The Alpha Brief #1
Listening, Adapting, and Introducing The Alpha Brief
Good morning, and thank you to those who have recently subscribed to The RIA Report.
My approach has always been to go deep. Articles like "The Quiet Revolution " and "Beyond Automation" were designed as thorough, technical explorations of the forces reshaping our industry. They are, essentially, white papers. The feedback I’ve received has been clear: many of you value these deep dives.
But I’ve also heard that you need something else. You need a way to quickly catch up on the week’s events to better serve your clients. You need to know what’s shaping the rules, who is making deals, and what moves other firms are making, without having to digest a 10-page analysis.
I’ve listened.
Moving forward, we will have a more balanced approach. I will continue to write the deep, research-heavy pieces you’ve come to expect. But we’re introducing a new format for your weekend.
Welcome to The Alpha Brief. Consider this your new weekly briefing, a lighter, faster, 7-minute rundown of the news that mattered over the past week. It’s designed to be scanned over your morning coffee, giving you the essential information you need to start your week ahead of the curve.
This is also part of a larger evolution. In July, we will launch Behind The AUM, a new series where we get inside the minds of leaders running the largest and most interesting niche investment firms in the US. We'll talk strategy, growth, and vision with the people shaping the future of wealth management and advisory.
Lets’s begin.
Alpha Brief #1 for the week of June 16-20, 2025.
The Weekly Deal Sheet
The RIA M&A market continues its brisk pace. The driving theme this week was strategic expansion, with firms acquiring specific capabilities and market footholds.
Osaic Makes a Major Move in Boston: In one of the week's biggest deals, Osaic acquired the $13.5 billion AUM firm, CW Advisors. The move gives the wealth management giant a significant presence in the high-net-worth market in the Northeast. Read the full story at InvestmentNews.
NerdWallet Enters Wealth Management: In a clear signal of growing convergence, personal finance company NerdWallet acquired New York-based RIA Future You Wealth for $178 million. The deal creates NerdWallet Wealth Partners, a fee-only RIA targeting the mass affluent and putting traditional firms on notice. Read the full story at InvestmentNews.
Merchant-backed Concurrent Launches New Model: The $12 billion hybrid RIA has launched a new minority investing program aimed at smaller RIAs in the $200M-$500M AUM range. It’s a creative approach that provides a capital and growth alternative to outright acquisition. Read the full story at InvestmentNews.
Niche Firm Marketing Spotlight
Firm: Jackson Square Capital
Thesis: This San Francisco-based RIA, which made headlines last week, is being spotlighted for its creative and targeted marketing approach. The firm sponsored 23-year-old golfer Riley Lewis at the U.S. Open, placing its logo on his shirt sleeve. This isn't just about brand awareness; it's a strategic play to build cachet among a specific demographic of high-net-worth clients and prospects who follow the sport. It’s a masterclass in associating your brand with excellence and reaching your target audience in a place they are passionate about, far from the noise of traditional financial media.
Rules and Regulations
A quick look at a notable compliance update from this week.
FINRA Proposes Raising Gift Limit: In a move that will catch the eye of every compliance officer, FINRA has filed a proposal with the SEC to raise the gift limit under Rule 3220 from $100 to $250. The proposal aims to account for inflation and codifies existing guidance on personal gifts and items of de minimis value. While it still needs to clear the SEC, it represents the first major adjustment to this widely-followed rule in years. Read the FINRA announcement here.
The Tech Stack
How technology, AI, and data are being deployed across the industry right now.
The Rise of AI-Native Professional Services: A new venture, Multiplier Holdings, publicly launched this week with a clear mission: acquire professional services firms and supercharge them with a proprietary AI automation platform. Their first acquisition is in the tax space, but their model deeply integrating AI into workflows rather than just using off-the-shelf tools is a preview of the "hybrid technology firms" that will likely define the next stage of competition in wealth management. Read the launch details on PYMNTS.com.
Weekend Reading: The Deep Dive
For those who still want to go deeper, we recommend the recent report from LSEG (London Stock Exchange Group) on Direct Indexing. It’s an essential tool for serving high-net-worth clients, yet the report reveals that only a fifth of advisors feel "extremely familiar" with it. The data shows that while tax-loss harvesting is the main driver, the real opportunity lies in using it for tax-efficient transitions and reducing concentration risk. It's a comprehensive look at a trend that is becoming critical for staying competitive. Read the full report here.
A Final Thought: This new, balanced approach is designed to serve you better. You’ll get the quick-hitting summary you need for the week ahead, the deep research you value for long-term strategy, and soon, the inside perspective from leaders across the industry. Thank you for reading, and I look forward to this new chapter with you.