$1.1B Wells Fargo Advisors team,The Northshore Group, joins Ampersand in Northbrook, IL (Financial Advisor IQ)
Stifel snags $873M MainStreet Wealth Management Group led by John Carolyn, Andrew McGee and Mark Lopez from UBS (AdvisorHub)
Merril Lynch loses $500M MK Group led by Nancy McDonald and Jason Khawaja to RBC (AdvisorHub)
John Griffen and his team have left Raymond James to join Kestra Private Wealth's Cordele, GA-based Inspired Wealth Planning (Wealth Management)
New Firm Launch
A large advisor team has left Commonwealth Financial Network to form Summit Wealth Group, a newly registered independent RIA based in Colorado Springs with 10 offices across five states.
Summit Wealth Group, led by CEO Randy Morris and CFO Daniel Cook, employs 69 people including 25 advisors
The move comes amid LPL Financial’s $2.7 billion acquisition of Commonwealth, with LPL offering retention bonuses ranging from just over 30 to 80 basis points on client assets
Concerns over cultural changes and brand loss are prompting some advisors to leave, while competitors like Cetera and Osaic are actively courting those hesitant about the LPL deal
Ex-AssetMark executive, Matt Matrisian, joins $25B Signature Estate & Investment Advisors as President focusing on M&A growth (Wealth Management)
Coming from Citizens Financial Group, John F. Woods will join State Street as Chief Financial Officer (Business Wire)
Nicole Pullen Rosswill lead the Northeast region as region head for Goldman Sachs New York Private Wealth Management (Wealth Management)
In a move to bolster its leadership, Sowell Management has appointed Scott Dooley as Managing Director of Investment Management and Sabrina Freeman as Director of Finance (AdvisorHub)
Import Rush Sinks Q1 GDP, Raising Recession Fears
The U.S. economy contracted at a 0.3% annualized rate in the first quarter, marking its first decline since 2022, as businesses raced to import goods ahead of sweeping new tariffs under President Donald Trump’s trade agenda. The import surge—up a staggering 41.3%—led to a record 5-percentage-point drag from net exports on GDP. While consumer spending remained resilient at 1.8%, it was the softest pace since mid-2023. Companies appear to have front-loaded activity, particularly in equipment investment and inventory stockpiling, which may cushion second-quarter growth but leave demand front-loaded. Economists warn that higher tariffs could cause a supply shock, stifle exports, and weigh on business investment and consumer confidence—particularly among low-income households already strained by inflation. With inflation accelerating and government spending slipping, the economy faces a precarious path forward. The Fed remains cautious, as policymakers await more clarity on how the trade policy will reshape growth, prices, and employment.
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