Digest January 5th

A High‑Profile $6 B Advisor Team Exits for Independence

A legendarily large advisory team managing about $6 billion in client assets at UBS has announced its departure to form its own Registered Investment Advisory (RIA) firm, reflecting the growing trend of advisors seeking greater autonomy as platform dynamics evolve. Barron’s

LPL Financial Acquires Stake in Private Advisor Group ($41 B AUM) to Strengthen Platform Appeal

LPL has taken a minority stake in Private Advisor Group, deepening their long‑term relationship and signaling aggressive platform competition for advisors and assets. Barron’s

Regulators Reset the Focus: U.S. Securities and Exchange Commission FY2026 Exam Priorities Emphasize Fiduciary Duty, Third‑Party Oversight & AI Use

The SEC’s Division of Examinations publication for FY 2026 emphasizes core risks: fiduciary duty, custody of client assets, conflicts of interest, oversight of third‑party service providers, and governance of AI‑driven tools in advice. JD Supra