The Healthy Advisor: When Pressure, Setbacks and Life Transitions Collide With Terri Kallsen
Terri Kallsen, a three‑decade veteran of financial services, recently helped launch Rise Growth Partners, a strategic RIA investment platform, while serving as chair of the CFP Board. At Charles Schwab she oversaw 7,000 staff and $1.6 trillion in assets, and later drove transformation as COO of Wealth Enhancement Group. Her leadership is complemented by a personal commitment to endurance—she has finished 21 marathons and dozens of triathlons, using that discipline to navigate high‑pressure career moments. Kallsen also mentors women and young professionals, earning multiple industry accolades.
Estate Planning Without Children
Estate planning for child‑free Americans is becoming a distinct niche as more people forgo traditional family structures. Without children, clients must deliberately select trustees, agents, and beneficiaries, often turning to extended relatives, friends, or corporate trustees. The absence of heirs...
Your Client Is Buying a Business. Have They Considered Cost Segregation?
When acquiring businesses with real‑estate components, depreciation can outweigh purchase price in after‑tax cash flow. Cost segregation—an engineering analysis that reclassifies building elements to five‑, seven‑ or 15‑year lives—now often yields an immediate 100% bonus depreciation under Section 168(k) for assets...
Compliance Officers Worry AI Demand Is Outpacing Regulators
Compliance officers warned at the FINRA annual conference that the rapid rise of generative AI in investment advice is outpacing regulator guidance. Robinhood’s chief legal officer Dan Gallagher said customers using AI tools could breach SEC rules such as Regulation...
People Moves: RIA Platform VestGen CEO Departs, Succeeded by CFO
VestGen Wealth Partners, a Chicago‑based RIA platform with $8.4 billion in assets under management, announced that founder‑CEO Josh Gerry will step down after less than two years. The firm’s president and CFO, Jason Hanavan, will take over as chief executive under...
KKR, BlackRock, Apollo Scramble to Fix Struggling Private Credit Funds
The $1.8 trillion private‑credit market is under pressure as publicly traded BDCs from KKR, BlackRock and Apollo face steep discounts and rising redemption risk. KKR responded with a $300 million share‑buyback, $150 million preferred equity investment and a tender offer for its FSK...
PGIM Launches Its First Private Credit CIT for DC Plans
PGIM, the investment arm of Prudential Financial, has introduced its first private‑credit collective investment trust (CIT) designed for defined contribution (DC) plans. The product gives plan sponsors exposure to diversified investment‑grade private placements and asset‑backed securities and can be embedded...
Smaller Doesn't Mean Easier for RIA M&A
Sam Anderson argues that independent RIA mergers appear simpler than headline‑making corporate deals, but hidden complexities emerge during negotiations. In RIA transactions, owners are also the rainmakers, so decisions about governance, compensation, and client transition become central deal points. Due...
The Diamond Podcast for Financial Advisors: Ex-Edward Jones Advisor on Building Beyond $1B
Ricky Smith, a former Edward Jones advisor, launched Inspired Wealth Planning with Kestra Private Wealth Services in March 2023 and grew the firm to over $1.25 billion in assets across seven locations within 15 months. His departure from the wirehouse was the result...
Stratos Wealth Fully Acquires 11 Partner Firms with $4.8B In Assets
Stratos Wealth Holdings announced the full acquisition of 11 partner advisory firms, adding roughly $4.8 billion in assets under management. The deals were already in motion before SEI Investments purchased a 57.5% stake in Stratos for about $544 million. SEI plans to...
RIA Edge Podcast: Building ‘Summit 2.0’ with Randy Morris
Summit Wealth Group announced the launch of "Summit 2.0," an independent RIA platform that separates the firm from its 20‑year broker‑dealer affiliation. Founder and CEO Randy Morris cited greater autonomy, a client‑centric experience, and long‑term growth as drivers, supported by a...
Lido Advisors Acquires $1B Jackson Hole Capital
Lido Advisors, a Los Angeles‑based RIA with more than $42 billion in assets under management, has acquired Jackson Hole Capital Partners, a Tulsa wealth‑management firm holding over $1 billion in assets. The six‑person Jackson Hole team will join Lido as partners, bolstering its alternative‑investment capabilities....
Edelman Claims Prime Capital Advisors Solicited Clients Despite Court Order
Edelman Financial Engines has filed a new motion alleging Prime Capital Advisors violated a temporary restraining order that bars the firm from soliciting Edelman's advisors and clients. The claim focuses on former Edelman planner Brendan Kenny, who managed about $319 million...
The Most Common Tax Traps in Retirement — and How to Avoid Them
Retirees are increasingly worried about taxes, with 70% of surveyed Americans fearing higher bills as they shift from wages to portfolio withdrawals. Misunderstanding Social Security taxation can turn a sizable benefit into a hefty liability, as up to 85% of...
Unpacking the Leafhouse-Mesirow Deal
Mesirow has acquired Leafhouse’s fiduciary services business, adding roughly $23 billion in assets to its existing $115 billion platform and taking a strategic stake in Leafhouse’s technology division. Founder Todd Kading retains control of Leafhouse’s financial‑services unit, which includes HSAs, IRAs, managed...
What to Do When UHNW Clients Go Quiet
Advisors are seeing a surge in ultra‑high‑net‑worth families as 526,000 new millionaires emerged in 2024 and UHNW individuals grew 6.2%. These families face escalating complexity, from multi‑jurisdictional tax planning to identity shifts after business sales or inheritances. To...
Zephyr's Adjusted for Risk: Should Commodities Be a Core Holding in an Asset Allocation?
Zephyr market strategist Ryan Nauman and SS&C ALPS head Paul Baiocchi discussed the renewed focus on commodities amid strong gold and silver performance in 2025 and geopolitical tensions from the Iran conflict. They highlighted how supply‑chain disruptions and weather‑driven events...
Q&A: Amid Market Volatility, Public REITs Have Outperformed YTD in 2026
The FTSE Nareit All‑Equity REITs Index posted a 13.1% total‑return gain year‑to‑date, outpacing the Russell 1000’s 5.5% rise, driven by a 9.0% surge in April after a volatile stretch linked to the U.S. war on Iran. Data‑center REITs led sector performance...
Deals & Moves: Apollon Adds $650M RIA; Merit Snags $470M Advisory
Apollon Wealth Management announced the acquisition of Senglaub Financial Group, a Wisconsin RIA with about $650 million in client assets. The deal lifts Apollon’s total managed assets to roughly $16 billion. In parallel, Merit Financial Advisors bought Seattle‑based Pradel Financial Group, adding...
Zephyr's Adjusted for Risk: Unlocking the Secrets to Profitable Farmland Investment Strategies
Homestead Capital’s head of investor relations, David Chan, discussed the firm’s dual approach to U.S. farmland investing—direct equity ownership and a newer credit line that lends to farmers. The podcast highlighted key return drivers such as durable lease income, land...
The WealthStack Podcast: How Delegating Drives Growth and Better Client Experiences with Brooke Cecil
In a May 8, 2026 episode of the WealthStack Podcast, Shannon Rosic interviews Brooke Cecil, VP of client relations at BELAY Solutions, about how delegation and operational support can unlock growth for advisory firms. Cecil explains that many bottlenecks stem from administrative tasks and inbox...
The Key for Improving Access to Alternatives: Managed Models Within a Centralized Trading System
The article argues that managed models embedded in a centralized trading system are the key to unlocking broader access to alternative investments for financial advisors. By consolidating trade execution, compliance, and account management, platforms can integrate alternatives into model portfolios...
Robinhood Wins Form CRS Relief From SEC on Trump Accounts
The SEC granted Robinhood Financial a no‑action exemption from delivering Form CRS to clients opening Trump Accounts, a new child‑focused savings vehicle created by the 2024 tax bill. Robinhood will act as the initial trustee, spending about $100 million to build...
Rossby Financial Launches Advisor Profitability Calculator
Rossby Financial, a Florida‑based RIA platform, launched a free Advisor Profitability Calculator that lets wealth managers compare their cost structure to Rossby’s flat‑fee model. The tool performs a cost‑volume‑profit analysis using inputs such as AUM, tech fees, E&O costs, payout...
$836M Ameriprise Team Launches Midwest RIA
The Bedford Group, an Ameriprise‑affiliated advisory team in St. Louis, has launched its own registered investment advisor (RIA) managing roughly $836 million in client assets. While still registered with Ameriprise, the new RIA will use Ameriprise’s Private Client Services for brokerage and...
Apollo to Start Reporting Daily Prices for Private Markets
Apollo Global Management announced it will price over $830 billion of its private‑credit assets daily by the end of September, extending daily pricing to all corporate investment‑grade fixed‑income assets by June 30 and to direct‑lending and asset‑backed finance assets by September 30. The...
The Diamond Podcast for Financial Advisors: Inside an $8B Boutique Firm’s Evolution
Crestwood Advisors, a boutique financial‑advisory firm, has grown to over $8 billion in assets under management since its 2003 launch. The expansion was achieved deliberately, focusing on client experience and incremental capability additions rather than headline‑making moves. Leah Sciabarrasi, President and...
Cambridge Hires Moody’s Executive to Lead BridgePort RIA
Cambridge Investment Research’s BridgePort RIA appointed Clara Sierra, a former senior director at Moody’s Analytics, as Managing Director to oversee advisor experience, technology, operations, compliance and growth initiatives. She succeeds retiring founder Eddie Rollins, who launched the platform in 2024....
Q&A: Focus's Travis Danysh on the Shift From Deal Volume to Scale
Focus Financial Partners, acquired by Clayton, Dubilier & Rice in 2023, is consolidating its 90 independent RIA subsidiaries into a handful of large Focus Partners. Over 60% of the firm’s earnings now stem from these consolidated entities, with roughly 40 firms...
Private Credit Titans Take Some Blame for Skittish Retail Buyers
Private‑credit giants gathered at the Milken Institute conference to admit the term “semi‑liquid” no longer fits their products, after a wave of retail withdrawals sparked by the collapses of Tricolor Holdings, First Brands Group and Market Financial Solutions. Executives from...
The Six-Month Social Security Retroactivity Trap
Social Security lets retirees who file after full retirement age elect up to six months of retroactive benefits as a lump‑sum, but the choice permanently lowers the ongoing monthly check by eliminating delayed‑retirement credits. The trade‑off often appears attractive in...
Tax-Managed Long-Short Strategies Gain Traction. Are They Worth the Risk?
Tax‑managed long‑short equity strategies are gaining traction as advisors look for ways to harvest losses and offset large capital‑gain events. Natixis' Gateway Long/Short Extension Strategy posted an 18.69% total return through 2025, edging out the S&P 500’s 17.82% gain. However, fees...
Post-Integration and Reverence Recap, Osaic Targets Organic Growth
Private equity firm Reverence Capital Partners completed a $2 billion recapitalization of Osaic, retaining majority control while bringing Bain Capital on board. Following the integration of eight broker‑dealers into a single “Journey to One” structure, Osaic is pivoting from acquisition‑driven expansion...
Zephyr's Adjusted for Risk: Tokenization & ETFs - The End of Traditional Market Barriers?
Roxanna Islam of TMX VettaFi discussed fast‑growing ETF trends on Zephyr’s Adjusted for Risk podcast, highlighting the rise of spot Bitcoin ETFs since January 2024 and the consolidation of crypto flows into larger funds like iShares IBIT. She noted strong momentum in...
FIS’ New Cloud-Based Record-Keeping System Could Unlock the Potential of 401(k) Plans
FIS Global Retirement is set to launch a cloud‑based record‑keeping platform in July 2026 that consolidates its Omni and Relius systems, adding AI‑driven analytics and third‑party integration. The legacy COBOL architecture, which underpins services for 68 million participants, has limited innovation...
$6.5B Sowell Management Sells Minority Stake to Merchant
Sowell Management, a North Little Rock RIA with over $6.5 billion in AUM, has sold a minority stake to New York‑based private partnership Merchant. The capital will fund a new Advisor Partnership Program that lets advisors earn equity and receive growth...
Prosperity Merges in Five Firms to Create $4.7B RIA
Prosperity Capital Advisors, based in Westlake, Ohio, announced the merger of five independent firms—JL Smith Holistic Wealth Management, Alison Wealth Management, OneTeam Financial, Hammer Financial Group and FSC Wealth Advisors—into a single RIA. The transaction lifts the firm’s assets under management...
T&E Inner Circle: Expert Sessions
The T&E Inner Circle is launching a series of subscriber‑only webinars that dive deep into current estate‑planning challenges. Sessions run from June through November 2026 and cover portability of estate‑tax exemptions, dual spousal lifetime access trusts, asset‑protection strategies, AI’s role...
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AlphaCore Puts Alternatives at the Heart of Its Strategy
AlphaCore Wealth Advisory, a La Jolla RIA managing $8.6 billion, has placed alternative investments at the core of its portfolios, allocating roughly 20‑25% of assets to private equity, real estate and infrastructure and scaling to about 30% for clients with $10 million-plus balances....
Deals & Moves: Allworth Gets New PE Stake; $17B Mather Group Acquires
Allworth Financial, a $35 billion RIA, raised a new private‑equity round led by Integrum Holdings, with Lightyear Capital and Ontario Teachers’ Pension Plan staying on board. Management and employee shareholders retain significant stakes, positioning Allworth for accelerated organic growth. Meanwhile, the...
WealthStack Roundup: Bill Crager's iAlta Acquires Precept
iAltA Holdings has bought Precept, an AI‑powered wealth‑technology platform that delivers real‑time, low‑cost integrations across custodians, CRMs and analytics tools. The deal follows iAltA’s earlier BridgeFT purchase, positioning the firm to unify infrastructure for both public and private markets. The...
Reverence Capital Partners Closes $2B Osaic Recapitalization
Reverence Capital Partners completed a $2 billion recapitalization of Osaic, bringing Bain Capital on board as a new minority investor. The transaction uses a continuation vehicle backed by Ares Secondaries, Lexington Partners and other institutions, while Reverence retains majority control. Osaic...
Blue Owl Raises $3B in Wealth Channel Despite Private Credit Tumult
Blue Owl Capital raised $3 billion through its private‑wealth channel in Q1, driven by real‑asset, GP strategic capital, alternative credit and GP‑led secondary products. The firm recorded net outflows of $170 million from its evergreen private‑credit vehicles, partially offset by $1 billion raised...
Hightower Sees Future With More 'Flagship' Firms
Hightower is accelerating its "Hightower 3.0" plan by fully acquiring The Bahnsen Group, turning it into the first flagship in a new franchise model. The move follows the rapid growth of its Signature Wealth channel, which now manages roughly $29 billion in...
ICapital Partners with Anthropic for Its Next AI Phase
iCapital, a leading alternative‑investment platform, announced a strategic partnership with Anthropic to embed the Claude large‑language model across its technology stack. After a pilot phase that introduced Claude Code into its internal development environment, the firm plans to roll the...
Nashville Advisor Launches AI-Powered SEO Platform
Nashville advisor Shaun Melby launched AdvisorSEO Max, an AI‑driven SEO platform built for financial advisors and RIAs. The tool combines website audits, compliance‑aware meta‑tag generation, and a Claude‑powered assistant called Commander that creates strategy plans, tracks competitors and prioritizes fixes....
Former Cetera Employee Files Sex Discrimination Lawsuit
Daisy Zazueta, a former advisory account administrator at Cetera Financial, filed a sex‑discrimination lawsuit in Los Angeles County Superior Court alleging hostile work environment, retaliation, and unfair termination. She claims her supervisor, Kristin Lanners, disparaged her childcare responsibilities, singled out...
IRS Chief Claims Crackdown on Wealthy Tax Evaders Will Continue
IRS Chief Frank Bisignano told Congress that despite a 27 % workforce reduction—over 25,000 employees lost in the past year—the agency’s enforcement revenue rose 12 % and it collected roughly $2 billion from its five biggest cases. He emphasized a shift toward artificial‑intelligence...
The Biggest Drag on Investor Returns Is Behavior
Investor behavior, not market fundamentals, is the biggest drag on portfolio returns, according to Morningstar’s annual “Mind the Gap” study. The research shows that the more frequently investors trade, the larger the gap between fund performance and their personal outcomes,...
How Looking Back One Year Can Transform Your Small Cap Returns
A new Bridgeway Capital paper shows the small‑cap premium is alive but hidden by stocks that only recently became small. By excluding "fallen angels"—large caps that fell into the small‑cap bucket—and fresh IPOs, the annual premium jumps from 1.3% to...