This Week in Wealth

Turnkey asset management program Matson Money is suing its former co-CEO, who is also the firm’s founder’s son-in-law, alleging that he tried to start a competing business using protected information. Sam Bojarski, Ian Wenik, and Alex Steger break down the sensational suit.

The team also discusses The Mather Group’s pursuit of a new institutional investor and the Securities and Exchange Commission’s decision to drop its ‘gag rule’ in enforcement settlements.

Alex Steger and Ian Wenik host Nate Lenz, the chief executive of $30bn Concurrent Investment Advisors, for a discussion about why his Tampa-based firm chose to break away from Raymond James, how it's begun pursuing both minority and majority acquisitions and — no, seriously — Columbia football.

Alex, Ian and Alec discuss a relatively rocky week for some key players in the wealth management industry, starting with some indicators in LPL Financial's latest earnings report that its recruiting engine has slowed down amidst its battle to retain Commonwealth advisors. The trio also go over the recent spate of data breaches across a host of household names which have exposed thousands of clients' sensitive data.

Ian, Sam, and Alex discuss the task ahead for Focus Financial Partners’ new CEO, Adam Birenbaum, who is charged with steering the firm through a cycle that goes beyond acquisition and consolidation. The team also digs into Merchant Investment Management’s latest capital raise, its second in less than two years, which is being led by PE shop Sixth Street.

Plus, they have the skinny on possibly the most famous financial advisor in America today: Rulla Nehme Pontarelli, the Osaic-affiliated advisor who has landed a starring role on Bravo’s The Real Housewives of Rhode Island.

Some 11,000 advisors switched firms last year. But which companies suffered the biggest exits, and where did those advisors go? Ian and Alex have the answers. They also wrap up a series of new initiatives from Charles Schwab, plus Ian provides updates from a somewhat secret conference in San Francisco.

Via the magic of Citywire RIA’s new Deals Database, Alex, Ian, and Alec take a look at the most notable wealth management M&A of Q1. Who’s been busy buying? What have they bought? Which PE firms are driving the deals? And what does it all mean for the rest of the year? These questions and more are covered. Additionally, the team takes a deep dive into Osaic’s recent capital raise—which includes a minority investment by Bain Capital—plus LPL and Private Advisor Group’s acquisition of Mariner’s $31bn platform business.

You can check out the Deals Database here - https://citywire.com/ria/deals

Special guest Michael Batnick, the managing partner of Ritholtz Wealth Management (and a prodigious podcaster in his own right!), joins Ian and Alex to discuss the latest changes to Fidelity's lucrative Wealth Advisor Solutions network, how his $7.6bn RIA found an internal succession solution and the red flags around private credit.

Happy Opening Day! Ian and Citywire RIA reporter Peter Saalfield speak with ex-New York Yankee Kevin Thompson, now the CEO of 9i Capital Group and learn about how he went from seeing his advisor affected by the Allen Stanford Ponzi scheme to running his own wealth manager, how his firm operates as a smaller practice in a consolidating industry and how Derek Jeter made his own rules of the road (you'll understand when you listen).

Commonwealth reduced a $93m SEC penalty to just $5m. All it took was a seven-year legal battle and a new regime at the regulator. Plus, the CFP Board considers waiving its bachelor's degree requirement.

Ian and Alex discuss Edelman Financial Engines’ decision to award $175m in equity grants to its financial planners, the spate of lawsuits facing RIAs over client data breaches, and AlTi Global’s failure to meet its full-year earnings filing deadline.