now have deed-theft laws, up from seven, and seniors absorb 44% of real-estate fraud losses.
Blue Owl tech fund draws redemption requests for 39% of shares
Redemption requests at the $35 billion Blue Owl Credit Income Corp. eased to 16.8% of shares, while both Blue Owl funds cap quarterly withdrawals at 5%.
Envestnet draws its UHNW line at $30 million and says white glove means coordination
Its WealthManagement.com commentary argues advisors are outsourcing investment management to focus on tax, estate and philanthropic planning.
Aspen Standard Wealth buys Cullen Investment Group, its fourth deal of 2026
The Lafayette RIA manages more than $1 billion, and the acquisition lifts the assets Aspen claims across its affiliates past $16.5 billion.
Fidelity sets $100 million custody minimum; Betterment waives fees through 2028
Betterment will forgo 100% of its wrap fee for Fidelity-custodied firms that sign up by June 30, 2027, the day Fidelity's deadline falls.
EquityZen files two series and Altera two funds as Bewater reports no sales
Bewater Growth Fund II listed a $150 million offering with nothing sold, as two EquityZen series closed in full and Brightwood's credit fund led the batch at $108.6 million.
Wealthspire launches $2.9B sports and entertainment practice inside its family office
Frank Marzano, who joined through the 2023 GM Advisory Group acquisition, leads the practice, which will run as a vertical of Wealthspire Family Office.
CUSIP Global Services and MSCI extend identifiers to private companies
MSCI is supplying domicile, dividend, sector and PACS classification data to sit alongside each nine-character code.
Arax names Diego Galan COO, adding operations and M&A to his CFO remit
Galan has run Arax's finances since its 2022 founding and succeeds John O'Connor, who moves to the firm's Project Management Office.
Advisors rework home-equity plans as 30-year mortgage rate tops 7%
Freddie Mac's survey put the 30-year fixed at 7.03%, its first reading above 7% in 20 months; two advisors differ on how the house belongs in a plan.
KKR FS Income Trust Select honors all withdrawal requests despite demand topping 5% cap
The non-traded BDC did not disclose a redemption amount, while Endowus and CVC launched a European private credit strategy for Singapore and Hong Kong investors.
KKR FS Income Trust Select meets all withdrawal requests after demand tops 5% cap
The non-traded BDC's quarterly repurchase demand narrowly exceeded its 5% limit, and the account gives no dollar figure for the payout.
Endowus partners with CVC on European private credit for Singapore and Hong Kong investors
The strategy targets accredited and professional investors in Singapore and Hong Kong and is pitched as an alternative to US-focused credit strategies.
Altruist adds donor-advised funds to its platform at 50 basis points
The custodian says the accounts carry no minimums and can be invested in any model on its marketplace, with Endaoment as sponsor.
Schwab says it already serves 11,000 sub-$100 million RIAs as Fidelity sets a deadline
Jon Beatty, head of Schwab's $6 trillion custody unit, says it is ready to take at least some Fidelity accounts, though no terms are in writing.
Cresset pursues National Advisors Trust deal to build a $13.1B trust platform
Cresset would move its $5.4 billion trust division onto NAT's national charter and, if the transaction closes, become a client of the firm it is buying.
Fee-based annuities are about 1% of premiums as insurers court RIAs
Halbert Hargrove's Nick Strain spent more than a year on one client's four-annuity plan, and his firm charged no advisory fee on any of them.
Cerulli expects 8.6% of US advisors to change firms, putting $3.4 trillion in play
57% of advisors who joined a new broker-dealer in the past three years cited technology as a factor, while retail-focused RIAs drew more representatives from other channels than independent BDs added from 2021 to 2025.
Morningstar finds 55% of advisors plan no private-markets additions as supply builds
The same survey found 40% offer private investments and optimism fell to 36% from 44%, while ASB Capital and StepStone launched a fund and Wendel hired a product chief.
LPL recruits $1.1 billion Praxis team from Wells Fargo's FiNet
The four-advisor Alpharetta, Ga., practice weighed more than a dozen options before joining LPL's broker/dealer and RIA platform.
Vanguard tells advisors to separate election emotion from allocation decisions
On a Vanguard webcast, Rachel Aguirre expects a wave of client calls after Election Day, and Ben Barasky wants advisors to sort real policy from campaign rhetoric before touching allocations.
Northern Trust hires two private bankers from Citi and BNY in Northeast push
Beth Emswiler, who ran investment solutions for Citi Private Bank's ultra-high-net-worth clients, and BNY's Connecticut and Long Island market president Andrew Borner join as senior managing directors.
Wendel Investment Managers hires Bénédicte Rabier from AXA IM Prime as product chief
Rabier, 49, starts October 1, 2026 and will run product roadmap and marketing for Wendel's third-party asset management platform.
Morningstar survey finds 80% of advisors use AI, but client-facing time stays at 53%
Morningstar's survey of 501 advisors finds 56% name administrative and operational work as the biggest barrier to the service they want to deliver.
The $124 trillion wealth transfer moves risk along with the money
A family scheduled $2.5 million in inherited jewelry and still lost it, exposing what tax-and-estate plans leave out.
Advisors pushing into 401(k) advice face data, coaching and legacy tech hurdles
Fee compression and sponsor demand pull firms toward defined-contribution participants, but most RIAs and broker-dealers lack frequent participant data feeds and many lack the coaching bench to serve them.
Merrill hires Morgan Stanley and Wells Fargo teams managing $770 million
The two teams lead a recruiting round that also sent a $180 million LPL pair to Raymond James and an Edward Jones veteran to UBS.
Morningstar survey: 40% of advisors offer private markets as optimism falls
The share of U.S. advisors optimistic about markets dropped to 36% from 44%, while the 55% with no plans to add private markets held about flat.
Real estate fraud losses reach $275.1 million; twelve states now have deed-theft laws
The ALTA trade group says seniors absorb 44% of real estate fraud dollars, while EquityProtect counts deed-theft statutes in twelve states, up from seven.
KeyBank names Mike Keane COO of Key Wealth as Joe Calabrese retires
Keane arrives from Wilmington Trust with Key Wealth at 543 advisors and $70 billion in assets under management, against a stated $100 billion target for 2030.
Cetera Planning Partners adds advisors from The Retirement Planning Group as recruiting outruns deals
The Oct. 4 arrivals came as advisor moves across the industry outnumbered announced deals nearly three to one over the prior 30 days.
Concurrent announces $5.4B Spire purchase and $3B–$10B platform target
Concurrent's first platform purchase adds more than 30 advisor teams and lifts pro forma assets to $28.6 billion.
RFG Advisory leads wealth management activity as advisor moves nearly triple deal announcements
RFG Advisory logged 101 events over the 30 days, and independent platforms filled much of the top of the table, with 2,180 advisor moves against 731 deal announcements.
Five retirement-focused firms produce 341 market events, more than triple UBS's 97
Advisor moves across the industry totaled 2,180 in the same 30 days, alongside 363 fund launches and 736 announced deals.
Concurrent announces Spire platform purchase, adding $5.4 billion with no price disclosed
The Tampa hybrid says the Spire purchase brings more than 30 advisor teams, and four wealth additions this week name $8.55 billion in client assets.
Northwestern Mutual, Northern Trust and Citi each add family-office governance roles
Northwestern Mutual charges advisers a retainer for access to more than 40 in-house legal, tax, lending and philanthropy specialists for clients worth $50 million or more.
OpenArc Corporate Advisory tops 30-day tally, ahead of UBS
The corporate advisory firm was named in 109 events; UBS logged 105 and RFG Advisory 95, while the industry recorded 2,308 advisor moves and 757 deal announcements.
HB Wealth acquires $700M Texas RIA; Hightower Signature adds Sandy Cove
Hightower Signature's third external acquisition of 2026 is expected to close at the end of the third quarter and would put the unit above $40 billion.
CFP Board sanctions 19 individuals under its Code and Standards
The October 2 notice names one suspended certification and points readers to FINRA and SEC records that may be more current than the board's own listing.
DigitalBridge and SoftBank close $3.1 billion deal
Harrison Street agrees to buy a majority of Vicinity Energy at a $2.92 billion enterprise value, while four of the five announced deals name an energy or clean-power counterparty.
SEC bars Clarice Crystal Saw over alleged $2.4 million theft from elderly client
Saw was registered with Cetera Investment Services in Flushing from September 2021 to June 2022 and settled the SEC's charges on September 21.
Advisor moves hit 2,555 in 30 days, outpacing 336 fund launches
AlpInvest and Bain Capital each filed Form Ds with no offering amount and $0 sold, while Raymond James added an alternatives sleeve to model portfolios.
Cerity Partners merges with Cornerstone Capital and two other RIAs in a $2 billion week
The Palo Alto RIA, founded in 1978 and owned by three partners, joins Cerity alongside firms in Minneapolis and Atlanta in a week of about $2 billion in announced mergers.
SEC accuses Meyer Global of five schemes targeting SpaceX and OpenAI investors
The complaint alleges at least $1.27 million misappropriated from private funds and nearly 100 investors deceived between December 2021 and the September 30 filing.
Envestnet seeks a chief product officer; UBS hands Naureen Hassan its US wealth unit
RIABiz reports Envestnet is backfilling Molly Weiss's product brief while UBS turns its US wealth franchise over to former Schwab executive Naureen Hassan.