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Ron Carson launches roll-up/TAMP-like venture with Envestnet, TD Ameritrade and Advizent as puzzle pieces

The biggest of LPL's affiliates shows a walk-before-run approach to inorganic growth

Monday, September 24, 2012 – 5:15 AM by Kelly O'Mara
Admin:
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Ron Carson: There was a lot more to [acquisitions] than we thought.

Related Moves

Marc Spilker adds Matt Brinker as chess piece -- and partner -- in what he calls a 'very selective' talent add to build platform-for-RIA platforms outside Wall Street

Merchant Investment Management's executive chairman wants good people good at their job and Brinker likes having a breakaway Goldman partner rather than one captive to the Wall Street giant.

January 15, 2020 – 2:42 AM

Goldman Sachs & Co. appoints Rachel Schnoll to yank off United Capital band-aid that Joe Duran didn't -- making FinLife work with non-UC applications

The New York-based investment bank has the cash and people to do the combinations -- especially Goldman software -- that the roll-up's founder couldn't afford or didn't want to advantage

November 8, 2019 – 4:52 AM

Goldman Sachs closes United Capital deal and Matt Brinker, Joe Duran's wingman, exits with social media swan song on same day

The M&A chief's departure from the Newport Beach, Calif. roll-up may signal that its rolling-up days are over

July 18, 2019 – 6:13 PM

With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO

CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals

August 13, 2022 – 12:39 AM

See more related moves

Mentioned in this article:

LPL Financial
Asset Custodian
Top Executive: Dan Arnold

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran

Envestnet Inc
TAMP
Top Executive: Jud Bergman

Carson Group
Consulting Firm
Top Executive: Ron Carson




Stephen Winks

Stephen Winks

September 24, 2012 — 7:43 PM

Carson and Duran pose an interesting approach in resolving the challenge brokers face in transparency, portfolio construction and the broker’s well documented under performance.

The outsourced portfolio construction/management solution Carson represents is sound, Duran affords scale and a larger operations support capacity as well. But, portfolio construction and management still leave significant and complex fiduciary duties for the broker to fulfill on their own.

Given the technological advances in Asia which make continuous comprehensive counsel (required for fiduciary standing) possible in ways not possible here in a brokerage format, Carson and Duran may be at the literal beginning of the emergence of an advisory services format, seperate and distinct from a brokerage format, that finally brings fiduciary standing within reach of brokers.

A lot of work is required to make advice safe, scalable, easy to execute and manage as a high margin business at the advisor level at a cost cheaper than a packaged product.

SCW

Brooke Southall

Brooke Southall

September 24, 2012 — 9:44 PM

Steve,

Can you write a column for us bringing us up to speed on what’s happening in Asia? I hadn’t heard that but it sounds interesting.

cheers,

Brooke

Stephen Winks

Stephen Winks

September 25, 2012 — 12:14 AM

Yes,

But I am tied up for the next week.

SCW

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