RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

How a Schwabian picture is emerging as Bob Oros joins John Clendening as chief of 4,500 underachieving HD Vest reps

Ex-Schwab retail chief Clendening makes the ex-Fido RIA chief his new CEO -- with ambitious plans in an atmosphere of revenue-sharing, variable annuities and commission sales

Author Brooke Southall January 24, 2017 at 12:17 AM
Admin:
no description available
John Clendening: The simplest way to satisfy the new DOL rule is to appropriately have clients in fee-based advisory relationships.

Stephen Winks

Stephen Winks

January 24, 2017 — 2:48 PM
The industry needs to start solving problems rather than denying there is a problem. This requires an open mind, process and technological acumen in advisory services and no fear of a prudent expert standard. HD Vest's constituency of CPAs who value technical competency, Blucora's expertise in technology which transcends the skill set of brokerage executives, and the deep understanding of the massive gap between transactions and advisory services, all put Oros in a spot to solve problems in a way which is beyond the reach of conventional brokerage. Let's hope this is the beginning of a sea change in advisory services. Great potential, will the HD Vest culture allow a material departure from conventional product sales? If so, it is a home run. SCW
Dave Watson

Dave Watson

January 24, 2017 — 9:16 PM
Bend over, HD Vest advisors. Blucora will move your accounting clients over to their partner, <a href="http://Taxfyle.com" rel="nofollow">Taxfyle.com</a>. They already have the client contact information. Hahaha. Did anybody actually think they spent $200 million to improve the lives and fortunes of HD Vest advisors? Roger Oches is getting out while the getting's good.

Related Moves

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 AM

John Clendening tells analyst who asks about Bob Oros's H.D. Vest departure: 'You can read into that whatever you want to.'

Blucora's CEO was evasive but, for sure, his firm's shares plunged near 40% in the past month after its IBD revenues ticked up only 6%; Oros may never have moved to Texas from Boston CEO

October 31, 2018 at 11:21 PM

Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units

At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask

December 16, 2023 at 2:22 AM

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

See more related moves

Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh



RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo