Week’s Best: Edward Jones’ Banking Plans - Barron's

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Nationwide brokerage Edward Jones is applying for a Utah bank charter in an effort to expand the products and services it can offer clients. Securities-based loans will be among the enhanced offerings. The move falls into the trend of wealth management businesses seeking to become one-stop shops for all of clients’ financial needs.

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Barron’s scans the world’s major publications each day to find news that helps financial advisors serve their clients better.

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In other wealth management news this week:

Eaton Vance’s heavyweight RIA. Fund company Eaton Vance’s in-house wealth management arm will get to within spitting distance of the $10 billion AUM milestone thanks to its planned acquisition of WaterOak Advisors, a Winter Park, Fla.-based RIA with $2.2 billion of assets under management. WaterOak founder L. Clarke Lemons ranked among Barron’s top independent wealth advisors in 2018.

Morgan Stanley breakaway. A Los Angeles-based team that managed $1.4 billion in assets at Morgan Stanley has left the wirehouse to join Insigneo’s network of independent advisors. Miami-based Insigneo is an independent broker-dealer and RIA that offers a platform for advisors who have an international focus.

Who took a PPP loan? Under public pressure to shed light on exactly who participated in the Paycheck Protection Program, the government this week released a big data download on loan recipients. Nearly 1,500 of recipients identified as investment advisory firms availed themselves of loans of $150,000 or more, but some RIAs were labeled under other business categories. The data show that Dynasty Financial Partners and private-equity-backed Steward Partners (with $7.3 billion in AUM) were among the recipients.

Slowdown. As you might have expected, the Covid-19 pandemic caused a significant drop in wealth management M&A during the second quarter. The good news is that Echelon Partners is observing more normal deal activity now and says the second half of this year could see a torrid pace of deals similar to the last six months of 2019.

Here’s help if you’re shopping for financial planning software. Leaders of wealth management practices are busy enough without having to agonize over choosing technology solutions, a process that can be made even more difficult by all the confusing marketing jargon. April Rudin of The Rudin Group offers sound, clear advice on picking financial planning software that’s right for you—and for your clients.

Lastly, don’t miss this week’s Barron’s Advisor Q&A, with current Envestnet CEO Bill Crager. He sat down with my colleague Steve Garmhausen and discussed persevering in the wake of the unexpected death of his predecessor and fellow company co-founder, Jud Bergman. He also outlines what Envestnet plans to do with its MoneyGuide and Yodlee businesses, and offers an assessment of how financial advisors have performed during the Covid-19 crisis.

Have a great weekend.

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Week’s Best: Edward Jones’ Banking Plans - Barron's
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