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Fidelity arms its RIAs for battle with white-glove brands

Pershing and Schwab are also angling for advisors game to bag some mega-clients

Author Brooke Southall October 25, 2010 at 4:19 AM
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Mike Durbin: RIAs have come a long way.

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Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 at 2:02 AM

Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.

March 13, 2020 at 10:36 PM

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

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

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State Street Wealth Manager Services
Asset Custodian
Top Executive: Marty Sullivan

Stephen Winks

Stephen Winks

October 25, 2010 — 3:26 PM


Under Dodd-Frank the family office services cited are required to be enumerated as a matter of transparency, thus just having these services or access, though important, is just the beginning of the commodization of access to advisory services support for every adviser, not just family offices.

The question is the skill of the adviser in using theses services which is the elephant in the room no one wants to talk about. It is prudent process, or what you do with enabling resources that adds value not the enabling resources. There are no brokers or custodians that make an extremely high level of fiduciary counsel safe, scalable and easy to execute through a (a) prudent process (asset/liability study, investment policy, portfolio construction and management) tied to statutory documentation to assure a prudent expert that fiduciary obligations are being fulfilled and creating a safe business environment in which advisers can work, (b) advanced technology to assure the provision of continuous comprehensive counsel and transparency in investment cost and adviser compensation necessary for fiduciary standing, (c) work flow management tied to a functional division of labor (Adviser, CAO, CIO) necessary to make advice easy to execute. (d) conflict of intererst management (not just disclosure) necessary to actually act in the client’s best interest, (e) expert advisory services support for each of the ten major market segments (Mass, Retail, HNW, Ultra HNW, DC, DB, Public Funds, Profit Sharing, Foundations and Endowments and Taft-Hartley) advisers serve.

Presently neither brokerage firms or custodians have made advice safe, scalable and easy to execute as required under Dodd-Frank. The fact that trust services, partnership accounting, composite reporting, Foundation Services, Philanthropic Services, general ledger export services, etc are being touted tells us how unprepared the industry is for the transparency and accountability of fiduciary services required under Dodd-Frank. Banks are closer but must modernize as well. When the industry starts talking about a scalable prudent process that actually empowers advisers to execute fiduciary standing—that is when we should be celebrating to high heavens.

Incremental innovations take us closer, but are not remotely close to empowering the adviser to act in a fiduciary capacity in the consumer’s best interest required under Dodd-Frank.


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