Why RIAs are shunning mobile apps and why Black Diamond, Orion, Fidelity and others are still placing their chips on an iPad future
Many providers are stuck at 10% mobile adoption rate, but Fidelity has hit 40% and Orion 30% with their RIA clients
A week after he became chairman of Eric Clarke's board, Charles Goldman is heading the search to replace Clarke as Orion CEO-- at Eric's direction
Eric Clarke founded Orion in 1999 and built it to a $3.6 trillion AUA juggernaut, but he believes both he and the company are ready for a big change
May 22, 2023 at 5:13 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
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
See more related moves
Top Executive: Bill Winterberg
I interviewed Fidelity SVP Ed O’Brien at the T3 Conference last month about mobile apps and advisor adoption.
Fidelity supports WealthCentral apps for iPad, Android and iPhone, and O’Brien commented that all together, advisors have downloaded the apps across all three devices <b>over 5,000 times.</b>
That’s a very high number considering the roughly 2,000 advisors who use Fidelity for custodial services.
<a href="http://youtu.be/DjCSgFeKwNo?t=3m56s" rel="nofollow">http://youtu.be/DjCSgFeKwNo?t=3m56s</a> <i>(starts at 3:56 for mobile device discussion)</i>
We’re seeing a lot of interest from asset managers looking to equip sales teams, and by extension, RIAs, with a sales tool. They see it first as a way to make their content more interactive and memorable and second as a way to have better metrics around how their products are being sold.
The universal concern is around iPad penetration. That 10% are using mobile apps is actually quite impressive given the overall adoption of iPads in the general population. These are early adopters who will lead the industry into an era where mobility, real-time data, and measurable content marketing will upend the convention of glossy leave-behinds and performance data from 2 years ago.
Elmer Rich III
It is prudent for advisors to follow, and not lead, clients in the adoption of anything — especially technology. Investors are not jumping on to the iPad, why should advisors?
“There are no technology solution to relationship problems.”
Tech is being grossly oversold, because it’s easy and cheap to make and profitable. The research is, however from other industries, that it really doesn’t work or do much.
Also, any advisor or company, that differentiates itself with tech will be quickly commoditized or leapfrogged. The curse of financial systems, and advisor’s tech, is “legacy systems.”
Today’s “gee whiz” tech breakthrough is tomorrow’s legacy millstone around your neck. Also, NEVER believe the hype around ANY tech. Never.
I just had a chat via FaceTime with my financial planner yesterday. This is not “hype,” it’s standard procedures today.
There is, in my opinion, nothing wrong with being careful .. especially in an industry that is so regulated. What’s the adage about doing things first? Someone comes along with something better. Why not let other industries make the mistakes and let the financial industry do better because of it?
Before throwing money out the door, ask yourself “will your ideal customers use it and to what degree.” Then ask them. Let that help you make a decision to do it now…. or later.