This Week in Wealth

In an episode recorded on the conference floor at Schwab Impact, Dynasty Financial Partners CEO Shirl Penney joins This Week in Wealth to discuss the state of the RIA custody market, where the next big breakaways are coming from, and what will separate winning and losing firms in an era of uncertain markets and higher rates.

Ahead of next week’s Impact conference, This Week in Wealth runs the rule over Charles Schwab, which has had a busy seven days. In that span, it has started charging ETFs distribution fees and reported 55% growth in its own wealth management business, while still cementing its position as the largest RIA custodian in the game. The team unpacks it all.

Plus, Ian shares his scoop on mega-RIA Beacon Pointe’s finances, including the $74bn shop’s profit margin, organic growth rate and leverage level.

Roughly 50% of Mercer Global Advisors’ net new client assets in the first two quarters of 2026 came from Charles Schwab’s and Fidelity’s custodial referral networks, according to investor materials viewed by Citywire.

This Week in Wealth discusses how this statistic tallies with a previous claim by the firm’s CEO that custodial referrals are its third-largest source of leads, and explores various data in the materials, including the mega-RIA’s organic growth rate, profit margin, employee ownership and leverage levels.

The team also looks at Focus Financial Partners’ plans to once again make large external deals following a period of internal consolidation. Plus, there’s a bit about baseball.

Fidelity has raised its custodial minimum to $100m, giving RIAs until June 30, 2027, to meet that new requirement or face removal from the platform. It's a move with wider ramifications for hundreds of RIAs, rival custodians, and one that might redefine what it means to be a small wealth manager. This Week in Wealth unpacks it all.

The team also shares its biggest takeaways from its week in Austin, Texas, hosting CEOs and CIOs from some of the fastest-growing and most notable RIAs in America. Oh, and Ian is back from safari. Happy Friday!

This bonus episode of This Week in Wealth features a fireside chat with Karl Heckenberg, founder and managing partner of Constellation Wealth Capital.

Since its launch in 2023, Constellation has invested in 18 RIAs, which have a combined $340bn in assets.

At last week’s Citywire CIO Summit in Austin, Texas, Karl told Andrew Foerch about the rapidly changing RIA M&A landscape. They discussed why larger platforms are struggling to attract their desired multiples, how public markets value wealth managers, and the green flags Karl looks for when striking a deal.

We’ll be back again for a regular episode of This Week in Wealth on Friday.

Dakota Wealth Management founder and CEO Peter Raimondi joins This Week in Wealth to discuss whether RIAs are well-prepared for a prolonged market downturn.

He shares how he weathered the Great Financial Crisis, current client portfolio positioning, and his concerns about wealth managers’ leverage levels today.

This episode was recorded on the sidelines of Citywire’s inaugural CEO Summit in Austin, Texas. You can check out some highlights from the conference at https://citywire.com/ria/tag/ceo-summit citywire.com

This Week in Wealth breaks down the C-suite shuffle at Merit Financial Advisors, a $32bn Georgia-based RIA that has become one of the most acquisitive firms in the market.

At the end of a year in which the firm will have completed 15 deals, Merit’s founder and chief executive Rick Kent will move to be executive chairman, with current president Kay Lynn Mayhue becoming chief executive. Alongside the executive changes, the firm has also secured fresh investment from minority owner Constellation Wealth Capital. Alec Rich joins the pod to explain what’s happening and why.

The team also discusses Savvy Wealth’s launch of a custodial infrastructure platform to third-party RIAs and looks ahead to Citywire RIA’s inaugural CEO Summit in Austin next week.

Ian dials in from the Future Proof conference in Huntington Beach, California, to give the lowdown on Anthropic’s Claude for Financial Advisors suite and dig into the AI firm’s tie-up with custodian Charles Schwab.

Alex and Ian also discuss Creative Planning’s acquisition of RVK Inc., an institutional investment consultancy overseeing roughly $4.3tn in client assets, and the strategic rationale for the deal.

Ian and Alex fire up the transatlantic telegraph cable to break down Envestnet’s deal for Vestmark (news that Citywire RIA readers saw before anyone else). They also discuss New York City-based RIA Savvy Wealth raising $100m via a Series C funding round and Schwab Wealth Advisory hiking fees for certain clients.

Artificial intelligence company Anthropic is creating a menu of wealth managers to service its employees following its initial public offering later this year, which could be a huge boon to any RIA that makes the list.

Ian unpacks his scoop, explaining what Anthropic has asked of wealth managers and how the firm’s approach differs from the one taken by a group of SpaceX employees earlier this year.

Andrew also joins the pod to discuss Bain’s plans to reinvest in mega-RIA Carson Group, extending a bet it first made in 2021, and the team squeezes in a section on Schwab hiking new client minimums for long-short SMAs to $10m.

It really has been a summer of scoops!