Exploring company fines, partings, and top advisors' revenue tripling strategies.

???? Super excited to share with you the first issue of WealthTech Fusion — our new weekly newsletter. Here, key events from the Wealthtech universe converge to meet your curiosity. Subscribe and enjoy!

What’s in:?

• Goldman Sachs looks to sell a meaty part of its wealth management division.
• SEC's new marketing rule gets its first infringer.
• SMArtX founder is parting ways with his brainchild.
• LPL Financial shares the secret of outstanding advisors’ incredible results.

Let’s move on to the details.

?? Gloss meets loss

高盛 explores the possible sale of the investment advisor it bought in 2019.

Sprouted from the purchased United Capital Financial Partners, Personal Financial Management was to serve CEO David Solomon ’s plan to diversify the firm’s revenue. Traditionally focused on ultra-wealthy individuals, Goldman Sachs tried exploring mass-market investing advice. But the value drops pushed Goldman’s earnings down and snowballed into a 60% profit drop in Q2 2023.

So, back to basics they retreat, and we have a flashback to 2022.

By November 4th last year, financial planners had to start abiding by SEC’s new Investment Adviser Marketing rule. Ten months after the deadline, we have the first rule breaker.?

Titan Global Capital Management joined the constellation of crypto market players like Coinbase and Gemini that faced lawsuits from the SEC in recent months. Titan’s ads featured info on possible investment gains as high as 2,700% but didn’t specify any relevant material information, thus failing to adhere to the SEC’s mentioned rule. Now, Titan will have to hand over almost $1 million for this infringement.

?? C-Level Reshuffle

SMArtX Advisory Solutions , a provider of unique unified managed accounts (UMA) solutions, welcomes a new CEO. SMArtX’s current president and COO, Jonathan Pincus , will be taking the baton from Evan Rapoport .

Having led SMArtX since its inception, Rapoport helped set the company as a trailblazer in the managed accounts technology industry. Now, he’ll continue providing guidance at the firm’s Board of Directors.

By the way, you have every chance to meet the SMArtX team at WealthManagement.Com Wealthies in NY on September 7th and at Citywire RIA – Austin on September 28th.?

?? Bird’s Eye View

LPL Financial revealed how best-performing advisors achieve their most extraordinary results. In their recent study, LPL Financial - Research zooms in on the top 10% of advisors and breaks down the four strategies they use to build a successful business. Here’s the gist:

• You don't need to work more hours to propel your firm to the market fore. Instead, delegate, outsource, and leverage technology to optimize your time.
• Come up with holistic services for every step of your clients’ financial lives.
• Make it all about your values. Every aspect of your business should align with what you believe in and stand for.
• Develop a value proposition or mission statement that is highly detailed in terms of client criteria. Post them publicly so that you attract your ideal clients.

That’s it from us today ??

Subscribe to get WealthTech Fusion weekly and have a fantastic weekend! ??

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Sources: Financial Times , Yahoo! Finance , Wealth Management.com , and Financial Planning .