Sanctuary Wealth has acquired tru Independence, a Portland, Ore.-based enterprise that supports 30 registered investment adviser firms managing $12.5 billion in client assets. The combination of Sanctuary and tru within the fast-growing RIA channel offers a broad range of independent business model affiliation options and capabilities across the industry landscape. “With a well-earned reputation for authenticity and transparency, tru’s core values align with Sanctuary’s. Together, the firms have an unprecedented opportunity to collectively redefine what it means to be a full-service, multi-ch ..read more

The U.S. Securities and Exchange Commission filed a litigated action charging Robert M. Thompson and a private entity he controls, Financial Freedom Foundation d/b/a/ F3 Mastermind, with defrauding investors in three securities offerings. According to the SEC’s complaint, since at least early 2019, Thompson has marketed F3 Mastermind as a private membership group for investors seeking passive investment income. In the alleged scheme, after paying an initial and then monthly fee, members were offered investments in trading programs run by third-party operators that claimed to generate ris ..read more

Walton Global, a real estate investment and land asset management company and sponsor of private placement investments, announced the acquisition of a 143-acre parcel in the Charlotte suburb of Gastonia, N.C. The real estate development is zoned for single-family residential purposes. Known as Springhaven II, the parcel is part of the Springhaven master-planned community, approximately 20 minutes west of Charlotte. “Located in the south-central Piedmont region, Gaston is the third largest county in the Charlotte Metropolitan Area,” said Michael Slavotinek, vice president, real estate for Walt ..read more

SK Research and Due Diligence, or SKRADD, announced the release of its Q4 2023 Non-Traded Equity REIT indices, which track the performance of the 10 largest non-traded, perpetual-life equity real estate investment trusts that primarily focus on making equity investments in real estate. SKRADD publishes two such indices: the SKRADD Non-Traded Equity REIT Index (SKRADD-NTRE), which includes diversified and sector specific non-traded perpetual life REITs; and the SKRADD Non-Traded Equity Diversified REIT Index (SKRADD-NTRED), which does not include sector-specific REITs. The top 10 list is rebal ..read more

Financial advisers Mitchell “Mitch” and Wesley “Wes” McCann have joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms. They reported serving approximately $240 million in advisory, brokerage, and retirement plan assets, and join LPL from Ameriprise. With the move, the father and son team launch Guardian Partners Wealth Management, an independent financial practice based in the Detroit suburb of Bloomfield Hills, Mich. Mitch, a 36-year veteran of the financial services industry, said the name was inspired by the team’s desire to protect their clients’ fi ..read more

FIQ Freedom is the latest addition to FusionIQ’s product suite on the FusionIQ One platform. FIQ Freedom empowers financial advisers that are considering going independent by ensuring a comprehensive platform tailored to advisers’ entrepreneurial needs. “We’re excited to introduce FIQ Freedom, a pioneering solution that redefines the journey to independence for financial advisers,” said Mark Healy, chief executive officer of FusionIQ. “With FIQ Freedom, advisers can break away from conventional [registered investment adviser] models and embrace a new era of autonomy, efficiency, and client-ce ..read more

The United States District Court for the Northern District of Texas granted the U.S. Securities and Exchange Commission’s request for monetary remedies against Daniel E. Levin, a Dallas-Fort Worth resident. According to the SEC’s complaint filed on May 9, 2023, Levin solicited investors to purchase approximately $2.6 million worth of units in a fund he controlled, the CRP Fund, which in turn owned units in funds run by GPB Capital, the now bankrupt private equity firm charged with running a “Ponzi-like scheme” by the SEC. Levin allegedly violated the requirements of the broker-dealer registra ..read more

Bluerock entered into a definitive agreement for an investment in, and strategic partnership plans with The Townsend Group. Bluerock will make a minority interest investment in the acquisition of Townsend as part of an investor group led by The Riverside Company, which is acquiring Townsend from Aon. Townsend is a provider of global real estate and real asset investment advisory services, and offers complementary investment management, advisory, and capital solutions via primary funds, secondaries, co-investments and direct investments. Advising clients with real assets in excess of $218 bill ..read more

LPL Financial says it has reached a settlement in principle with the U.S. Securities and Exchange Commission over its recordkeeping of off-channel communications and expects to pay a penalty of $50 million by June 30. The independent broker-dealer agreed to the settlement with the SEC on March 22, though the agreement “remains subject to the negotiation of definitive documentation and approval by the SEC,” LPL revealed in its first-quarter earnings report. In October 2022, LPL received a request for information from the SEC in connection with an investigation of the company’s compli ..read more

Jamie Mackay SFA Partners, a family of financial service companies, has promoted Jamie Mackay to the position of president. In addition to his new role, Mackay will continue to fulfill his current responsibilities as chief operating officer. “I am thrilled to elevate Jamie to president in recognition of his pivotal role in driving much of the strategy and execution that has fueled the ongoing successful evolution of SFA Partners and its subsidiaries over the past several years,” said Clive Slovin, chief executive officer of SFA Holdings, the parent company of SFA Partners, and outgoing presid ..read more