Part II: RIA custodians' answer to challenges to their monolithic control: We still have big-time scale advantages
Roll-ups and other mezzanine firms are squeezing RIA custody margins as a value proposition but the big-brand custodians -- and some new ones -- are liking the cards they have to play
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 at 7:58 AM
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
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 at 2:02 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 at 10:36 PM
See more related moves
Top Executive: Tom Nally
Scottrade Advisor Services
Top Executive: Brian Stimpfl
Top Executive: Timothy D. Welsh
Pershing Advisor Solutions
Top Executive: Mark Tibergien
National Advisors Trust Company
Top Executive: James A. Combs, Jr.
Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney
That someone at Schwab did not respond to your query while someone at Pershing did is meaningless. I have enjoyed a brief professional experience using Schwab’s platform and found it excellent as far as broker platforms go. On the other hand my experience with Pershing as a custodian can only be described as awful as far as their technology and general procedures are concerned. On the other hand the quality of their people was excellent. Pershing’s problem resides at the top, where no one is listening to the issues presented by their RIA clients, or they just don’t care. In a post diligence investigation, I only encountered RIAs who left Pershing, were leaving, or planned to leave, or wanted to leave. Each RIA cited the poor quality of Pershing’s technology and the unwillingness of the technology team to admit that their product was inferior. In comparison, Fidelity regularly interviews its clients asking for suggestions on how to improve the technology deliverable. Hubris brings everyone down to size. If Pershing itself displayed the quality and care of most of the individuals it employs, it might have a future, as long as it fixes what clearly doesn’t work.
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