Not without criticism, TD Ameritrade opens an 'insurance agency' for RIAs that want to provide annuities
Schwab says it will also use more annuities to meet the swelling demand for retirement income but Jefferson National's CEO questions the custodians' focus on traditional annuities
Related Moves
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond
The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30
August 22, 2023 at 12:46 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
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TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
Shareholders Service Group
Asset Custodian
Top Executive: Peter Mangan
Stephen Winks
Nothing new here.
Vendors sell what the’ve got, rather than listening to RIAs as to what they want. Granted, conventional products are more profitable for the manufacturer, but when a manufacturer actually supports the RIA with products more in line with the RIAs advisory and fiduciary duties, the conventional annuity becomes obsolete. Thus annuity manufacturers are playing a dangerous all or nothing game, Russian Roulette if you will, sooner than later a lethal; bullet will be in the chamber that will transform and reorder the industry in an instant.
As Harvard’s Clayton Christensen observes, the biggest mistake established companies make is looking at industry redefinning innovation in the context of their existing business model when a new business model is in order.
Pretty predictable. Manufacturers and distributors are only interested in products, the consumer’s and advisors best intererst are not even on the radar.
They will then wonder what hit them, feining surprise !
SCW
