The Secret Report — November

Hi everyone, this is?Pete Secret?with your industry update for the month of November.

Meet the Spartan Advisory Team

As November's chill sets in and the season of change unfolds, new opportunities emerge with the industry's latest transition packages.?At Spartan, we're dedicated to helping you navigate the shifting landscape of the financial industry this fall.

LUXURY

The Art of Staying on Top, According to Cartier

During a visit to the Cartier manufacturer, Cam Wolf?was a little surprised by how open his tour guides were about the brand’s approach to industry dominance: prioritizing exterior artistry over technical wizardry inside a watch. The brand’s strategy works from the outside in, not the other way around, the opposite of many watchmakers that dream up complications before imagining the packaging to house it. The very idea of setting technical records was dismissed: As long as the watch is reliable, Cartier knows it can win with design.? Read?More

TRENDING

Big Ten Dominates Latest College Football Playoff Rankings

There is still much to be decided in the final weeks of the regular season, however, and when all the dust settles only the Big Ten champion will receive a bye straight through to the quarterfinals of the 12-team playoff.

In the CFP format, the top four highest ranked conference champions receive the top four seeds in the bracket and a bye. Read More

INVEST

December Rate Cut Calls Build Following In-Line Inflation Data

Traders added to wagers that the Federal Reserve will cut interest rates by another quarter point next month after in-line inflation data, spurring gains for Treasury debt.

The rally trimmed yields on two-year notes, more closely tied to Fed rate decisions than longer tenors, by as much as 10 basis points to 4.24%. Global benchmark 10-year yields declined about seven basis points to 4.30%. Yields remain near the highest levels in months, reached in the week since the election of Donald Trump, whose tax policies have been predicted to be inflationary. Read More

DEALS & MODELS

What Will Advisor M&A Activity Look Like Under a Trump Administration?

The incoming Trump administration is expected to create a climate that will drive more mergers and acquisitions in the registered investment advisor space, industry insiders say.

“Everybody is waiting for the number of RIA acquisitions per year to reach a tipping point that increases the number of transactions from [around] 250 a year to several hundred,” says Dave Welling, CEO of Mercer Advisors, one of the most active acquirers in the industry. “The new administration likely leads to a bullish outlook for M&A.” Read More

MARKETPLACE

Noteworthy moves Every month we compile a list of some recent advisor moves that we would like to spotlight. Here are some examples:

Morgan Stanley Nabs Merrill Private Wealth Team Managing $1.5-Bln in Florida

Morgan Stanley reeled in a Merrill Lynch managing $1.5 billion in client assets in Bocan Raton, Florida.?The MM & Associates Group at Morgan Stanley private wealth management is led by Michael P. Halperin, Michael B. Passeroff and Matthew N. Liebman. The team, which joined Morgan Stanley October 4, report to Karla Espegard Ransdell, branch manager for the wirehouse’s Boca Raton office on Military Trail.?Halperin spent his entire 23-year career at Merrill while Passeroff started at Morgan Stanley’s Smith Barney predecessor in 1999 and joined the thundering herd during the 2008 financial crisis, according to BrokerCheck. Read More

LPL Reels in Ex-Lincoln Financial Team Managing $800 Million at Osaic

LPL Financial reeled in a multi-generational family team that had managed around $800 million at independent brokerage rival Osaic in Ohio.?

The team was founded at Lincoln National Life Insurance—whose wealth management unit Osaic acquired in May—by 46-year industry veteran Charlotte Dougherty. Charlotte started her career with Lincoln in 1981 and also moved with the team with LPL, according to BrokerCheck. Read More

RESEARCH

LPL Financial- Markets Gain Clarity as the Election Dust Settles

The 2024 U.S. presidential election has now concluded with Donald Trump emerging victorious over Democratic candidate Kamala Harris. As the dust settles on this hotly contested race, financial markets are responding to the outcome and its potential implications for the economy and various sectors. Let's examine the top five takeaways from yesterday’s news in no particular order. Read More

FIRM HIGHLIGHT

Goldman Sachs Family Office Starts Expanded Platform For Family Offices

Using decades of experience in delivering an adviser-led outsourced family office, the firm has combined its Ayco and Private Wealth Management (PWM) family office products. The company is also developing an à la carte service option as part of the new platform, which is intended to satisfy specific client requirements and preferences.

Clients are demanding more and more complete wealth management, similar to a family office but without the administrative and operational strain of managing one, and the freedom to switch between services as their needs change. Read More