FP asks execs to “Show Me Your Stack” — these are the tech tools advisors actually use; LPL’s latest investment; M&A compensation
Financial Planning
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WEALTHTECH: In a new recurring series, Financial Planning is catching up with those delivering financial advice to see what specific tech tools they rely on to make it happen.?
Beyond just the basics, we're digging deep to find out why certain solutions have become must-haves , and how rising client expectations are driving the need for more powerful tech tools .
Kicking things off is Andrew Altfest, CFP? , president of New York-based RIA Altfest Personal Wealth Management and CEO of FP Alpha . In addition to being a longtime advisor, Altfest runs a wealthtech firm that develops AI-driven financial planning software.?
So, what are the seven tech tools Altfest relies on? Justin L. Mack has the details.?
Read: Show Me Your Stack
INDUSTRY NEWS: In one of only a handful of deals by the firm taking a minority stake in a hybrid registered investment advisory firm and office of supervisory jurisdiction, LPL Financial invested in the Independent Advisor Alliance .
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LPL purchased a 20% stake in Charlotte, North Carolina-based Independent Advisor Alliance, a branch and RIA with $16.8 billion in client assets under supervision and 226 financial advisors, for an undisclosed price on Dec. 15, IAA's Robert Russo, CEO , told Financial Planning. The deal followed LPL's acquisition earlier this year of a controlling majority of Financial Resources Group Investment Services and other signs of LPL's rising flexibility in working with OSJs , which are networks of independent advisory practices.
M&A COMPENSATION: Four ex- Avantax executives who completed the largest M&A sale in the independent brokerage channel of wealth management this year made a combined $35 million on the deal.
After Cetera Holdings — the Genstar Capital-backed parent company of Cetera Financial Group — closed the deal taking Avantax private on Nov. 27 at a price of $1.2 billion, Avantax CEO Chris Walters, Chief Financial Officer Marc Mehlman and Chief Legal Officer Tabitha Bailey left the firm, the company's last flurry of public filings show. Avantax Wealth Management President Todd Mackay resigned his position as an officer of the public company but retained his role with the firm after the deal.?
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