Wealth Management
For years, wirehouses dominated the wealth management industry, but a growing number of advisors are breaking away to join independent RIAs. What was once seen as a risky move has now become a mainstream trend, with firms like Hightower Advisors playing a key role in accelerating the transition.
A decade ago, wirehouse executives dismissed concerns about advisors leaving, pointing to stable headcounts, but the shift has proven undeniable. Cerulli data projects wirehouse market share will drop to 27.7% by 2027, with RIAs benefiting from the exodus. In 2024 alone, wirehouses experienced a net loss of 612 advisors, while RIAs gained 856, reflecting the increasing appeal of independence.
With factors like autonomy, higher earnings potential, and access to cutting-edge technology driving the movement, the trend shows no signs of reversing—raising the question of how much longer wirehouses can sustain their traditional model.
Finsum: We really think technology is adapting how advisors are thinking about their evolution within a firm, wirehouses need to give them the most opportunities.
President Donald Trump announced a massive private sector investment of up to $500 billion to develop artificial intelligence infrastructure in the U.S. The initiative, called Stargate, is a joint venture between OpenAI, SoftBank, and Oracle, with plans to build AI-focused data centers starting in Texas.
Trump emphasized the importance of keeping AI development within the U.S. and pledged to facilitate the process through emergency declarations. While executives claimed the project would generate over 100,000 jobs, Elon Musk cast doubt on the funding, arguing that SoftBank had secured far less than stated.
In response, OpenAI CEO Sam Altman dismissed Musk’s skepticism and invited him to visit a data center already under construction. Despite controversy, the investment signals a major push toward expanding AI capabilities and infrastructure within the country.
Finsum: This could be America’s next big infrastructure boom, and it could be key to outpacing the development of AI in China.
Advisors aiming to serve high-net-worth clients must balance specialized planning with operational efficiency, making a strong support network essential. Partnering with an experienced firm allows advisors to focus on sophisticated strategies without getting overwhelmed by administrative tasks.
Vance Barse, founder of Your Dedicated Fiduciary®, emphasizes that HNW clients require more than just investment guidance—they need estate and legacy planning to preserve wealth across generations.
Many advisors overlook key strategies due to a lack of fiduciary requirements, but a consultative, independent analysis can reveal critical gaps. By leveraging expert teams and models advisors gain strategic insights without needing to build an internal specialist team.
Finsum: This combination of boutique client service and enterprise-level backing helps advisors provide the high-touch experience wealthy clients expect while positioning their practice for long-term success.
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The 401(k) industry has played a critical role in improving retirement security, yet challenges remain, including access gaps, rising costs, and demographic shifts. Defined contribution (DC) plans are evolving to address these issues, with major trends shaping the future of retirement savings.
Affordability is increasingly strained as rising costs for essentials make it harder to prioritize retirement, especially for mid- and lower-income earners. Legislative changes, such as SECURE 2.0 implementation and potential tax policy shifts, could impact retirement savings strategies in the coming years.
Meanwhile, industry consolidation and integration are reshaping financial services, enhancing efficiency and expanding participant-focused solutions. Innovations in AI, private assets, and fiduciary services are driving new approaches to personalized retirement planning, making financial security more accessible and adaptable.
Finsum: We should be very weary of policy changes to 401(k) plans, while it’s unlikely that Trump makes any changes, the sheer number of policy changes make it worth monitoring.
Someone who meticulously plans every vacation can be surprised to find their stay at an all-inclusive resort to be some of their easiest and least stressful trips. Traveling with a group can be challenging, but resorts offer a wide range of activities—yoga, bingo, and salsa lessons— and ensure there was something for everyone.
Resorts can make dining effortless, with multiple on-site restaurants eliminating the need for reservations or extensive research. Budgeting can also be simplified, as meals, drinks, and activities were included in the upfront cost, preventing unexpected expenses.
While some usually preferred exploring new places, all-in-one resorts show the value of slowing down and simply enjoying time with friends. Instead of stressing over your next big vacation with hundreds of details and people to coordinate, consider simplifying with all-in-one style vacations.
Finsum: I find the best hybrid of this type of a vacation style to be utilizing a new experience to get the most out of someone planning for me, cruises to unconventional destinations are a great example.
Apollo has introduced a tokenized private credit fund, partnering with Securitize to offer on-chain access to corporate lending and structured credit. The fund, available on Solana, Ink, Ethereum, Aptos, Avalanche, and Polygon, marks Securitize’s first integration with Solana and Kraken’s layer-2 network, Ink.
Apollo Diversified Credit Fund, managing over $1.2 billion, delivered an 11.7% return in 2024, significantly outperforming U.S. Treasuries. Christine Moy of Apollo highlighted its role as a stable, high-yield complement to crypto assets and tokenized treasuries.
Private credit tokenization is gaining traction, with Securitize CEO Carlos Domingo noting its potential alongside falling interest rates. Apollo sees this initiative as a stepping stone toward decentralized finance innovations, including automated portfolio rebalancing and smart contract-driven collateral management.
Finsum: This is an interesting crossover and perhaps crypto is a natural path to get more alt exposure.