A big Schwab RIA in Florida launches a mass-market venture with Placemark and Schwab as the key pieces
Rich Steinberg is using, in effect, his own RIA as the manager to clients of a startup RIA, outsourcing the technology and counting on Schwab referrals
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 – 1:35 AM
Fidelity, others pounce on TD RIAs with a vengeance following Schwab merger, but Schwab finds a white knight to defend its new Texas fort, and, suddenly, Tom Nally's future seems clouded at 'Schwabitrade'
Former TD Ameritrade RIA chief and retail chief Tom Bradley will assist Bernie Clark in instilling trust and applying 'modern' service to the under$100-million crowd during an age of anxiety at both firms
December 10, 2019 – 2:05 AM
Oleg Tishkevich builds instant McKinsey-killer in RIA consulting by offering gigs and equity to six solo stars, but good luck managing egos and economics, says someone who's been there
The restless Invent.us founder names (thus far) Tim Welsh, Suzanne Siracuse, Gavin Spitzner, Mark Hollingsworth and Brian Bleasdell as owners in exchange for being on call to tackle big gigs as a superteam
September 10, 2019 – 10:52 PM
Top Executive: Timothy D. Welsh
Elmer Rich III
We are one of the very few financial pros that has actually done mass market B2C consumer advertising and marketing. We started and sold a regional consumer, retail ad agency before entering the financial services B2B market.
A few observations based on data and experience:
- Consumer marketing and business development is very expensive and complex.
- It demands deep experience and skilled professionals and supporting vendors. Ad agencies are critical. Others include direct mail, radio, printers, web designers, etc. Radio, BTW, is the most effective approach, by far.
- Most responses are from accounts that are too small. Direct mail response rates are in the low single digits.
Certainly, just based on demographics, wealth has become a mass market so mass marketing tactics are appropriate. There is just going to be a lot of expensive trial and error.