July 2026
Executive Summary
July produced several noteworthy developments across the wealth management industry. While advisor recruiting and RIA acquisitions remained active, the month’s broader news reflected an industry increasingly focused on talent acquisition, artificial intelligence, private markets, and the continued institutionalization of wealth management.
Rather than covering every headline, BKLM highlights the developments most likely to impact advisory firms over the coming months.
Top Advisor News Scoreboard
| Topic | Direction | BKLM View |
|---|---|---|
| Advisor Recruiting | ▲ Active | Competition for experienced advisors remains intense |
| AI Adoption | ▲ Accelerating | AI continues moving from experimentation to implementation |
| Private Markets | ▲ Growing | More firms expanding access for qualified investors |
| Holistic Wealth Planning | ▲ Increasing | UHNW clients demanding broader advisory capabilities |
| Industry Consolidation | ▲ Ongoing | Scale continues to matter |
1. Merrill Continues Aggressive Recruiting
One of July’s most notable stories came from Merrill, which recruited multiple advisor teams from competitors, including a $1.5 billion Morgan Stanley team led by Todd Hatfield. Additional advisors joined from Wells Fargo and Edward Jones, reinforcing that competition for experienced advisors remains intense across the wirehouse channel.
BKLM Perspective
Advisor movement remains one of the clearest indicators of where firms believe future growth will come from.
While recruiting packages remain competitive, advisors continue evaluating firms on factors extending beyond transition compensation, including technology, operational support, succession planning, equity opportunities, and long-term enterprise value.
2. AI Is Becoming a Core Wealth Management Theme
Industry conversations continue shifting from whether advisors should use artificial intelligence to how firms can deploy AI to improve efficiency and enhance the client experience.
Leading advisory firms are increasingly investing in AI for:
- Meeting preparation
- CRM automation
- Client communications
- Investment research
- Compliance workflows
- Marketing personalization
BKLM Perspective
AI is unlikely to replace financial advisors.
Instead, advisors who effectively leverage AI may gain meaningful advantages in productivity, responsiveness, and scalability while allowing more time for relationship management.
3. Private Markets Continue Moving Into the Mainstream
Alternative investments remained a major industry focus this month as advisors increasingly incorporate private credit, infrastructure, and private equity into qualified client portfolios.
The trend reflects growing client demand for diversification beyond traditional stock and bond allocations and continued innovation from wealth management platforms expanding access to private market investments.
BKLM Perspective
As access improves, private markets are becoming another differentiator for firms serving affluent and ultra-high-net-worth clients.
Advisors should expect due diligence, manager selection, liquidity planning, and client education to become increasingly important.
4. Wealth Management Continues Shifting Toward Comprehensive Advice
Industry leaders increasingly emphasize that successful advisory firms are expanding beyond investment management into comprehensive wealth planning.
Areas receiving increased attention include:
- Tax strategy
- Estate planning coordination
- Business owner planning
- Family governance
- Multi-generational wealth transfer
- Philanthropic planning
BKLM Perspective
Clients increasingly view their advisor as the coordinator of their entire financial life rather than solely an investment manager.
Firms that successfully integrate specialists and deliver comprehensive planning may strengthen both client retention and enterprise value.
5. Scale Continues to Reshape the Industry
The wealth management industry continues to reward firms capable of achieving greater operational scale.
Larger organizations continue investing heavily in:
- Technology infrastructure
- Advisor support
- Marketing
- Cybersecurity
- Compliance
- Specialized planning resources
This trend continues to influence recruiting, acquisitions, and advisor affiliation decisions throughout the industry.
BKLM Perspective
Scale is no longer simply about assets under management.
Increasingly, competitive advantage comes from a firm’s ability to provide advisors with resources that enhance client outcomes while improving operational efficiency.
BKLM Takeaway
July reinforced several long-term themes shaping the advisory profession:
- Competition for experienced advisors remains exceptionally strong.
- Artificial intelligence is rapidly becoming a practical business tool rather than a future concept.
- Private markets continue expanding within sophisticated client portfolios.
- Comprehensive planning remains the primary differentiator among leading advisory firms.
- Operational scale continues to drive competitive advantage across recruiting, acquisitions, and client service.
For growth-oriented advisory firms, these developments underscore a consistent message: long-term success will increasingly depend on building scalable businesses that combine exceptional client advice with modern technology, operational excellence, and sustainable enterprise value.