Mercer acquires $554 million RIA

Mercer Global Advisors announced Wednesday the acquisition of ClearRock Capital, an RIA that manages approximately $554 million in client assets, according to the firm’s latest Form ADV. ClearRock Capital’s co-founders Mark Eshman and Jamie Everitt will be joining Mercer along with their eight-person team, while…

TD Ameritrade says brokers are running out of reasons not to go independent

The thirst for independence continues to whet the appetites of wirehouse brokers who are increasingly viewing the independent financial adviser model as the preferred channel. The latest findings from TD Ameritrade Institutional’s semiannual study of the breakaway broker trend shows more of the same, but…

Court orders RIA firm and founder to pay more than $2 million

A federal court in Connecticut has entered final judgments against Temenos Advisory, a Litchfield, Connecticut-based RIA, and George Taylor, its former chief executive, for putting $19 million of investor money at risk without performing due diligence or disclosing investment risk. The case, which was brought…

Edward Jones files to create bank

The corporate parent of broker-dealer Edward Jones has submitted an application to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to establish the Edward Jones Bank, a Utah-chartered industrial bank. “If approved, the bank would help Edward Jones better serve clients’…

Vermont hybrid managing $210 million links to LPL

Ridgeline Wealth Management, a St. Johnsbury, Vermont-based hybrid managing $210 million, has affiliated with LPL Financial’s broker-dealer and corporate registered investment adviser custodial platforms. Ridgeline was formerly affiliated with Wells Fargo Advisors Financial Network, known as FiNet. The team, led by founders Jake Lavely and…