Five recent articles that show the RIA business just keeps hitting milestones
Advent buys Black Diamond, Carson goes RIA, Duran champions consolidation, Schwab goes full-out into franchises, Brightscope grades RIAs
Elmer Rich III
The simple fact is that demographics and the increasing complexity of all financial matters – for individuals and businesses — is creating accelerating demand for financial professionals of all kinds.
For the “relationship (not transactional)”-oriented RIA business model, the “demand” side includes: – The population is growing. The Millennial generation is actually bigger than the previous biggest age group the Boomers. We have the great opportunity to “catch” young adults as they start their careers and help them save and invest better than prior generations. – Everyone will live longer. How to finance those longer lives is the exclusive domain of the financial services industry and all advisors. No government has the resources and skills needed to solve this problem. It’s a tough puzzle. – The global financial system is accelerating in velocity, complexity, uncertainty and opportunity. Real problem-solving skills and expertise and raw brain-power is (always) in short supply. We see a “supply” problem.
The challenge we see is RIAs not getting the support they need. Of course, everyone has some solution. But what do RIAs really need, to serve all this demand, as opposed to what’s for sale? Selling an RIA something is not always the same as supporting their business and necessary growth. Ideas?
Note: The “heat” around what BScope does has never been the goals, technology or advances they claim to represent. It has always been about the much less glamorous realities of this specific firm’s day-to-day business practices. We who work in retirement have seen these effects longer than on the RIA/advisor side.
Bill Crager is dropping CEO role after multiple shoes dropped; the company insists it was his 'decision' but vision, Yodlee future uncertain
The co-founder of the $5.3-trillion AUA outsourcer of software and investments was pressed to take the job under the most adverse circumstances, then second-guessed by stakeholders as he managed the cards he was dealt.
January 9, 2024 at 4:09 AM
Joe Duran's second RIA act is rocking with eight staff, four co-founders and a conspicuously anti-United Capital concept that will flip RIA stakes 'eventually' as a minority investor
The United Capital founder paradoxically promises to 'passively' buy minority stakes as a backdrop for going hyper-active with quick-strike capability to apply super-consulting and technology to create explosive growth as a prelude to a sale.
November 29, 2023 at 3:23 AM
Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn
Dozens of former 'United Capital' advisors are fleeing at once, but Peter Mallouk is still battling to keep them, and Goldman Sachs may play legal hardball, sources say.
October 4, 2023 at 2:16 AM
Bill Crager makes critical hire of 'step back from the numbers,' Joshua Warren, replacing 'brother' Pete D'Arrigo at CFO; Warren had a big role at BlackRock -- Envestnet's biggest stakeholder
The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder.
September 27, 2023 at 2:48 AM
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