Private Wealth Daily

RIA12h ago

Fidelity gives custody clients below $100 million until June 2027 to grow

The custodian had applied the same minimum to new advisory firms and is now applying it to firms already on the platform, a Fidelity spokesperson said; one advisor posted the notice on LinkedIn.

Published Oct 1, 6:12 PM ET

Filings

SEC private-market proposals draw compliance warnings from ACA Group and STP consultants

The package would cap performance fees at 20% of a fund's net gains, require findings by a board with an independent majority, and let interval funds offer monthly repurchases.

M&A

Concurrent acquires Spire Investment Partners, its first RIA platform purchase

The asset purchase adds more than 30 advisor teams and about $5.4 billion in assets, lifting Concurrent's total to $28.6 billion; no purchase price was disclosed.

HB Wealth buys $700 million Austin RIA Wealth Care, its seventh market

M&A · 12h ago

Fidelity raises RIA custody minimum to $100 million, setting a mid-2027 deadline

RIA · 15h ago

A WealthManagement.com column argues advisory partnership drift starts when goals diverge

RIA · 17h ago

Rockefeller recruits Piedmont Wealth Partners, a $1B Truist team in Charlotte

Moves · 18h ago

CFP Board elects three directors after naming AI expertise a priority

RIA · 18h ago

Compliance experts press SEC on AI gaps after OpenAI agents probe government sites

RIA · 19h ago

Latest

FPA rebuilds PlannerSearch to match consumers on mindset and life events

RIA · 20h ago

Arax adds private capital markets services through KingsRock partnership

Deals & PE · 20h ago

Cullman/Holt Group, a seven-person UBS team with $1.3 billion, joins Wells Fargo FiNet in Ohio

Moves · 21h ago

TIAA survey: twice as many respondents favor exercise and diet as financial planning

RIA · 22h ago

The CloseColumn →

Fidelity extends its $100 million minimum to existing RIA custody clients

The custodian says the change creates consistency. Advisors including Michael Kitces and Alex Chalekian expect the small-firm exit to cost it later.

PWD Features

The Consolidation

Nuveen closes Schroders deal without disclosing price or cost savings; 12-to-18-month separation planned

the-open

SEC asks whether CFP or CPA counts as an accredited investor

The Book

Ten UBS advisors re-register at Frost Investment Services in 21 days

The Signal

MissionSquare's two arms log 190 advisor moves in one month

Data

The RIA Deal Tracker →

Every verified deal, lift-out, and breakaway

Firm & Fund Lookup →

16,593 firms & people tracked

THIS WEEK205 deals announced 176 closed 244 advisor moves 118 executive changes 135 fund filings

The ETF Terminal

Research any ETF — flows, holdings, performance, and who holds it.

PWD FeaturesAll features →

the-open

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; Fitch sees Schwab, LPL, Raymond James, Ameriprise and Stifel gaining from higher client cash rates.

the-ledger

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.

The Signal

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.

Fund Watch

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.

MovesThe full wire →

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.

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.

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.

The Wire

Mar 31Onur Erzan — AllianceBernstein L.P. → AllianceBernstein L.P.

Mar 31Onur Erzan — AllianceBernstein → AllianceBernstein

Mar 31Onur Erzan

Mar 30Seth Bernstein — AllianceBernstein L.P. → AllianceBernstein L.P.

Jan 30Jase Auby

Dec 31Martin Seay, Richard Shaw

RIAAll RIA →

381deals on the tracker this week — every one verified by the newsroomThe RIA Deal Tracker →

362advisor and executive moves on the wire this weekThe Moves Wire →

16,593firms, funds, and people in PWD’s coverageFirm & Fund Lookup →

Earlier coverage

The Close

Fidelity gives custody clients below $100 million until June 2027 to grow

SEC private-market proposals draw compliance warnings from ACA Group and STP consultants

Concurrent acquires Spire Investment Partners, its first RIA platform purchase

HB Wealth buys $700 million Austin RIA Wealth Care, its seventh market

Fidelity raises RIA custody minimum to $100 million, setting a mid-2027 deadline

A WealthManagement.com column argues advisory partnership drift starts when goals diverge

Rockefeller recruits Piedmont Wealth Partners, a $1B Truist team in Charlotte

CFP Board elects three directors after naming AI expertise a priority

Compliance experts press SEC on AI gaps after OpenAI agents probe government sites

BNY Pershing retires Wove, folds it into wealth unit as Fitch lists cash-rate winners

Canyon and Castlelake file zero-sold credit funds as Nscale SPV sells $2.5M

2,543 advisor moves in 30 days outpace the 771 announced deals

Declaration Partners and Canyon file zero-sold Form Ds as Anthropic SPV sells out

Morgan Stanley advisor Dana Cornell, who oversaw $1 billion, joins Uniting Wealth Partners

UBS's $1.3 billion Cullman/Holt team leaves for Wells Fargo's FiNet

Insight Capital Solutions names Allan Umans president of Harbor Capital and Insight Material Handling

Guardian survey finds 13% exactly on track to save enough for retirement

Pontera reframes itself as AI-agent gatekeeper as Schwab readies Charley agents

IRS guidance targets quick redemptions in Section 351 ETF seeding

Nuveen completes Schroders acquisition and keeps it separate for 12 to 18 months

Hightower agrees to buy $752M Sandy Cove for its W-2 channel

Wealth Enhancement agrees to buy RWA Wealth Partners, a $22 billion Boston RIA

Advisors start retirement cash-flow work years before a business sale

Dell's family office helps take Baldwin Group private in a $7.7 billion deal

Bank of America survey finds 47% of wealthy Gen Z and millennial donors use charitable trusts

SEC proposes rule changes to ease retail capital raising by private markets managers

T. Rowe's Wyatt Lee says private credit is becoming a big piece of annuities

SEC asks whether a CFP or CPA should count as an accredited investor

Mondevo opens Ittikar family-office capital network beyond its 100 founding members

Merchant's $255.9 million Ironbark stake puts AI in the capital plan

Merchant takes $255.9 million stake in $97 billion Australian wealth firm Ironbark

Wealth Enhancement agrees to acquire RWA Wealth Partners, a $22.46 billion Boston RIA

Kasner estate-planning symposium turns AI use into a professional-responsibility question

SEC proposes letting advisers charge up to 20% performance fees on private funds

Edward Jones to develop retirement plan tool with Aboon and RPAG

LPL recruits Lakewood Wealth Management's three advisors from Cambridge

Carson Group adds a $120 million Ohio team as Mesirow hires Mark Nichol

Kestra Financial adds $550 million Texas planning team as wealth build-out continues

The Morning Brief