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Articles tagged "Fiduciary Network"


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Karl Heckenberg is out to prove he can run an LBO shop without a friendly billionaire.

Karl Heckenberg files with SEC to raise a staggering $1 billion, (presumably) to buy, buy, buy RIA stakes in a 'crowded' market

The former CEO and president of Emigrant Partners has launched the Constellation Wealth Capital Fund with a ten-figure funding target.

August 18, 2023 at 3:56 AM

Karl Heckenberg: It was surprise to them, and if I'm doing my job it should be a surprise.

Karl Heckenberg ends phenomenal five-year run of reining in Mark Hurley, forming Emigrant Partners -- and selling high on long-held RIA stakes -- as bank boss hired gun

Howard Milstein bet on the then-43-year-old to buy back Fiduciary Network for Emigrant Bank, replace a team and find success; now Emigrant Partners must replace its main man at 48

April 12, 2023 at 7:27 PM

Kurt MacAlpine is leveraging trust built up between RIAs who know and like each other and form an informal  pod.

CI Financial continues to feast on Blind Squirrels' membership like a cache of stored nuts

The Toronto serial acquirer is adding study group member Radnor Financial Advisors' $2.6 billion to the bigger haul from Balasa Dinverno, RGT and Brightworth.

June 28, 2021 at 8:42 PM

Steve Levitt: Maybe it was time for a fresh look.

Howard Milstein scrubs Mark Hurley's stringent contracts with 22 RIAs then buys $1.5-billion semi-RIA through satellite entity with a looser mandate

With its new billionaire owner calling the shots, the Mark Hurley baby is doing some fence-mending but economical deals remain elusive in crowded market

April 18, 2019 at 4:50 AM

Karl Heckenberg: Emigrant had an opportunity to either be a buyer or a seller here, and we chose to be a buyer despite the fact that we’re in the tenth year of a bull market.

Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine

The billionaire-owned New York bank eschewed the quick buck of a top-of-market sale to bet Karl Heckenberg can make Fiduciary Network function even better as its new CEO

November 22, 2018 at 12:07 AM

Mark Hurley: We need a bigger boat. We need a larger investor.

Mark Hurley battles to end his relationship with his billionaire investor

The Fiduciary Network CEO needs a "bigger" investor, he says, as RIA LBO game heats up and he holds upper hand after winning arbitration but Howard Milstein's bank hasn't waved the white flag

November 9, 2017 at 4:08 AM

Shirl Penney: We're taping the key to the handcuffs.

Dynasty Financial toes roll-up model's edge with new plan to buy revenue from its RIAs

By maxing deals at 10% of revenues and allowing a three-year bailout option, the New York-based firm seeks to hew to its non-intrusive roots

May 3, 2017 at 2:01 PM

Jim Lowell: The firm has the opportunity to outlive the next generation.

With beginnings harking back to E*Trade's RIA roll-up liquidation, two Boston-adjacent RIAs of a certain age join to create a $4.7 billion firm

Downplaying succession ghosts, the Mark Hurley-funded combo of Adviser Investments and Braver Wealth Management is equal parts M&A wizardry and product of a local soda fountain meet-up

March 1, 2017 at 6:14 PM

Mark Hurley: You're not going to be dead when you sell your business.

Mark Hurley's new report analyzes the pathology of the aging RIA and the illiquidity it exacts

The leveraged buyout specialist posits thousands of principals trapped in their practices, unable to sell, victims of psychological unpreparedness

May 14, 2015 at 4:57 PM

Steve Foldes: This creates a big win for me.

How Steve Foldes merged his $600-million RIA with mentor (and former advisor) Harold Evensky creating a $1.5 billion Florida behemoth

The former sandal magnate got rich at 35, became an Evensky client, a rival and now a partner

June 19, 2014 at 4:34 PM

Lon Morton: They knew it wasn't a discussion we were interested in having.

Lon Morton shows how to sell to a bank and live happily ever after -- but don't try this at home

Morton Capital weathered five years of rough seas but ultimately the misfortunes of its original bank owners accrued to his benefit

October 31, 2013 at 8:23 PM

Stephen Janachowski: Partnerships are harder than marriages.

With cash and grace, Brouwer & Janachowski attracts another $100 million firm by creating a never-say-retirement home for older RIAs

Using Seton Smoke deal as a template, the $1.1 billion RIA adds a firm helmed by a local 68-year-old

September 17, 2013 at 4:40 AM

James "Chip" Mahan: If you ask any banker about the SBA, they'll say it's messy with a lot of paperwork and sometimes the SBA won't pay. But we disagree.

Fidelity's M&A program reload looks 'game-changing' after it partners with a middleman to get Uncle Sam to guarantee RIA deals

The piece de resistance is a maverick-owned North Carolina bank with an RIA-savvy ex-Schwabbie and software that fights SBA red tape

June 20, 2013 at 5:53 AM

David DeVoe: We should be seeing over 100 external sales a year – nearly two times what we are seeing in actual transactions.

Schwab 2013 RIA M&A data show hope but also futility

David DeVoe and Mark Hurley weigh in on just exactly what is and isn't working

May 3, 2013 at 4:38 AM

Mark Hurley: The middle ground [of tweeners] is going to go away and there's a staggering amount of opportunity.

Mark Hurley drops a new wealth management prognosis on the industry with a zero-sum flavor

With the best clients aging, RIA business will be shaped by how about 2,000 'tweener' firms react to fast-deteriorating business conditions

April 29, 2013 at 6:06 PM

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