Fred Reish: You need the data in your file.

DOL fiduciary rule's upcoming September surprise'll send brokers memo-izing -- or else -- says Fred Reish in Nashville to a spellbound room

The Drinker Biddle attorney's invariably even tone gained inflection as he spoke of how brokers can only invoke BICE exemptions to go off DOL script by zealous, proactive documentation

10 hours ago by Graham Thomas

Brooke's Note: People say certain things, and in certain ways, in front of different people. It is perhaps the best reason, from a content standpoint, to attend a conference. Graham Thomas was -- full disclosure -- in Nashville as an RIABiz advertising executive but he took notes ...

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Micah Hauptman: [Acosta's] comments suggest that [he] has pre-judged the outcome of the reconsideration and may plan to gut core provisions of the rule.

Alexander Acosta's DOL rule letter to WSJ contains double message and one long-term objective: 'Gut' it

Labor Secretary explains that flouting administrative rule is counterproductive but his comments to Wall Street Journal 'parrot' the brokerage lobby line, reassuring them that larger effort to kill the regulation is on track

May 23, 2017 — 7:29 PM UTC by Brooke Southall

Brooke's Note: Remember Andrew Puzder? Yes, President Donald Trump's original DOL secretary pick who eventually convinced would-be confirmation agents that the third and fourth letters of his last name should be transposed. Trump's next pick, Alexander Acosta, was such a vast upgrade ...

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Anthony Scaramucci: I’m ready to serve. If he doesn’t want me to serve that’s fine. I have no bitterness about it.

Anthony Scaramucci admits Trump hire 'didn't materialize' amid 'rambling' series of confessions at SALT conference, press reports say

With no job, no Trump appointment and a 'rabbit hole' factor, he got backhanded support from the hedge fund community in Las Vegas, according to Reuters and The New York Times

May 22, 2017 — 11:07 PM UTC by Brooke Southall

Brooke's Note: I hear the term "transactional" in two contexts: It's what Wall Street is about on a conceptual and a stock brokerage level. Now, we are hearing Donald Trump's modus operandi referred to that way. Somewhere at the nexus of the two ...

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Eric Poirier: It's matching with a high correlation.

Addepar deal may salve big, lingering pain point for RIAs who use alternative investments

The Mountain View, Calif. software firm bought AltX to help back-end operations catch up with front-end display

May 19, 2017 — 11:46 PM UTC by Brooke Southall

Brooke's Note: This was originally going to be a simple article but it expanded as I learned just how significant this deal might end up being for Addepar and RIAs. That's because it seems to make headway in solving the formerly insoluble problem ...

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Robb Baldwin: If an advisor is not meeting the expectations set out in the LOU, difficult conversations can be made much easier for both parties.

TradePMR is making RIAs sign a promise to succeed -- to good effect

The low-profile Gainesville, Fla. custodian is using the inked compact to motivate, make hard conversations softer and make purges of the small and stagnant practices less frequent

May 18, 2017 — 11:47 PM UTC by Janice Kirkel

Brooke's Note: For the past five years, the RIA business has been going bonkers over the possibilities of engineering technological solutions. Such advances wow us easily but seldom do more than make fractional advances. But other firms have quietly worked on behavioral engineering. We wrote ...

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Stone Point CEO Chuck Davis has insurer DNA having served on the board of The Progressive Corp.

Focus Financial's 'extraordinary' purchase of $16B-AUM SCS Capital and what Stone Point -- both buyer and seller in the deal -- may do to juice its investment

With Stone Point CEO Charles Davis now calling the shots, the RIA roll-up tacks to UHNW-directed RIAs, perhaps for their positioning in selling insurance

May 17, 2017 — 9:06 PM UTC by Brooke Southall

Brooke's Note: The bigger roll-up deals get the more I flashback to my reporter days covering banks and Wall Street firms. There is a direct correlation between the number of zeros involved in deal prices, the quality of silk in the dealmakers' neckties and the thickness ...

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Josh Pace: It's dramatic and there's no end in sight.

How Joshua Pace seized his 'moment' to convince Mark Matson to shift $1-billion-plus of assets to his small RIA custodian after a 20-year tryout

Matson Money had RIA assets with Trust Company of America as far back as 1996 but its plan to go national made the $7.6 billion RIA see the deeper beauty in the smaller player

May 15, 2017 — 8:47 PM UTC by Brooke Southall

Brooke's Note: It was but a detail Irwin Stein and I stumbled upon late in the reporting cycle of our article about Matson Money published last week -- that the $7.6-billion RIA was in the midst of a massive shift of its assets from ...

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