Louis Harvey: One of the big things that RIAs had from day one was they could say they always put clients' interests first and now that argument is pretty much shot to hell.

How Merrill Lynch 'shot to hell' the RIA fiduciary citadel by casting its $7.5-billion 401(k) unit as smaller, purer and more future-minded on paper

Despite having fewer 401(k) assets than, for example, a single North Carolina-based RIA, CAPTRUST, the Charlotte-based Bank of America's brokerage unit has created a new competitive threat

3 hours ago by Lisa Shider

Brooke's Note: If the decline of the wirehouse over the past two decades could be summed up in a phrase it would be "innovator's dilemma" -- the condition by which a giant, mature cash cow fails to reinvent itself -- even in the face of eventual ...

0 Comments
Brent Brodeski: We are being deemed 'have-nots' for being in the professional services and financial services businesses.

Why Brent Brodeski, a $6-billion GOP RIA, is in a furious full-time fight against the Republican RIA-unfriendly tax bill

The Rockford, Ill.-based owner of $6-billion Savant Capital makes appeals to Paul Ryan, Ron Johnson and other GOP higher-ups after LLC income gets short shrift

December 14, 2017 — 12:44 AM UTC by Brooke Southall

Brooke's Note: I'm a business owner -- a centrist who gets labeled a liberal. But if I thought I was complicated, I was wrong. Some of those most active in American politics today are Republicans politicking against Republicans. Here we have Brent Brodeski, one of the ...

1 Comment
Warren Pennington: Investment managers will be able to instantly distribute, receive and process index data, resulting in better benchmark tracking and significant cost savings.

Vanguard Group makes $1.15-trillion AUM bet on blockchain technology that eliminates giant daily manual process

The $4.8-trillion giant applies the 'bitcoin' decentralized ledger to CRSP-tracked AUM to match indexes and index funds in real time

December 13, 2017 — 1:09 AM UTC by Brooke Southall

Brooke's Note: The number one thing most people know about bitcoin: It trades at $17,600 per crypto-coin. The number two known truth is that they wish they had listened to their geek friend when he advised them to buy it at 8 cents a ...

1 Comment
Shirl Penney (2nd from r., flanked by Rich Gill, Marty Bicknell and John Furey): ​Breakaways should expect to 'pay a 25% settlement fee moving forward.'

An RIABiz advertising exec derives hard meanings from soft comments made by big shots at MarketCounsel Summit

Post-TD Tom Bradley, post-refinanced Elliot Weissbluth, post-divorce David Bach and Ric Edelman, post-protocol Shirl Penney and post-windfall Marty Bicknell were among execs who tipped their hands and hearts about where they are headed

December 12, 2017 — 2:18 PM UTC by Graham Thomas

Brooke's Note: The most overused theme for an RIA speech is "the future of wealth management." Typically, such talks are neither about wealth management nor the future, unless platitudes about digital wealth count. But RIABiz marketing exec Graham Thomas's listening skills, powers of ...

4 Comments
Sallie Krawcheck: He proceeded to give me chapter and verse on how financial advisors are hard to manage. (Photo credit: WBUR)

Robo-advisors hit lull in everything but VC backing as reality fragments their identity

A Silicon Valley venture capitalist lectures Sallie Krawcheck on drawbacks of human advisors after she explains she needs capital to hire some

December 11, 2017 — 9:43 PM UTC by Brooke Southall

Brooke's Note: Here's a blast from the past: robo-advisors. First we were hearing about how they'd take over the RIA business. Then we heard how they'd reinvent it by allowing advisors to keep a side book of business of micro-accounts. Now we ...

2 Comments
Jud Bergman's Envestnet has seen a spectacular rebound in its share price since early 2016.

Publicly traded 'RIA' stocks are having a banner 2017

Wall Street is loving shares of Schwab, Envestnet, Morningstar and LPL

December 8, 2017 — 12:28 AM UTC by Brooke Southall

Brooke's Note: The RIA business has been white-hot since 2009 when Wall Street mores got exposed and the Labor Dept. began to get busy. Since then, investors heaped assets on firms that could deliver more unconflicted financial advice. LPL is the biggest aggregation of independent ...

2 Comments
Gary Zimmerman:  My wife was worried about whether I'd lose my job, but I wasn't worried. I was worried about all of our cash.

Citi exec 'accidentally' invents cash-robo with 400 RIAs as distribution channel

Gary Zimmerman scrambled in 2009 from Tokyo to shield millions in uninsured cash, leading to MaxMyInterest, which RIAs now use to automate process of getting $5 million under FDIC protection -- and often earning an extra 100 basis points in the bargain

December 7, 2017 — 8:00 PM UTC by Oisin Breen

Brooke's Note: Back around 2015, Gary Zimmerman paid a visit to RIABiz headquarters in Mill Valley and we sat down in the conference room for an hour. In moments he had me and local colleague Michael Halloran riveted with the Michael Lewis-worthy story of him ...

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