It’s been a busy 2021 for wealth management, a year populated by record M&A deals, meme stocks, mega recruiting moves and office reopenings. As part of our newly redesigned Barron’s Advisor, we’ve been keeping advisors up to date on these and other trends.
To help you prepare for the new year, we’ve drawn up a short list of who’s likely to make headlines in 2022. Each of the names below—some familiar to advisors, others perhaps less so—are poised to make waves big and small.
Note that this list—an informed but admittedly subjective take—is not ranked but appears in alphabetical order. We encourage you to use the comments feature to add wealth management leaders whom you’ll be keeping tabs on next year.
LPL Financial CEO Dan Arnold
CEO Dan Arnold: Arnold has been CEO since 2017, but 2021 may have been his busiest year so far as LPL added thousands of advisors thanks to aggressive recruiting and key deals, including its acquisition of Waddell & Reed’s wealth management business. The company has also launched new units geared toward wirehouse and other employee advisors, and it’s aiming to expand its RIA custody business. Next year will be an opportunity for the firm to build on this year’s efforts, including an expansion of its nascent employee advisor unit.
SEC Chair Gary Gensler
SEC Chairman Gary Gensler: The SEC has a lot of pressing matters on its agenda, but for advisors and wealth management firms the future of Regulation Best Interest is top of mind. The controversial rule was finalized under Gensler’s predecessor, and it has faced ongoing criticism from investor advocates and others. A recent report by a group of state regulators shows an increase in the number of firms offering complex, costly, or risky products since Reg BI took effect—suggesting the rule isn’t having quite the effect that some regulators hoped for. The question is: How far will Gensler go in updating standards of conduct for advisors and brokers?
Fidelity Investments CEO Abigail Johnson
Fidelity Investments CEO Abigail Johnson: Fidelity, one of the industry’s biggest custodians for RIAs, has had a busy 2021 that …….