Goldman Sachs is rebranding United Capital. Bluespring acquires Florida RIA with $400 million in assets. Mercer Advisors buys First Ohio Planning. Fidelity now offers fractional shares trading for stocks and ETFs to its customers. Riskalyze announces “Regulation Best Interest” solution. Orion leverages financial planning acquisition to drive advisor growth and elevate the client experience. GeoWealth surpasses $8 billion in assets on Advisor Platform, $2 billion in AUM. Brinker Capital’s Wealth Advisory division surpassed $5 billion in AUM. Cabana surpassed $1 billion in advisory AUM.
United Capital will become Goldman Sachs Personal Financial Management. Goldman Sachs is rebranding United Capital, which it acquired in May for $750 million in cash, as Goldman Sachs Personal Financial Management. The bank announced the new name Wednesday during its first-ever investor day, as Eric Lane, co-head of Goldman’s consumer and investment management division, detailed plans to grow its financial advice business.
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Fidelity, the largest online brokerage firm, announced that it is offering fractional shares trading for stocks and ETFs to its 23 million customers. Fractional trading, or what Fidelity calls “dollar based investing,” allows customers to buy and sell as little as 0.001 of a share using Fidelity’s mobile app for iOS and Android.
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GeoWealth, a leading financial technology and investment advisory firm, announced that it has surpassed $8 billion in assets on its advisor platform and $2 billion in assets under management. Serving financial advisors and the broader investment community with its next-generation turnkey asset management platform (TAMP), GeoWealth now has over 500 advisors using its platform and powers more than 55,000 individual accounts.
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Brinker Capital, a leading investment management company focused on multi-asset class investing, announced that its Wealth Advisory division surpassed $5 billion in assets under management after the company made enhancements to the offering and reduced the investment minimum to $1 million in 2018.
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Bluespring acquires Florida RIA with $400 million in assets. Bluespring Wealth Partners, the RIA acquisition unit of Kestra Financial, said it has purchased Retirement Wealth Specialists, which has offices in St. Augustine, Longwood and Sarasota, Fla.
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Riskalyze announced brand new functionality and workflows as upgrades to its Riskalyze Select and Elite products to help financial advisors and wealth management enterprises address all four components of the new Regulation Best Interest (Reg BI) rule that is expected to take effect later this year. Riskalyze gives advisors the ability to assess client risk tolerance, build a proposal through a proprietary Reg BI-compliant workflow, attach and document the delivery for Form CRS with those proposals, implement them via Trading Automation, and give home offices visibility into the process with a configurable enterprise dashboard.
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Cabana Asset Management, an SEC-registered investment adviser providing risk-managed investment options to investors, advisors and institutions, announced the firm has surpassed $1 billion in advisory assets under management (AUM).
A wholly-owned subsidiary of The Cabana Group, LLC, Cabana relies on its proprietary Cyclical Asset Reallocation Algorithm to build and actively manage a series of investment portfolios it offers as its Target Drawdown Series. With offices in Arkansas, Texas, and Colorado, the firm provides money management services to more than 5,000 clients nationwide.
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Continuing its acquisition streak, Mercer Advisors, an RIA, announced Tuesday it had purchased First Ohio Planning, a Columbus, Ohio-based wealth management firm with $350 million of assets under management. First Ohio was founded in 1979 by James S. Ryan, who will be joining Mercer along with a staff of five. The group will be merging into Mercer Advisors’ existing office in Columbus.
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Orion Advisor Tech, a division of Orion Advisor Solutions and the premier provider of financial advisor technology and enhanced investment solutions, today announced significant progress toward its goal of breaking down the barrier to financial planning, with more than 500 new firms adopting the platform since the acquisition of Advizr, Inc. just six months ago.
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