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Shorts: Why Savvy Wealth is calling an $80-million LPL poach a 'monumental' milestone • Vanguard cleans up legal matters, settles two suits, loses third • Groupthink comes to RIA biz as firms, one after another, cut staff

Savvy hopes one will trigger a recruiting rally • Vanguard might just be in a settling mood, ends two long-running suits • At least five major RIA industry players are applying a 5% rule ... to cut staff

Author Oisin Breen October 28, 2023 at 12:06 AM
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Michael Most: I feel the possibilities are endless.
Brooke Southall and Keith Girard contributed to the editing of this article.

Brian Murphy

Brian Murphy

October 29, 2023 — 2:43 AM
Savvy - what a waste of time and effort. So I guess the game here is "multiple" arbitrage. Buying firms based on the promise of a higher expected return (lower cost of capital) relative to strategic and financial buyers. Hope seems to be that acquired firms will drink the startup kool-aid, accept a lower acquisition price (due to the expected higher expected return on V/C money - ie, tech investments are typically priced on Price/Revenue multiples) than a strategic or financial buyer (P/E) would be willing to pay (using traditional cash flow multiples). Just another ponzi scheme masquerading as a technology startup...hooray. Play stupid games, win stupid prizes!

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