The 10 biggest threats to the RIA business heading into 2014
The fiduciary planning model is taking shots from every angle but the jugular looks inaccessible
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
Why FINRA's late appearance into smoothie-throwing broker James Iannazzo's life might be rough
It's been about 11 months since Merrill Lynch fired him, and the CFP Board stripped him of the CFP mark; attracting the SRO's attention means more woes.
December 29, 2022 at 1:05 AM
Wealthfront cedes to four years of investors clamoring for crypto by taking on expensive third-party vendor that Betterment rules out
The Redwood City, Calif., robo-advisor turned a hard 'no' into a soft 'yes' by dealing with Grayscale and its 200 basis-point-plus fees, which its robo rival in NYC -- also without a crypto path -- finds ludicrous.
August 14, 2021 at 2:20 AM
Second Betterment exec departs as new CEO Sarah Levy orients to her first month on the job and is confronted by personnel matters
Chief operating officer Dustin Lucien is the latest to leave the New York City robo-advisor, one of at least eight positions open as it prepares a push across multiple business lines to ignite growth.
January 19, 2021 at 6:32 PM
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Frederick Van Den Abbeel / TradePMR
Wishing all the staff @ RIABiz the very best in the new year! Thank you for your continued advocacy of our profession.
As long as we remember what we are and why we are here, the independents will thrive. We do not offer better portfolio management than others, although we like to think we charge a bit less, and are a bit better on the science side of things.
What we offer, and people are willing to pay for, is a person answering the phone who knows the caller and is familiar with his or her specific issues. In short, as long as we sincerely care about and know each of our clients we will thrive. A long, long time ago as I was entering the world of finance, my mentor repeated to me an old saw, “People don’t care what you know unless they know that you care about them.”
The only real danger is if someone creates a USAA of investment management where each representative has a computer system that allows them to instantly “know” the caller and the caller’s family and history. Even USAA is starting to lose that now. As long as we care more about the people we serve than we do about a corporate bottom line we are safe.
David L. Maurice
To Brooke and all at RIA Biz: You’re still putting out the most incisive and cogent writing in the biz from our perspective and we really appreciate your consistent stream of what we call 'useful information’.
No other source keeps us as well informed and as enlightened about those we consider our true peers. It’s always spot on and that is encouraging even when there is so much out there to discourage. Where we live – with our clients, we draw great satisfactions and it’s very good to know we are very much not alone in this. Happy New Year to all of you and keep it up!
Martha Gallagher, AdvisorAdit
Wise and witty…the best combination to offer insight and new perspectives.
Best wishes to everyone at RIABiz!
The only thing we have to fear is fear itself!