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Webinar Recording

RIA Consolidators: The New Key Accounts?

June 20, 2024

Merger and acquisition (M&A) in wealth management continues unabated. Given the sheer number of subscale registered investment advisor (RIA) firms and an ongoing succession crisis within the broader industry, the landscape is ripe for transactions. RIA consolidator firms, often backed by private equity, are a key driver behind the M&A movement.

While the drivers of RIA consolidation have been well detailed, how should asset managers consider changing their product development and distribution strategy? Asset managers need to consider the product, service, and technology needs of these new and formidable players in the wealth management value chain.

Join us for our perspective. During this one-hour session, hosted by the MMI, Cerulli Associates, Janus Henderson Investor Funds, and Sanctuary Wealth address:


Why RIA firms will look to sell to a consolidator

The rise of the RIA consolidator model and how it is evolving to create centralization and scale

Product and engagement models retail asset managers should consider as they strive to gain platform access

How asset managers are successfully covering RIA consolidators

Presented by:

Bing Waldert

Bing Waldert

Managing Director, U.S. Research, Cerulli Associates

Bio →

Bing Waldert

Bing Waldert

Managing Director, U.S. Research, Cerulli Associates

Bing Waldert leads Cerulli’s U.S. Research team comprising seven research practices that cover all elements of the U.S. asset management, wealth management, and retirement markets. He has authored Cerulli reports on the wealth management industry, high-net-worth market, the annuity industry, and retirement markets. He is a frequent board-level and C-suite speaker and well-regarded industry thought leader. He has spoken in front of the Investment Company Institute (ICI), the Asset Management Association of China (AMAC), the Investments and Wealth Institute (IWI), and the Money Management Institute (MMI).

He has worked on client projects on emerging manager expansion strategies, independent registered investment advisors (RIAs), multi-family offices (MFOs), investment platforms, and the outsourced chief investment officer (OCIO) industry. In addition, he has advised multiple private equity firms on acquisitions in the wealth management space.

Full biography here.

Stephen Caruso

Stephen Caruso

Senior Analyst, Cerulli Associates

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Stephen Caruso

Stephen Caruso

Senior Analyst, Cerulli Associates

Stephen is a senior analyst in the Wealth Management practice where he leads research into the registered investment advisor (RIA) channels. As part of his research, he is the author of Cerulli’s U.S. RIA Marketplace report and has written on topics including private equity investment in RIAs and the role staff play in RIAs’ pursuit of scale.

Full biography here.

Michael A. Schweitzer

Michael A. Schweitzer

Head of N. America Client Group, Janus Henderson Investors

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Michael A. Schweitzer

Michael A. Schweitzer

Head of N. America Client Group, Janus Henderson Investors

Michael Schweitzer is Head of North America Client Group at Janus Henderson Investors. In this role, he heads the institutional and intermediary business across North America, including direction, strategy, relationship management, customer sales support, channel marketing, and risk management of the North America Advisory, Retirement, Private Bank, and Insurance businesses. Additionally, Michael is a member of the Janus Henderson Executive Committee. Before Janus Henderson, Michael served as head of high net worth sales and distribution for North America at Capital Group from 2016. He was global head of sales and distribution at HSBC in the group wealth management division from 2012 and was with UBS from 2003, most recently as managing director and head of the western division in wealth management Americas from 2009. Before UBS, Michael spent 14 years at Merrill Lynch Global Wealth Management, most recently as national director-private banking and investment group. He began his career at Deloitte. Michael received a bachelor of science in business administration degree with emphasis in accounting from San Diego State University. He holds FINRA Series 3, 7, 8, 23, 63, and 65 securities licenses and has 35 years of financial industry experience.

Richard Williams

Richard Williams

Managing Director, Sanctuary Wealth

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Richard Williams

Richard Williams

Managing Director, Sanctuary Wealth

Richard Williams, AIFA, head of Advisor Solutions Group, has tremendous experience in understanding advisor needs and marshaling best-in-class resources. Rich drove the creation of the Group as a way of formally bundling turnkey services for our partner firms while proactively offering them relevant and innovative solutions. Rich had been president of Northview Asset Management in Austin, Texas, since 2014. Prior to that, he was a Principal and Managing Director at Sage Advisory Services (1998 to 2013) where he used his expertise in financial analysis to develop and implement the firm's asset/liability modeling solution and advise on the investment decisions of corporations, universities, endowments, pension funds and insurance companies throughout the country. Rich earned his MBA in Finance from St. Edward's University and his BBA degrees in Accounting and Finance from Southern Methodist University. He also holds the Accredited Investment Fiduciary Analyst designation.

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