Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, up 1% from 2024, with notable items adjusted EPS at $6.21 [5][6] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026 [6][12] - Assets under management and administration reached a record $1.1 trillion, up 10% year-over-year [6][17] - The company returned $1.8 billion to shareholders in 2025, with a payout ratio of 68% excluding incremental buybacks [6][22] Business Line Data and Key Metrics Changes - Retirement segment net flows were $5.9 billion in 2025, reflecting a 4% organic growth rate, supported by record RILA sales [7][11] - Wealth Management saw net inflows of $8.4 billion, achieving a 13% organic growth rate, with a 40% year-over-year increase in fourth-quarter earnings [7][20] - AllianceBernstein (AB) reported overall net outflows of $11.3 billion, but private markets business AUM increased by 18% to $82 billion [8][9] Market Data and Key Metrics Changes - The company experienced strong momentum in the private markets business, with a target of $90 billion-$100 billion in AUM by the end of 2027 [9] - The retirement business is expected to see mid to high single-digit growth in pre-tax earnings, with spreads stabilizing in the second half of 2026 [26][70] Company Strategy and Development Direction - The company is focused on three core growth engines: U.S. retirement, asset management, and wealth management, aiming to reshape its balance sheet to be more capital light [4][10] - The life reinsurance transaction with RGA is expected to create a more valuable company by freeing up $2 billion of capital and reducing mortality exposure by 75% [10][14] - The company aims to achieve $2 billion in annual cash generation by 2027, with a strong focus on organic growth and maintaining a disciplined approach to expenses [12][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, citing solid momentum entering 2026 and reduced mortality exposure [5][28] - The company anticipates EPS growth to accelerate in 2026, driven by strong cash generation and reduced volatility from mortality claims [13][14] - Management highlighted the importance of maintaining a disciplined approach to investments and capital returns while focusing on growth opportunities in attractive markets [88] Other Important Information - The adjusted book value per share was reported at $33.84, providing a more meaningful valuation than reported book value [18] - The company achieved a 33.7% adjusted operating margin at AB, indicating strong execution on margin initiatives [12] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software-related risks [32][34] Question: Competition for advisors in wealth management - The company reported a 12% growth in wealth planners, emphasizing a disciplined approach to hiring and targeting specific advisor practices [36][39] Question: Addressing the valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the focus on growing the business and improving execution to close this gap [42][45] Question: Mortality exposure and potential further reductions - Management discussed the impact of recent mortality claims and the prudent guidance for future mortality assumptions, indicating manageable volatility [46][48] Question: Commission and distribution expenses in retirement segment - Management explained the increase in commission expenses and the expectation of earnings growth exceeding commission expenses over time [53][54] Question: Growth potential of the FABN program - The company expressed optimism about growing the FABN program, which has shown attractive IRRs and contributes to retirement earnings [60][61] Question: Cash flow conversion and underlying drivers - Management confirmed improving cash conversion rates, driven by higher asset and wealth earnings and capital release from legacy blocks [64][66] Question: Competitive dynamics in the RILA market - Management noted the growing demand for RILAs and the company's commitment to maintaining disciplined pricing and strong IRRs despite increased competition [79][81]

Core Insights - Steward Partners has expanded its advisory team by adding the Silcox & Avonda Wealth Management team from Raymond James & Associates, managing $716 million in client assets [1][2] - The addition of this team is part of Steward's broader growth strategy, which included adding 11 new advisor teams in 2025, representing nearly $4 billion in client assets [4] Company Overview - Steward Partners is an employee-owned hybrid partnership with nearly $50 billion in client assets and operates a broker/dealer called Steward Partners Investment Solutions [1][5] - The firm has 628 partners, 301 advisors, and 80 offices across the U.S. [5] Team Details - The Silcox & Avonda team, led by Peter Silcox and Peter Avonda, will serve as executive managing directors and portfolio managers at Steward [3] - The team includes Melissa Larson, Joseph Jones IV, and five client administrative managers, enhancing Steward's advisory capabilities [3] Growth Strategy - Steward transitioned from a 1099 independent contractor model to a W-2 integration framework for future hires approximately three years ago [4] - The firm raised $475 million in capital from Ares Management, which will support its growth initiatives [5]

Core Insights - Captrust Financial Advisors has acquired Meritage Portfolio Management, enhancing its wealth management capabilities and expanding its presence in Kansas City [1][3] - The financial terms of the acquisition remain undisclosed, but Meritage manages client assets totaling $2.4 billion [1][5] - The integration of Meritage adds 17 employees to Captrust, including nine advisers, strengthening the firm's local service capabilities [2][4] Company Overview - Meritage Portfolio Management specializes in serving high-net-worth clients and institutions, including retirement plans, endowments, and foundations [1] - Captrust now employs a total of 54 staff members across two locations in Kansas City following the acquisition [4] - The firm provides a range of services, including investment management, financial planning, and fiduciary support for retirement plan sponsors and nonprofits [4] Strategic Implications - The acquisition is seen as a strategic move to position Captrust for long-term success by providing access to a broader network of resources and support [2] - Captrust's Midwest regional leader emphasized that Meritage's expertise complements Captrust's existing capabilities, enhancing client service [2][3] - This acquisition follows Captrust's previous growth initiatives in the Kansas City area, including the acquisition of Frontier Wealth Management in 2022 [3]

Core Insights - Captrust Financial Advisors has acquired Meritage Portfolio Management, expanding its assets under advisement to over $1 trillion and adding $2.4 billion in client assets from Meritage [1][2] Group 1: Acquisition Details - The acquisition increases Captrust's presence in Kansas City to two offices and adds 54 employees, including 17 from Meritage, nine of whom are advisors [2] - Meritage, founded in 1991, specializes in wealth management for high-net-worth individuals, retirement plans, and endowment and foundation investment management [2][3] Group 2: Strategic Implications - The acquisition provides Captrust with a broader network of resources and support, enhancing opportunities for clients and colleagues, as stated by Meritage's President Mark Eveans [3] - Captrust oversees more than $237 billion in discretionary assets and over $846 billion in nondiscretionary assets, with over 1,800 employees across more than 90 locations [4] Group 3: Market Position - Kansas City is identified as a key growth market for Captrust, with the acquisition of Meritage adding significant value due to its reputation for trusted client relationships [4] - Captrust previously expanded into the Midwest by acquiring Frontier Wealth Management in 2022, indicating a strategic focus on growth in this region [4] Group 4: Advisory Role - Houlihan Lokey served as the financial advisor for Meritage during this acquisition [5]

Group 1 - DSS, Inc. has commenced a public offering to sell shares of its Common Stock, with all shares being offered by the Company [1] - The net proceeds from the Offering will be used for general corporate and working capital needs [2] - Aegis Capital Corp. is acting as the sole book-running manager for the offering on a firm commitment basis [3] Group 2 - The offering is made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC) [3] - A final prospectus supplement and accompanying prospectus will be filed with the SEC and will be available on the SEC's website [3] - DSS, Inc. operates across multiple business lines including health and wellness, packaging, real estate, and securities and blockchain [5]

Core Insights - Arax Investment Partners has acquired GFP Private Wealth, which has $1.5 billion in assets under management (AUM) [2][3] - The acquisition aims to expand Arax's presence in the Midwest and facilitate GFP's next growth phase [3][4] - GFP, founded in 1978, was Ohio's first wholly woman-owned registered investment advisor (RIA) and has evolved from a single-family office to serving high-net-worth families and institutional investors [4] Company Developments - GFP will operate under Arax Advisory Partners, which focuses on specialized services for institutions, high-net-worth families, and elite athletes [3][4] - CEO Carina Diamond, who joined GFP in 2024, emphasizes the partnership with Arax as a means to enhance client service and infrastructure [4] - Arax's acquisition strategy includes integrating independent RIAs that maintain their own operational structures, as seen with previous acquisitions like Ashton Thomas Private Wealth [5] Acquisition Strategy - Arax has been actively acquiring larger RIAs, including Summit Wealth Strategies with $1 billion in assets and Cedrus Financial, also valued at $1 billion [6] - The firm is part of a multi-boutique strategy, allowing for diverse operational independence among acquired firms [5] - RedBird Capital Partners, Arax's private equity owner, has a diverse investment portfolio that includes interests in sports and media [7]

Core Insights - LPL Financial LLC has welcomed the financial advisors of Wealth Innovations, LLC to its broker-dealer and Registered Investment Advisor platform, managing approximately $200 million in advisory, brokerage, and retirement plan assets [1][9] Company Overview - Wealth Innovations, based in Richmond, Virginia, is led by Jim LaNeave, who has nearly four decades of experience in leadership and financial planning, alongside team members Marian Crawford, CFP®, and Samuel LaNeave [2] - The team also includes Ashley LaNeave, Jeffery Brallier, Diane Norris, and Janyce LaNeave, primarily serving clients along the Eastern Seaboard, focusing on individuals at or near retirement [2] Service Specialization - Wealth Innovations specializes in comprehensive retirement planning through their SWAN Plan, aimed at helping clients achieve retirement readiness, income preservation, risk mitigation, and legacy planning [3] Client-Centric Approach - The firm emphasizes understanding all aspects of clients' lives, not just their finances, to create personalized plans that allow for a worry-free retirement [4] - The focus is on delivering value through personalized planning and education, ensuring clients feel informed and unpressured [4] Strategic Partnership with LPL - The decision to join LPL was influenced by its robust technology ecosystem and integrated platform, which offers streamlined operations, advanced planning tools, and compliance support [5] - Jim LaNeave highlighted LPL's ability to enhance operational efficiency and client experience while allowing Wealth Innovations to maintain independence [5] Industry Context - LPL Financial Holdings Inc. is one of the fastest-growing wealth management firms in the U.S., supporting over 32,000 financial advisors and approximately 1,200 financial institutions, managing around $2.4 trillion in brokerage and advisory assets for about 8 million Americans [7]

Billionaire Mukesh Ambani’s conglomerate and US asset manager Blackrock have rolled out an investment advice platform to push deeper into India’s fast-growing wealth management industry https://t.co/sxl2ZvI9SD ...

Core Insights - Julius Bär Gruppe AG (JBAXY) is a significant player in the financial services sector, focusing on wealth management and private banking for high-net-worth individuals and businesses [1] Financial Performance - On February 2, 2026, JBAXY reported earnings per share of $0.58, exceeding the estimated $0.46, and revenue of approximately $2.49 billion, surpassing the forecasted $2.39 billion, indicating strong financial health and effective management strategies [2][6] Market Valuation - JBAXY's price-to-earnings (P/E) ratio is approximately 15.50, reflecting how the market values its earnings, while the price-to-sales ratio is about 3.56, indicating the company's market value relative to its sales [3] - The enterprise value to sales ratio is around 1.10, suggesting a favorable comparison of the company's total value to its sales [3] Financial Stability - The enterprise value to operating cash flow ratio is approximately 0.94, highlighting the relationship between the company's value and its cash flow from operations [4] - JBAXY's earnings yield is about 6.45%, indicating a solid return on investment for shareholders [4] Debt Management - The company maintains a moderate debt level with a debt-to-equity ratio of approximately 0.58, reflecting a balanced approach to leveraging debt [5] - However, the current ratio of around 0.20 suggests a need for improvement in covering short-term liabilities with short-term assets [5]

India’s Neo Group hired senior banker Tajinderr Pal Singh Bhatia as a founding member and president of its wealth business, sources say, as demand for private bankers heats up in the the country’s fast-growing wealth management industry https://t.co/rwuZiVDtK7 ...