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Articles tagged "Black Diamond"


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Richard Lofgren: 'I see enthusiasm and optimism every day.'

Inside Goldman Sachs' on-again, off-again custody play; a cacophony of false starts, pauses, delays, staff departures, technology glitches and morale issues bedevil RIA custody unit, RIABiz learns

Four years after buying Folio Financial, Goldman Sachs is testing the patience of RIAs, and maybe its own partners according to analysts and sources inside and outside the firm; but Goldman is preaching a new "optimism" and pledging lessons learned.

March 5, 2024 at 4:52 AM

Justin Wayne: We really saw the opportunity to hit on a new segment of the market.

Black Diamond's gutsy CRM play is a self-branded product built on a Salesforce chassis that undercuts the giant on price and simplicity and converts to Salentica with flip of a switch

The Jacksonville RIA software unit will sell to its own 2,000 firms plus Advent's Axys and APX users, betting that most customization capability is overkill for firms with fewer than 10 advisors.

November 10, 2023 at 5:48 AM

Zak Boka: We can onboard an eight-year [alts] investment ... in a handful of minutes.

Startup gets Black Diamond and Addepar to integrate, maybe Orion and Tamarac en route, by creating a hack that lets people see analog alts like art collections the way they see digital hedge funds

AltExchange raised $1.25 million but bridged an alts gap that firms that spent hundreds of millions have not -- especially downmarket where alts are new on the scene

September 16, 2022 at 2:42 AM

George Tamer: Portfolio management is a mature category, but the opportunity to innovate remains massive.

An unprecedented wave of 'disruptive' competitors are challenging 'The Big Four' RIA performance reporting firms by thinking past 'the cloud' and bundles

Black Diamond, Orion Tamarac and Addepar built a $10 trillion mountain of AUA by taking RIAs to the cloud, but a number of firms are emerging to challenge the status quo.

June 2, 2022 at 3:50 AM

Reed Colley: 'Best of breed was great until there were 12 of them and it led to inefficiencies.'

Reed Colley exits beta swinging with a $20-million raise and $20 billion of client AUA based on a plan to give RIAs their own operating systems

The Black Diamond founder is using non-commingled data as a foundation for radically improved security, a self-contained universe of applications and third-party CRM

March 30, 2022 at 4:09 PM

Reed Colley: [SS&C] did try to stop our continued business development. They were not successful.

After SS&C lawsuit sets him back eight months, Reed Colley reloads to launch Summit Wealth Systems and compete with the plaintiff's Black Diamond

Black Diamond's owner alleged its founder and former top SS&C sales executive Bob Conchiglia engaged in a significant 'theft' of data but the parties settled

March 1, 2021 at 6:17 PM

Eric Poirier: We’re on track for an even stronger third quarter.

Addepar now counts 20% of Barron's Top-100 RIAs as clients, but Tamarac, SS&C Black Diamond and Orion all retain an edge

Now 11-years-old and getting RIA religion, the Mountain View, Calif., VC creation shared numbers that put it on the doorstep of big milestones -- if enough alts-minded prospects are still there for the taking.

September 29, 2020 at 10:33 PM

John Swolfs: Event-focused organizations around the world are trying to hold their events in the most timely and effective manner that they are able. Inside ETFs and the rest of the financial event industry are all looking forward to having more flexibility after Covid has passed.

Oisín's Bits: With COVID-19 spiking in 27 states, RIA events like Wealth/Stack fight for late 2020 conference slots • Black Diamond taps startup Canoe for alternatives reporting • DOL quantifies RIA numbers

The InsideETFs event will compete with InvestWest for coveted late 2020 date, but without Josh Brown's stardust • SS&C's move follows Addepar advance and will include Advent products• The DoL sees net gains in RIAs of about 300 a year

July 8, 2020 at 2:23 AM

Edward Jones will reverse engineer 14,000 branches into banks, if Utah cooperates.

Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up

Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.

July 3, 2020 at 1:12 AM

Matt Kilgroe: We followed the evolution of the independent space- particularly on the technology side.

Shirl Penney lands UBS team as Dynasty Financial tower-mate in a sign the breakaway movement remains explosive, despite turning to 'quiet launches' during the COVID-19 pandemic

New deals reflect branches/centralized decision-making as albatrosses in virtual world; Northern Florida is case in point -- sheltering at home is not the local practice.

June 17, 2020 at 2:29 AM

Evan Rapoport: We are and will continue to be partners of SS&C Advent and Black Diamond ... We [just] didn't fully grasp three and five years ago how valuable our back-end technology is.

After riding Black Diamond's coattails from near zero to $2 billion of AUM, SMArtX raises $4 million to compete as a 'Vestmark'-model firm

The Jacksonville RIA software firm gave the Palm Beach, Fla. fund manager a shot at the fast-track that worked -- but now the three-year contract is almost up

March 20, 2020 at 7:10 AM

Eric Poirier: We're delivering new functionality ... that empowers RIAs to ... with purpose-built, intuitive solutions.

Addepar hires Advent genius then launches 'Advent Converter' to court the RIAs still on Axys and APX ; PortfolioCenter 'easy button' comes next

The tactic by the Mountain View, Calif. firm and Advent co-founder and code avatar Steve Strand comes a decade after Orion, Black Diamond and Tamarac began feasting on the legacy corpses, but Addepar insists meat remains on the bone.

March 3, 2020 at 5:05 PM

Reed Colley: 'We want to do it collaboratively and quickly.'

Reed Colley reveals his bigger, better second-act plans at T3 conference in San Diego

The Black Diamond founder kicked off Tuesday sessions with a vision, a plan, some hard dates and plenty of unassuming swagger

February 19, 2020 at 3:49 AM

Dermot O'Mahony: Anyone who tells you that they can predict, with 100% accuracy, how a particular account will perform in 15 year’s time is either a charlatan or a time traveller.

After Orion, Fidelity and Envestnet paid big for planning software, Morningstar finesses a DIY planning hack for Workstation; Black Diamond is also trying finesse to counter the continuing planning software grab

The portfolio management giants spent a combined $800 million; Now Morningstar has Goal Bridge and SS&C assures it is keeping even in planning race

September 20, 2019 at 4:29 PM

Pete Giza: You look at any portfolio accounting management system today, it’s archaic. I don’t care which one you choose ... [They're] being left in the cosmic dust.

Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?

The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader

June 11, 2019 at 9:49 PM

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