You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. An 11-person Long Island-based team with $1.8 billion in managed assets is joining Wells Fargo from Merrill, while Merrill is acquiring a $800 million Rhode Island-based trio from UBS. The Melville, N.Y.-based Infinity Private Wealth is led by Gianluca Palermo and Nicholas Frangas, with financial advisors Charles Donnelly, Marc Stenzler, Sheena Marr, John Mulligan, Vincent Parziale and Thomas Houl ...

Market Outlook - Chris Hyzy, chief investment officer for Merrill and Bank of America Private Bank, characterizes 2026 as a year of a proud bull market, emphasizing the importance of recognizing the hard work over the past 36 months [1] - Hyzy notes that midterm election years typically bring more volatility and favor bull markets, with a focus on profit growth rather than multiple expansion [1] - Despite some concerns and pressures, Hyzy believes that if the narrative of high conviction growth remains unchanged, these pressures will present buying opportunities [1] Sector Analysis - Hyzy anticipates increased volatility in the tech and communication services sectors as questions arise about sustaining high growth rates [2] - The overall capital investment build-out is expected to remain high, but the focus will shift to execution capabilities among companies, leading to market choppiness [2] - Small caps are gaining momentum, hitting all-time highs, with the firm being overweight in small caps since the beginning of the year, attributing strength to fiscal relief measures [2] Ondas Holdings Inc. (NASDAQ:ONDS) - Ondas Holdings reported a revenue of $10.1 million in Q3 2025, a significant increase of over sixfold year-over-year, leading to a raised full-year 2025 revenue target of at least $36 million and a preliminary 2026 goal of at least $110 million [9] - The consolidated backlog reached $23.3 million, more than double from the beginning of the year, with expectations to exceed $40 million by the end of 2025 due to recent acquisitions [9] - Ondas has executed a growth strategy through acquisitions, including Sentrycs, enhancing its counter-UAS capabilities, with potential for additional M&A adding over $500 million to the 2026 revenue target [9] AST SpaceMobile Inc. (NASDAQ:ASTS) - AST SpaceMobile's market capitalization halved over 35 days, prompting Scotiabank to upgrade the stock to Sector Perform, citing improved valuation [11] - The company secured over $1 billion in total contracted revenue commitments from commercial partners, validating its ecosystem strategy [12] - In Q3 2025, AST SpaceMobile generated total revenue of $14.74 million, missing estimates by $5.16 million, and faced a loss per share of $0.45 [13]

Market Outlook - Short-term market weakness is attributed to reduced expectations of a December Fed rate cut, but the market's underlying strength extends through 2026 due to a better profit cycle [2][3] - The market is factoring in a better profit cycle through 2026, supported by easier financial conditions and liquidity [3] - Taking advantage of market weakness is advised, as the current situation lacks fundamental news [6][9] Key Economic Drivers - Digital infrastructure, beyond just AI, is a significant driver, with substantial room for growth [4] - Boomer spending in travel, leisure, and entertainment is masking weakness in lower-end consumer spending, contributing to overall healthy consumer spending [4][5] - Profit momentum is a crucial factor driving the market, creating a flywheel effect [5] Portfolio Strategy - Overweighting equities is recommended, utilizing market weakness for strategic entry [9] - A neutral allocation to non-dollar assets is advised for dollar-based investors, acknowledging slowing growth in Europe and the UK, but picking up in Japan [12][13] - Concerns about an AI bubble are premature, as debt financing has not yet reached levels that cannot be substantiated by cash flows [9][10]

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Group 1: Service Expansion via Acquisition - Prime Capital Financial announced the acquisition of a Texas-based tax advisory firm to establish a Prime Capital Tax Advisory division [1] - VestGen Wealth Partners launched a retirement plan advice division through the acquisition of a former Osaic team specializing in retirement plans [1] Group 2: Traditional Footprint Expansion - AlphaCore Wealth Advisory acquired a registered investment advisor (RIA) with $1.5 billion in assets under management (AUM) located in Rockville, Maryland [2] - Concurrent, a 1099 affiliation platform, brought on a team from Raymond James with $1.3 billion in AUM based in Savannah and Sea Island, Georgia [2] Group 3: Advisor Movements - Kestra Private Wealth Services recruited a large team from Bank of America's Merrill, led by David Barnett and Ashley Ament, to form Ascend Private Wealth Partners, focusing on investment management and tax planning [4][5] - Cetera Financial Group hired advisor Frank Mezzanotte and his $126 million FDM Wealth Management practice to its Cetera Financial Institutions division [7]

Core Insights - Wirehouses experienced year-over-year revenue increases in Q3, with major banks surpassing earnings estimates [1] - Merrill's wealth division reported $6.3 billion in revenue and $3.9 billion in asset management fees, reflecting increases of 10% and 12% year-over-year [2] - Morgan Stanley's total client assets reached $8.9 trillion, up from $7.7 trillion, moving closer to a target of $10 trillion [6] Merrill's Performance - Merrill added approximately 5,400 net new relationships in Q3, with 79% of these having assets over $500,000 [2] - The firm has seen a more than double increase in households with alternative investments over the past five years, with a 12% rise in advisor adoption since Q2 2024 [3] Alternative Investments and Cryptocurrency - Merrill's focus on alternative investments includes exploring sports franchises as a potential entry point for clients [3] - The firm is actively offering clients access to cryptocurrency ETFs, with products approved for wealthy clients since February 2024 [4] - Predictions suggest that by the end of 2025, all four major wirehouses will facilitate easy access to Bitcoin ETFs for advisors [5] Morgan Stanley's Financial Outlook - Morgan Stanley's CFO indicated a potential modest sequential gain in net interest income for Q4, despite expected Federal Reserve rate cuts [7] - The firm is attracting assets through fee-based flows, not solely relying on net new assets [7]

Group 1 - Citi Wealth has selected BlackRock to manage approximately $80 billion in assets for its clients, enhancing its portfolio offerings [2][3] - The collaboration aims to combine Citi's relationship-driven advice with BlackRock's investment expertise and technology [3][4] - BlackRock will implement a variety of investment strategies, including core, opportunistic, thematic, equities, fixed income, and multi-asset class strategies [3] Group 2 - Citi has adopted BlackRock's Aladdin Wealth technology platform to support its private bankers and investment professionals with advanced risk and portfolio management capabilities [4] - The announcement coincided with Merrill and Bank of America's launch of a private market program targeting ultra-high-net-worth clients [5] - Recent research indicates a shift among higher-income Americans towards reactive financial management, with 52% of individuals earning $100,000 or more now identifying as "reactors" [6][7]

Group 1: Introduction of New Program - Merrill and Bank of America have launched the Alts Expanded Access Program targeting ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more, set to debut this fall [2] - The program aims to provide access to specialized investment opportunities in emerging themes, niche strategies, and evolving sectors, which are not widely distributed [4] Group 2: Market Trends and Client Needs - There is a growing trend among wealthy Americans, particularly younger high-net-worth investors, showing increased interest in alternative investments, with many planning to boost their allocations in the coming years [4] - The shift towards non-traditional investments is driven by evolving wealth-building needs and market changes, as noted by Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank [3] Group 3: Broader Commitment to Client Needs - The introduction of this program reflects the broader commitment of Bank of America to address the complex financial goals of UHNW clients [5]

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This $329 Million Merrill Advisor Stresses ‘Family Values’ And Open Communications https://t.co/Ies2Iy5JPA https://t.co/Ies2Iy5JPA ...