Displaying items by tag: cients

VettaFi announced that it would be acquiring EQM Indexes, a provider of custom thematic indexing specialists. It marks VettaFi’s second acquisition in the space as the indexing and ETF data provider continues increasing the amount and quality of offerings for asset managers. In April, it acquired ROBO Global Index suites.


EQM uses a quantitative approach to construct customized, niche indices for industries like e-commerce, rare earths, block chain technology, etc. Most of its customers are advisors and wealth managers who are based in North America, Europe, or Asia. 


Following the completion of the deal, VettaFi will have more than 300 indexes that comprise $19 billion in assets including ETFs and direct indexing products. The firm was founded in 2022 through a merger of various entities in the ETF data and indexing space.


Clearly, the firm believes that direct indexing has more room for growth. According to Brian Coco, VettaFi’s head of Index Products, “A great investment idea can often remain just that: an idea. But with a well-constructed index, great investment ideas can become great investments. Building custom indexes is something at which EQM has long excelled, and we are very excited to add EQM’s expertise to our index offerings.”

Finsum: VettaFi announced the acquisition of EQM Indexes, a provider of custom indexing solutions. It marks a continuation of the firm’s investment in the direct indexing space.


Published in Wealth Management
Thursday, 07 September 2023 16:44

Broker Exits From Merril Lynch Continue

Financial advisors have been leaving Merril Lynch at a steady clip over the past couple of years in search of greener pastures. Recently, David B. Ammerman and Sara E. Graham, who managed $353 million in client assets, left the firm to join Raymond James’ independent advisors division. He was ranked as the #37th best wealth advisor by Forbes this year and had been with Merrill Lynch since 1998.


Similarly, William Edward ‘Ed’ Winegar and Gregory W. Berg also left Merrill Lynch to join LPL’s employee brokerage unit two weeks ago. They are naming their new practice, Winegar Berg Wealth Management. The duo managed $205 million in client assets and generated $1.6 million in revenue last year. Both had been with Merrill Lynch since 2005.


This continues a trend of Merrill brokers leaving for Linsco which is LPL’s employee advisor channel. LPL continues to grow at an impressive rate, in part due to several affiliate options it offers for prospective advisors. Last month, it added about $800 million in client assets from Merril. Currently, LPL has 22,000 advisors, and it continues to take advisor and market share away from big banks and legacy providers of financial advice.  

Finsum: Merrill Lynch continues to see brokers leaving the firm. One of the firms seeing an influx of advisors is LPL which has a variety of offerings.


Published in Wealth Management

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