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Part I: Is the era of the monolithic RIA custodian coming to an end?

RIAs, small custodians, co-ops, study groups, roll-ups, TAMPs, compliance shops, OSJ and IBDs are all chipping away at much of what fit under the roofs of Schwab, Fidelity, TD and Pershing

Friday, November 1, 2013 – 4:51 PM by Brooke Southall and Lisa Shidler and Brooke Southall
Admin:
no description available
Mark Tibergien in Part II: The balance of power has shifted to advisors, regardless of whether they are on a broker-dealer platform or a custody platform.

Related Moves

Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 – 2:02 AM

Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product

The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.

July 23, 2020 – 1:42 AM

Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.

March 13, 2020 – 10:36 PM

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 – 7:58 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law

Scottrade Advisor Services
Asset Custodian
Top Executive: Brian Stimpfl

Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey

Envestnet Inc
TAMP
Top Executive: Jud Bergman

National Advisors Trust Company
Trust Company
Top Executive: James A. Combs, Jr.




Brian Lauzon

Brian Lauzon

November 19, 2013 — 1:29 PM

Very well-written article. These macro trends (maturation, margin pressure, new/innovative industry participants, changing roles) are changing the landscape for RIAs.

IMO, for RIA firms, these changes all point to:

1) Higher “costs of doing business”;
2) Heightened importance of scale; and
3) An increased need for dedicated management talent so they can compete and grow profitably.

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http://www.n0515.com/space-uid-10556.html

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http://dutcham.com/policies.htm

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