WealthManagement.com Daily Memo
 
Wealth Management Morning Memo

MARCH 8, 2024

INDUSTRY

Kingswood SPAC Shareholders Vote to Approve Merger With B/D Aggregator Wentworth

The combined firm will operate as Binah Capital Group and trade on the Nasdaq under the symbol BCG. Larry Roth will serve as executive chairman.

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REGULATION AND COMPLIANCE

SEC’s AI Rule Could 'Weaken' Advisors’ Fiduciary Duty, IAA Attorney Argues

The advocacy group for advisors argued the rule is overly broad. In contrast, the outgoing director of the SEC's Investment Management Division said the degree of risk in AI’s proliferation is “obvious.”

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WHITE PAPER

Achieving Tax Alpha: Having the Right Tools

Do you have the right tools in place to achieve tax alpha?

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RIA NEWS

Sanctuary Adds $1B Breakaway from Stifel

Sanctuary’s latest partner firm, M&K Legacy Wealth, comes over via advisor referral and is based in its own backyard.

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RIA NEWS

Three Female Advisors Launch Chicago RIA Focused on Inclusivity and Communication

Expressive Wealth, a new RIA with $200 million in assets, is led by three female partners and has a licensed clinical psychologist on staff.

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ALTERNATIVE INVESTMENTS

BlackRock Agrees to Acquire Options Overlay Provider SpiderRock

BlackRock previously completed a minority investment in SpiderRock in 2021. The move expands the asset manager's SMA capabilities.

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