Advisors who neglect estate planning as a core service may find themselves at a competitive disadvantage, according to Vanilla’s second annual State of Estate Planning report.

As the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of next year, tax planning this year echoes the uncertainty of 2010, when the Bush-era tax cuts were nearing their scheduled expiration.

As the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of next year, tax planning this year echoes the uncertainty of 2010, when the Bush-era tax cuts were nearing their scheduled expiration.

IBD Elite: 2024’s 15 Largest Independent Broker-Dealers Resource: financial-planning.com The 15 largest independent brokerages are shown in the slideshow below according to their yearly income, which the firms gave to Financial Planning for the 2024 IBD Elite research. Following mega-deals by two of the channel’s titans, Osaic and Cetera Financial Group, which absorbed several of last year’s placeholders, three newcomers to the list—Park Avenue Securities, Principal Securities, and Lincoln Investment Planning—moved into the Nos. 15–13 spaces.  Another company that made this year’s list, Atria, is currently being acquired by LPL Financial, the company that consistently ranks first. Notes: The companies are ranked below by their 2023 revenue, as reported by the firms themselves. we rely on each firm to state their annual metrics accurately and rounds each figure. The industry term “producing registered representative” refers to each firm’s most accurate count of financial advisors using the firm as their brokerage or RIA. “Other revenue” means any other business besides sales commissions and advisory fees. Each metric is as of year-end 2023. “N/A” stands for “not available.” Previous slide Next slide 1. LPL Financial 2023 revenue: $10,052,848,000Change from previous year: 17%Number of producing registered representatives: N/AClient account assets: $1.35 trillionYear founded: 1989Chief executive: Dan Arnold 2. Ameriprise 2023 revenue: $6,448,448,000Change from previous year: 4%Number of producing registered representatives: 8,139Client account assets: N/AYear founded: 1894Chief executive: Jim Cracchiolo 3. Osaic 2023 revenue: $4,425,161,000Change from previous year: 5%Number of producing registered representatives: 10,085Client account assets: $601.73 billionYear founded: 2016Chief executive: Jamie Price 4. Cetera and Avantax 2023 revenue: $3,949,823,000Change from previous year: 18%Number of producing registered representatives: 11,833 Client account assets: $489.72 billionYear founded: 2010Chief executive: Adam Antoniades*After acquiring previous No. 14 firm Avantax last year in a deal that took it private and valued the tax-focused wealth management company at $1.2 billion, Cetera Financial Group listed it and its subsidiary together in the firm’s entry for the 2024 IBD Elite. 5. Raymond James Financial Services 2023 revenue: $3,915,874,000Change from previous year: 9%Number of producing registered representatives: 4,573Client account assets: $460.11 billionYear founded: 1974Chief executive: Scott Curtis 6. Northwestern Mutual 2023 revenue: $2,501,262,000Change from previous year: 14%Number of producing registered representatives: 5,671Client account assets: $313.54 billionYear founded: 1966Chief executive: Sarah Schneider 7. Commonwealth Financial Network 2023 revenue: $2,286,268,000Change from previous year: 10%Number of producing registered representatives: 2,193Client account assets: $296.31 billionYear founded: 1979Chief executive: Wayne Bloom 8. MassMutual’s MML Investors Services 2023 revenue: $1,725,400,000Change from previous year: 10%Number of producing registered representatives: 5,554 Client account assets: $239.8 billionYear founded: 1981Chief executive: John Vaccaro 9. Cambridge Investment Research 2023 revenue: $1,587,566,000Change from previous year: 8%Number of producing registered representatives: 3,719Client account assets: $162.42 billionYear founded: 1981Chief executive: Amy Webber 10. Equitable Advisors 2023 revenue: $1,551,000,000Change from previous year: 7%Number of producing registered representatives: 4,406Client account assets: $221 billionYear founded: 1999Chief executive: David Karr 11. Atria Wealth Solutions 2023 revenue: $766,300,000Change from previous year: 4%Number of producing registered representatives: 2,368Client account assets: $115.44 billionYear founded: 2017Chief executive: Doug Ketterer*No. 1 firm LPL Financial has secured an agreement to acquire Atria Wealth Solutions in the second half of the year. Figures for Atria Wealth Solutions are derived from its participation in other public annual surveys tracking the independent brokerage channel. 12. Kestra Financial 2023 revenue: $719,622,000Change from previous year: 5%Number of producing registered representatives: 1,290Client account assets: $116.55 billionYear founded: 1997Chief executive: Stephen Langlois 13. Lincoln Investment Planning 2023 revenue: $397,137,000Change from previous year: (-0.3%)Number of producing registered representatives: 974Client account assets: $47.37 billionYear founded: 1968Chief executive: Ed Forst 14. Principal Securities 2023 revenue: $375,849,000Change from previous year: 3%Number of producing registered representatives: 1,298Client account assets: $72.71 billionYear founded: 1968Chief executive: Michael Murray 15. Guardian Life Insurance’s Park Avenue Securities 2023 revenue: $337,478,000Change from previous year: 6%Number of producing registered representatives: 2,347Client account assets: $48.11 billionYear founded: 1999Chief executive: Marianne Caswell Connect with us As a fully independent, unbiased, and transparent partner Advisor Outreach gives our clients clear guidance on the best fit for them, instead of leading to a firm that is the best fit for us.  Talk to one of our advisors today to see how we can help you level up. Fill out the form below, and one of our experts will be in touch shortly. Stay Connected Sign up for updates and insights from our team of experts. [email protected] 813.344.28801408 N Westshore BlvdSuite 401Tampa FL 33607 Linkedin Twitter

IBD Elite: The 15 Largest Independent Brokerages in Wealth Management by Tobias Salinger | As seen on financial-planning.com Independent wealth management firms are finding ways to keep growing — even in bad years for stock and bond values. Despite the historically awful performance of stocks and bonds last year and the direct correlation with wealth management fees based on their earnings, the independent brokerages participating in Financial Planning’s 38th annual IBD Elite study reported that their businesses grew 6% in 2022 to a combined $41.13 billion in revenue. The slideshow below displays the 15 largest firms in the channel, with a half dozen expanding by double-digit percentages in 2022. “The independent channel continues to grow significantly,” said Marianne Caswell, the president of Park Avenue Securities, a New York-based independent brokerage and registered investment advisory firm that’s a wholly-owned subsidiary of the Guardian Life Insurance Company of America. “The combination of holistic planning as well as seeing more advisors move into the independent space in the past several years I think is what has allowed the revenue to continue to grow.” The past decade has seen Caswell’s firm of 2,400 financial advisors managing $47 billion in client assets change from “purely an accommodation business” revolving around insurance, annuities and turnkey investments to an “advisor-focused” business, she said in an interview last month. The shift to a more comprehensive wealth management company has led the firm to ramp up its technology, integrate more services and use specific fees for planning more widely. The firm is striving to give its clients the “full picture” of their finances, rather than looking simply at their insurance or investments alone, Caswell said. “They have to look at their protection. They have to look at their assets. They have to look at their liabilities. And then, today, they have to look at their cash flow,” she said. Scroll down the slideshow to see the rankings of the 15 largest independent brokerages in wealth management by their annual revenue. Read the IBD Elite cover story, “What the heck is an OSJ?“. You can also browse all the data from this year’s survey in interactive format. And, for a look at the largest firms of last year’s IBD Elite, click here. Notes: The companies are ranked below by their 2022 revenue, as reported by the firms themselves. FP relies on each firm to state their annual metrics accurately. The industry term “producing registered representative” refers to each firm’s most accurate count of financial advisors using the firm as their brokerage or RIA. “Other revenue” means any other business besides sales commissions and advisory fees. Each metric is as of year-end 2022. Previous slide Next slide Check out the new Top 15 Independent Brocker-dealers for 2024 Connect with us As a fully independent, unbiased, and transparent partner Advisor Outreach gives our clients clear guidance on the best fit for them, instead of leading to a firm that is the best fit for us.  Talk to one of our advisors today to see how we can help you level up. Fill out the form below, and one of our experts will be in touch shortly. Stay Connected Sign up for updates and insights from our team of experts. [email protected] 813.344.28801408 N Westshore BlvdSuite 401Tampa FL 33607 Linkedin Twitter

5 Ways Wealth Management Firms Can Power Their Growth by Rohit Mahna | As seen on fa-mag.com The financial services industry is facing a period of change like no other. Even the most successful firms are facing headwinds to their growth, with factors like uncertainty in the markets and an evolving geo-political landscape outside of their control. As a result, customers are expecting more from their advisor than ever before. So how can firms build better strategies to stand out from the competition and create organic growth outside of traditional referrals? It starts by recognizing that creating a durable business is a long-distance race, not a 100-meter dash. We’re living in a time where there’s no shortage of great options available to improve your business, but making the right selections in areas such as new technology can feel overwhelming. To get started powering growth for long-term success, here are five key areas wealth management firms should consider. Expand Your Customer HorizonsClient segments that were once thought of as “niche” are now core to wealth management firms’ growth strategy. Now is the time to strategically engage with growing client segments that increasingly control more U.S. wealth, such as: Solo investors: One in seven Americans lives alone, according to a Fidelity analysis of U.S. Census data. More young people are forgoing marriage and children, and many older people are living solo due to a divorce or death.  Soloists face unique challenges including lower retirement savings, higher expenses, and fewer employee benefits. With the number of soloists expected to rise, firms should consider anticipating how to tailor advice and life event planning to their distinctive needs. Women investors: Despite the growing share of wealth controlled by women, the Fidelity Investments 2022 Investor Insights Study revealed that women report less satisfaction with their financial advisors and less knowledge of their services than men. They also report having 24% fewer conversations and engagements with their advisors over the course of a year than men. Fewer interactions and other communication disparities are likely a contributing factor to women’s reduced advisor satisfaction and knowledge levels. As more Baby Boomer wealth shifts to women, it’s imperative that firms understand how well they are serving their existing clients – and identify opportunities to grow the number of women they serve. Next Gen investors: A great wealth transfer is underway. 57% of existing client assets will pass on to Millennial and Gen Z individuals by 20452, but Cerulli is predicting that more than 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth.3 These warnings also present an avenue for opportunity. This group is motivated to improve their financial situation, values professional advice – and is willing to pay for it. To get started, create an ideal profile of a young client, considering behaviors like savings habits. Next, make sure you are fulfilling the basics like reaching out to children of clients and provide services like financial education. Finally, evaluate your digital presence, as many young investors are seeking financial advice from online resources. Engage At ScaleIt’s no secret that our lives have rapidly shifted more to digital channels. As a result, more marketing must shift online to reach people in the context of their daily lives. So how can firms set themselves up for success to reach potential new business? This can be attained by creating and committing to a digital marketing strategy that can endure the rapidly evolving environment we live in today. A good place to start is to remember the “Marketing Rule of Seven.” The idea behind this maxim is that a prospect needs, on average, seven interactions with a brand before they’ll act. When drafting a marketing strategy, firms should think of channels or technologies that will scale them to help get them in front of clients again and again – as well as help personalize the approach for each prospect. Evolve Your OfferingRegardless of how you reach them, another key element to bringing in new clients is offering the products they seek. If a firm cannot provide the fresh solutions that will satisfy their expectations for performance, they may risk losing clients to someone who can, as research continues to show that one of the top reasons a client switches advisors is to gain access to new products and services. From alternative investments to direct indexing– the tools are available, and investors want access. Rising investor sophistication demands innovative solutions. The first step firms can take to stay ahead of the curve is to require education on evolving asset classes, even if their advisors aren’t bought in yet. The next step is to find ways to offer an intuitive experience to access the products through a single platform. If an advisor must go through multiple screens and programs, you have lost them. It’s essential to make sure everything works together seamlessly. Finally, a firm should evolve how their advisors approach portfolio conversations. In today’s environment, advisors will need to explain the portfolio and underlying investments in context of the client’s personal goals and preferences rather than using absolute or traditional benchmark relative returns. Optimize Your TalentWhile Cerulli predicts advisor headcount to remain flat through 20264, the larger issue is the 106,264 advisors expected to retire by 2031. As a result, there has been an industry-wide conversation about how to attract the best new talent. However, there should be an equal emphasis on how to retain current advisors and help them grow, as this can alleviate the pressures of managing employee turnover on top of the impending retirements. Although compensation is usually the number one factor for advisor satisfaction, there are a few others that play a crucial role in a decision to switch firms. These factors include firm culture, better opportunities to grow and work/life balance. For firms looking to improve in these areas, it will require them to think about the value they bring to their current staff and creating ways they can easily identify with the firm’s

How RIA Employee Advisors are Fueling the Next Breakaway Wave Connect with us As a fully independent, unbiased, and transparent partner Advisor Outreach gives our clients clear guidance on the best fit for them, instead of leading to a firm that is the best fit for us.  Talk to one of our advisors today to see how we can help you level up. Fill out the form below, and one of our experts will be in touch shortly. Stay Connected Sign up for updates and insights from our team of experts. [email protected] 813.344.28801408 N Westshore BlvdSuite 401Tampa FL 33607 Linkedin Twitter