RJ and Makay

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About 3,200 mid-sized Registered Investment Advisors (RIAs) will be transitioning this year from Securities and Exchange Commission (SEC) oversight to register with the states where they conduct business, according to a March 14 Registered Rep article.  The switch will be a big change for these firms that typically averaged about one visit every 11 years from SEC auditors.

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Direct-investment platforms are posing a growing challenge to investment advisors, and many advisors are not sufficiently aware of clients’ use of the platforms, according to Cerulli Associates.  From 2008 to 2010, assets in direct-investment platforms such as those offered at Fidelity, Vanguard and TD Ameritrade grew from $2.6 trillion to nearly $3.7 trillion, Cerulli data shows.

Boston Private Bank, Bernstein and Rockefeller took the top 3 spots respectively in the Luxury Institute survey released Tuesday. LI surveyed 505 investors that had at least $5 million in net worth. Wealth managers were rated on quality of service, exclusivity and their social standing and status.

The complete list is only provided to firms purchasing the full report but I've been able to identify about half the firms through press reports and from my own personal conversation with the nice folks at the Luxury Institute.