Schwab takes its cut, Beacon Pointe powers up

Envestnet paid $750m to buy rival portfolio management software company Vestmark and is partially funding the deal by syndicating a new $625m term loan. These details and more came from investor materials viewed by Citywire. This Week in Wealth breaks down the numbers and looks at what the deal might mean for the combined company. The team also explores Anthropic’s latest RIA-adjacent launch: a Claude-based personal finance tool. While the AI firm says that the tool is not designed to give investment advice and has gone to great efforts to woo wealth managers, advisors are nonetheless wary. There are literally 90 seconds on Schwab CEO Rick Wurster’s meeting with top RIA execs and maybe some bad British accents right at the end.

Another week, another temporary restraining order against an advisor leaving one RIA to join another. The type of recruitment suits that were once the preserve of wirehouses has become a frequent occurrence between independent firms, with the latest involving Wealth Enhancement and RFG Advisory. This Week in Wealth delves into this specific case as well as the wider reasons for an increase in these suits and whether an accord can be struck. The team also discusses a conference clash between Schwab Impact and Future Proof and touches on what the midterm election results might mean for advisors.

In an episode recorded on the conference floor at Schwab Impact, Dynasty Financial Partners CEO Shirl Penney joins This Week in Wealth to discuss the state of the RIA custody market, where the next big breakaways are coming from, and what will separate winning and losing firms in an era of uncertain markets and higher rates. 

Ahead of next week’s Impact conference, This Week in Wealth runs the rule over Charles Schwab, which has had a busy seven days. In that span, it has started charging ETFs distribution fees and reported 55% growth in its own wealth management business, while still cementing its position as the largest RIA custodian in the game. The team unpacks it all. Plus, Ian shares his scoop on mega-RIA Beacon Pointe’s finances, including the $74bn shop’s profit margin, organic growth rate and leverage level.

Roughly 50% of Mercer Global Advisors’ net new client assets in the first two quarters of 2026 came from Charles Schwab’s and Fidelity’s custodial referral networks, according to investor materials viewed by Citywire. This Week in Wealth discusses how this statistic tallies with a previous claim by the firm’s CEO that custodial referrals are its third-largest source of leads, and explores various data in the materials, including the mega-RIA’s organic growth rate, profit margin, employee ownership and leverage levels. The team also looks at Focus Financial Partners’ plans to once again make large external deals following a period of internal consolidation. Plus, there’s a bit about baseball.

Fidelity has raised its custodial minimum to $100m, giving RIAs until June 30, 2027, to meet that new requirement or face removal from the platform. It's a move with wider ramifications for hundreds of RIAs, rival custodians, and one that might redefine what it means to be a small wealth manager. This Week in Wealth unpacks it all. The team also shares its biggest takeaways from its week in Austin, Texas, hosting CEOs and CIOs from some of the fastest-growing and most notable RIAs in America. Oh, and Ian is back from safari. Happy Friday!

This bonus episode of This Week in Wealth features a fireside chat with Karl Heckenberg, founder and managing partner of Constellation Wealth Capital. Since its launch in 2023, Constellation has invested in 18 RIAs, which have a combined $340bn in assets. At last week’s Citywire CIO Summit in Austin, Texas, Karl told Andrew Foerch about the rapidly changing RIA M&A landscape. They discussed why larger platforms are struggling to attract their desired multiples, how public markets value wealth managers, and the green flags Karl looks for when striking a deal. We’ll be back again for a regular episode of This Week in Wealth on Friday.

Dakota Wealth Management founder and CEO Peter Raimondi joins This Week in Wealth to discuss whether RIAs are well-prepared for a prolonged market downturn. He shares how he weathered the Great Financial Crisis, current client portfolio positioning, and his concerns about wealth managers’ leverage levels today. This episode was recorded on the sidelines of Citywire’s inaugural CEO Summit in Austin, Texas. You can check out some highlights from the conference at https://citywire.com/ria/tag/ceo-summit citywire.com

This Week in Wealth breaks down the C-suite shuffle at Merit Financial Advisors, a $32bn Georgia-based RIA that has become one of the most acquisitive firms in the market. At the end of a year in which the firm will have completed 15 deals, Merit’s founder and chief executive Rick Kent will move to be executive chairman, with current president Kay Lynn Mayhue becoming chief executive. Alongside the executive changes, the firm has also secured fresh investment from minority owner Constellation Wealth Capital. Alec Rich joins the pod to explain what’s happening and why. The team also discusses Savvy Wealth’s launch of a custodial infrastructure platform to third-party RIAs and looks ahead to Citywire RIA’s inaugural CEO Summit in Austin next week.

Ian dials in from the Future Proof conference in Huntington Beach, California, to give the lowdown on Anthropic’s Claude for Financial Advisors suite and dig into the AI firm’s tie-up with custodian Charles Schwab. Alex and Ian also discuss Creative Planning’s acquisition of RVK Inc., an institutional investment consultancy overseeing roughly $4.3tn in client assets, and the strategic rationale for the deal.