Brothers reunite as a $3.8 billion ex-Graystone team forms its own RIA
Morgan Stanley Smith Barney's elite consulting unit pushed out the older brother based on alleged wrongdoing and his younger brother spearheaded a breakaway to rejoin him
Wirehouses are using the FINRA outside business requirement to terminate brokers who are looking to set up an RIA before they resign.
This reality should be a boon for the services offered by Brian Hamburger and breakaway platforms that provide an established corporate RIA for their breakaway advisors.
Regulation goes both ways as the industry can abuse the broker as well as the broker can abuse the consumer. FINRA as regulator has a well documented history of turning a blind eye to industry abuses such as condoning that brokers are not responsible or accountable for their recommendations which has resulted in the loss of trust and confidence of the investing public.
It is about time FINRA stood up for the broker’s and consumer’s best interest rather than simply protecting the industry’s interests. If brokerage firms can terminate brokers, especially $3.8 billion brokers at will, simply because they seek to act in the best interest of the investing public because they are unable to do so in a brokerage format, it is an abuse of power counter to the best interest of the investing public. This clearily demonstrates when it comes down to doing the right thing—the interests of the industry take pecedence over the well being of the investing public.
Envestnet shares popped -- up 8% today -- after Wall Street filtered out bad news and staked its bet on confidence in a new team
The Berwyn, Pa., firm sugar-coated nothing but ended up with a sweet stock price result as analysts see good outweighing bad.
February 24, 2024 at 3:33 AM
Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table
The RIA sales wizard joined Dynasty Financial Partners with understanding he would leave sales behind and earn his keep by focusing on strategic ideas.
February 22, 2024 at 2:20 AM
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
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
See more related moves