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machine learning or artificial intelli- ages and glitches we have seen this year there. But “new habits are forming”
gence in clever ways,” he said. will likely slow after the pandemic is and “one of the things we’re learning
“One really clever one that I am quite over. At that point, there will be fewer is you’ll probably never need as much
fond of is FP Alpha,” he said. “What individual investors at home with time office space as you did pre-pandemic,”
FP Alpha does is an advisor can feed in to make trades during the day and more he pointed out.
information — for example, a client’s staff at data centers who can quickly fix Many employees will continue to
tax return [or] a client’s estate plan- any issues that arise. work at least part of the time from
ning documents — and it’ll analyze those “Some of the systems were just not home, even after the pandemic is over,
documents and also whatever other prepared for that type of volume because he said, predicting a hybrid approach
information the advisor has across the industry.
compiled about that family’s “Is too much power being Meanwhile, “clients and
financial situation and it will all of us right now crave
surface recommendations.” concentrated in the hands of too human interaction,” so at
What this means is that few firms right now? I don’t think least some meetings will
“the rise of the virtual para- happen face-to-face, but
planner is actually happen- so. But if the trend continues as it “virtual meetings will
ing as we speak and that’s a supplement” them, he
big deal,” he said. is, there’s certainly a possibility predicted.
For instance, benjamin is that that will happen and that it Finally, he predicted a
an AI assistant and business return of business travel
support system that pro- could stifle innovation.” for meetings and confer-
vides advisors with work- ences after the pandemic
flow automation. “That’s —Joel Bruckenstein ends. But he predicted
also really significant there will be fewer such
because it can take some of the tasks it’s unprecedented,” he said, stressing he trips and events than pre-pandemic,
that are routine but time-consuming and thinks the large volume is not being and that advisors and others will be
automate them,” Bruckenstein said. driven by advisors and brokers. more selective in which events they
He also predicted that, by Q3 in 2021, decide to attend.
OTHER PREDICTIONS RIAs and other financial firms will be
Bruckenstein also predicted the huge able to have as many people as pos- Jeff Berman can be reached at jberman@
number of online trading platform out- sible back at the office who want to be alm.com.

Hightower Strikes Biggest Deal to Date
RIA aggregator Hightower Advisors has acquired Bel Air agement services and investment solutions exclusively to
Investment Advisors, a Los Angeles-based wealth manage- ultra-high net worth individuals, families, trusts and founda-
ment firm with $8 billion of assets under management and tions with $20 million or more in investable assets.
43 employees, including 10 financial advisors. Of Bel Air’s 10 advisors, eight are based in Los Angeles
The early 2021 purchase, which represents the largest and two are based in its San Francisco office, which Bel Air
acquisition in Hightower’s 12-year history, follows nine trans- is looking to expand, according to Todd Morgan, its chair-
actions by the company in 2020. The deal “is a heck of a way man and co-founder. Prior to Bel Air, he started his career at
to start off the new year,” Hightower CEO Bob Oros said. Goldman Sachs in Los Angeles.
Hightower now has 114 advisory businesses in 33 states. As Explaining his firm’s reason for acquiring Bel Air, Oros stat-
of Sept. 30, it had $61.6 billion of assets under management ed: “Hightower is very attracted to high-quality businesses
and $81.4 billion of assets under administration. The deal to with great leadership teams that are multi-generational with
acquire Bel Air was signed Dec. 31 and is expected to close in an orientation towards growth, but most of all people that are
the first quarter of 2021, according to a Hightower spokesper- very focused on serving their clients with world-class advice.
son. Terms were not disclosed. And Todd and his team at Bel Air checked every one of those
Founded in 1997, Bel Air provides customized wealth man- boxes, plus a few.”

JANUARY/FEBRUARY 2021 INVESTMENT ADVISOR 23