Morgan Stanley advisor Dana Cornell, who oversaw $1 billion, joins Uniting Wealth Partners
He lands in the Denver RIA's Olean, New York office alongside former Ameriprise advisor Kyle Kirk, who also joined UWP and whose book was about $100 million.
Story archive
All Private Wealth Daily reporting, newest first.
Bank of America survey finds 47% of wealthy Gen Z and millennial donors use charitable trusts
Family foundations run 24% to 2% by age, but the survey gives no vehicle figures for Gen X.
SEC asks whether CFP or CPA counts as an accredited investor
The same meeting produced a proposal to let advisers charge up to 20% performance fees on private funds, plus companion measures on the accredited-investor definition and interval fund redemptions, each with 60 days of comment.
SEC proposes rule changes to ease retail capital raising by private markets managers
Private Equity Wire reported the proposal, citing The Wall Street Journal; the coverage does not describe which vehicles or investors it would reach.
Nuveen completes Schroders acquisition and keeps it separate for 12 to 18 months
The release claims top-ten positions in active equities, fixed income and private markets but does not disclose what Nuveen paid or the cost savings.
Pontera reframes itself as AI-agent gatekeeper as Schwab readies Charley agents
A Sept. 24 Pontera blog post argues institutions need an outside validator for agent-to-agent traffic; RIABiz reported Schwab is preparing to launch agents of its own.
Hightower agrees to buy $752M Sandy Cove for its W-2 channel
The Hingham, Mass. firm would lift Hightower Signature Wealth past $40 billion in assets and mark the channel's third external acquisition this year.
T. Rowe's Wyatt Lee says private credit is becoming a big piece of annuities
Fitch reports the trailing 12-month U.S. private-credit borrower default rate hit a record 6.3% in August.
SEC asks whether a CFP or CPA should count as an accredited investor
The same meeting produced proposals to widen when advisors charge performance fees and to overhaul the interval fund framework.
Mondevo opens Ittikar family-office capital network beyond its 100 founding members
The platform ran Mondevo Group's Caruso and Underscore District acquisitions, then opened to outside family offices.
Merchant's $255.9 million Ironbark stake puts AI in the capital plan
The Australian wealth firm's expansion money covers AI, technology and operations, while XYPN added discounted AI tools as a member benefit.
Merchant takes $255.9 million stake in $97 billion Australian wealth firm Ironbark
The investment is Merchant's largest outside the United States and is earmarked for Ironbark's expansion in wealth management, AI, technology and operations.
Wealth Enhancement agrees to buy RWA Wealth Partners, a $22 billion Boston RIA
The Minneapolis acquirer says the deal, expected to close in the fourth quarter, would be its largest to date and take it past $187.1 billion in client advisory, trust and brokerage assets.
IRS guidance targets quick redemptions in Section 351 ETF seeding
Notice 2026-62 and Revenue Ruling 2026-20 target quick redemptions of appreciated holdings without banning Section 351 seeding.
UBS's $1.3 billion Cullman/Holt team leaves for Wells Fargo's FiNet
The seven-person Ohio group joins Ascend Advisory Group, a FiNet affiliate whose site lists more than $2.5 billion in assets.
Ten UBS advisors re-register at Frost Investment Services in 21 days
The team's registration records show a ten-advisor move into a $3.67 billion RIA with 177 employees and no deal to announce.
Wealth Enhancement agrees to acquire RWA Wealth Partners, a $22.46 billion Boston RIA
The deal would lift the Minneapolis firm past $187.1 billion in client advisory, trust and brokerage assets, a total that includes $8.5 billion held with affiliated RIA Advisory Solutions Group.
Insight Capital Solutions names Allan Umans president of Harbor Capital and Insight Material Handling
Umans, who joined the Irvine, California company in 2019, steps down as general counsel and reports to chief revenue officer Scott Sullivan.
Kasner estate-planning symposium turns AI use into a professional-responsibility question
The 22nd annual conference, hosted Aug. 27 and 28 by Santa Clara School of Law, highlighted five developments; the available account covers three, ending partway into a tax point on gifting interests that resist valuation.
SEC proposes letting advisers charge up to 20% performance fees on private funds
Companion measures would widen the accredited-investor definition and give interval funds more flexibility on redemptions, with 60 days of public comment on each.
MissionSquare's two arms log 190 advisor moves in one month
The combined count for the retirement plan provider's wealth and retirement units exceeds NewEdge Wealth's 113, the largest single-firm tally in PWD's tracking.
Edward Jones to develop retirement plan tool with Aboon and RPAG
The firm holds about $50 billion of 401(k) assets across roughly ten record keepers, and the prospecting module now in beta is expected to reach the broader network early next year.
LPL recruits Lakewood Wealth Management's three advisors from Cambridge
The Ann Arbor team reported about $170 million across advisory, brokerage and retirement plan assets.
Carson Group adds a $120 million Ohio team as Mesirow hires Mark Nichol
Nikki Lude and Ciara Stewart leave Commonwealth Financial Services with about $120 million in client assets to launch Heritage Financial & Investment Services in southeastern Ohio.
Kestra Financial adds $550 million Texas planning team as wealth build-out continues
Ecclesiastes Wealth Partners, founded by Shannon Harris, brings about $550 million in client assets and three principals to the Austin broker-dealer.
Bruce Markets plans weekend U.S. equity trading, pending regulatory approval
Apex Clearing would handle clearing, carrying and custody; Nasdaq supplies the trading technology.
BNY Pershing retires Wove, folds it into wealth unit as Fitch lists cash-rate winners
The custodian will not say how many advisors use Wove, while Fitch sees Schwab, LPL, Raymond James, Ameriprise and Stifel gaining from higher client cash rates.
Fitch says higher rates stand to lift wealth manager cash earnings
The September 29 report assesses Schwab, LPL Financial, Raymond James, Ameriprise and Stifel, and flags higher deposit costs and cash sorting as offsets to the spread.
Harrison Street agrees to buy majority of Vicinity Energy at $2.92 billion enterprise value
Harrison Street, which reports more than $110 billion in assets under management, agrees to buy from Antin Infrastructure Partners a district energy platform serving more than 700 customers across 12 cities.
AlpInvest files Form Ds for onshore Secondaries Fund IX and credit-secondaries sidecar
Neither Form D states an offering amount, and both list $0K sold to date.
Bain Capital files Form D for a direct lending fund with no offering amount
The 29 September notice names four related persons and records $0K sold to date, but no fund size or terms.
XYPN adds Income Lab as a member benefit for more than 2,300 planners
Retirement income planning reached the top of the network's benefit request list in 2026, and more than 300 members already use Income Lab.
XYPN partners with Jump to offer members discounted AI practice tools
AI efficiency tools were the network's most-requested partnership category in 2025 and 2026, with Jump the most requested product, according to XYPN.
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.
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.
More than 40 specialists sit behind Northwestern Mutual's family office retainer
Citi hired JPMorgan's trusts and estates head Adam Clark, and Northern Trust filled three family office leadership seats.
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.