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
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
Top Executive: Dan Arnold
Top Executive: Tom Nally
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
Top Executive: Jud Bergman
Top Executive: Ron Carson
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.
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.
But I am tied up for the next week.
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