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Articles tagged "Fidelity Institutional"


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Peter Mallouk: We would consider another custodian.

Peter Mallouk is exploring new RIA custody vendor for his $300-billion firm, despite new Fidelity referral deal; this time around upstart brands are in the running

The founder and CEO of the national RIA in Kansas was tight with TD Ameritrade and says although no 'dominant' No. 3 custodian has emerged he is optimistic that it's imminent.

May 9, 2024 at 1:31 AM

Adam Antoniades: This acquisition will establish a strategic relationship between Cetera and Fidelity.

Michael Durbin wastes no time building $1.2-billion bridge back to Fidelity from Cetera by taking private IBD to get past Pershing exclusivity and expand 'addressable market'

Poached from Fidelity to serve as Cetera CEO -- to seek inorganic growth with Genstar cash -- Durbin is buying the old H.D. Vest-Blucora tax-preparer IBD for $1.2 billion, after it went for about $600 million in 2015 and got overhauls

September 11, 2023 at 10:14 PM

Mike Durbin: Cetera is well positioned for exponential growth.

Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies

The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.

May 18, 2023 at 1:46 AM

Gabriel Garcia: We’re focused on getting loud in the RIA space.

With a 'loud' RIA custody outburst under ex-Schwabbie, SEI piles onto a mob effort to break Schwab/TDA RIA custody stranglehold

Gabe Garcia is not alone seeing Schwab's ballooning scale as something to pop-- with Envestnet, Altruist, Goldman, LPL, TradePMR and AssetMark all working on new delivery models.

May 5, 2023 at 3:44 AM

Manish Khatta:  Legacy custodians don’t have the flexibility around custom technology.

Manish Khatta gives Schwab and Fidelity 'A' grade -- and a backseat -- after Altruist gets A+ to win the RIA inflows to his $750-million TAMP

After Fidelity discontinued DocuSign API and uncertainties rose at Schwab, Potomac Fund Management's CEO spent nine months vetting RIA custodians

March 28, 2023 at 4:44 AM

Fidelity's poach of Kelly Smith from Schwab Advisor Services left former colleagues frustrated.

Fidelity lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure

Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.

February 10, 2023 at 3:39 AM

Ben Harrison's interest-yielding custody fee model could still take off, albeit two years later than planned.

BNY Mellon Pershing's subscription custody plan was scuttled by crashing COVID interest rates, but may get a second wind as rates rise, reviving its play for Schwab/TD Ameritrade RIAs

But offering higher yields to switch may not be enough to lure advisors, who typically keep minimal investments in cash, says one industry expert.

June 25, 2022 at 12:41 AM

LPL's Marc Cohen will discuss RIA custody fees with Michael Kitces to fill the big void left by the heads of his firms's two largest RIA custody rivals.

The 'Great Debate'--pitting Bernie Clark and David Canter against Michael Kitces--collapses after the Schwab and Fidelity custody chiefs have second thoughts

In October, Canter laid down the challenge, Clark sided with him and the Nerd's Eye View publisher and RIA advocate called their bluff.

March 14, 2022 at 2:57 AM

Ed O'Brien: “It’s just interesting timing, quite frankly."

Ed O'Brien recalled to Fidelity's mothership, bestowing him with power perhaps second only to 'Abby,' a key observer says, though at a huge cost--the sudden decapitation of eMoney

The suddenness of the move caught O'Brien off-guard, but Mike Durbin has consistently said his goal is to infuse investment management with wealth management and eMoney, which O'Brien calls home, sits at that intersection.

March 10, 2022 at 2:27 AM

Mike Durbin: Rohit’s experience is at that intersection of fin+tech.

Fidelity Institutional makes biggest hire in years -- a very familiar face in RIA technology -- in a play for software and data 'interoperability,' something Salesforce 'got right' before it lost its RIA mojo

The $4.2 trillion Boston unit for 13,500 third party wealth managers got Rohit Mahna who was the financial CRM guy at the San Francisco giant

December 15, 2021 at 4:02 AM

Michael Kitces: I think the team is still trying to figure out availability and scheduling logistics.

Rival RIA custody chiefs Bernie Clark and David Canter, who oversee a combined $4.5 trillion, may lock arms to debate Michael Kitces on custody fee transparency -- for a very good reason

The head of Schwab Advisors Services and the head of the RIA unit of Fidelity Institutional are caught in an existential debate to preserve their right to play favorites based on economics, observers say.

October 20, 2021 at 10:48 PM

​ Brian Cavanaugh: 'Schwab is trying to protect themselves.' ​

Schwab Advisor Services informs its 13,000 RIAs -- including legacy TD Ameritrade practices -- they must buy E&O insurance, but rival Fidelity is taking a different tack--voluntary compliance

The Westlake, Texas, custodian is cracking down at a time when states are mandating errors and ommissions policies, RIAs are getting bigger, more complex and phishing attacks are increasing in volume and sophistication.

October 8, 2021 at 2:12 AM

Matt Goulet: Why would we not want to do this?

Fidelity gives RIAs real-time fractional trading despite little evident demand, while rival Schwab demurs, yet just filed to launch $100k-minimum direct indexing in 2022

Like with digital assets, the Boston giant is dangling the nascent service with faith that RIAs will seize the opportunity but its Westlake, Texas, rival wants to see better evidence of demand before prioritizing such a big push on its institutional platform.

October 6, 2021 at 9:34 PM

Suzanne Daly: RIA growth is really accelerating, and in a different manner [to IBDs].

Fidelity Investments' new model portfolio launch includes one with a 100/0 mix of stocks and bonds -- the most appealing of the bunch to RIAs

The $10.8 trillion firm in Boston launched its first models in 2018 and with 7,000 advisors using them it has adjusted allocations to reflect preferences it couldn't have foreseen

August 6, 2021 at 4:33 AM

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