Asset Custody Project rolls forward
The scope of the RIABiz plan for 2009 recaps and 2010 outlooks of RIA custodians took on a life of its own
Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology
The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.
March 11, 2020 at 7:58 AM
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond
The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30
August 22, 2023 at 12:46 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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I love seeing someone run with a project like this. My company is/has been a SEC registered Investment Advisory firm for over 20 years. None of us were ever brokers. We’ve had clients with accounts at dozens of custodians over the years. Currently that number stands at 4, with Schwab having the bulk of it. I/we worked hard back in the 1900’s before the age of the interface. When the data started to become downloadable from brokerage/custodians (or rather when their database guys came out the closet and admitted it could be done, and were ready to deal with the overhead of supporting outside data downloaders) in the 1990’s my/our lives chaged. We use Portfoliocenter, formerly Centerpiece (which we started using in 1987). There are not many people out there with my experience in this arena. From the hardward, the databases, working with brokerage backoffices, just putting it all together, to get to where for the last 10+ years I can reconcile every account to the penny every day for a few hundred clients with eight hundred brokerage accounts, with total under mgmt of 500 million. So i would love to help with your project, from a guru standpoint, just setting up your grid. My desire to help is that the 13 items you listed, although sufficient for the job, either imply a forced answer or lack specificness. So let me know if I can play Guru with you. Kevin.
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