It won't be long before HighTower's fee-for-service channel revenues draw even with its partner firm revenues
Chicago aggregator is in talks with 50 firms about signing up with the newly unveiled Network and Alliance options
Brilliant move by HighTower designed to be proactive and responsive to the needs of the advisor in ways our largest institutions can not respond.
The not well kept secret in advisory services is the major firms have self selected not to serve the professional (fiduciary) standing of the advisor. In the absence of large scale institutional support for fiduciary standing—the individual advisor can not achieve scale, nor has access to expert prudent investment processes, advanced technology, work flow management and more sophisticated approaches to portfolio construction which make advice (fiduciary standing) safe, scalable, easy to execute and manage as a high margin business at the advisor level.
HighTower may be the first firm to harness the free market forces at work which supports the best interest of the investing public, the professional standing of the advisor and how its services translates into attractive margins at the advisor level as a business.
The industry’s approach to portfolio construction is shifting from a pricing structure that supports expensive brokerage overhead geared to product sales where it is not possible to determine whether value is added, to pricing that focuses on addressing and managing investment and administrative values in the consumer’s best interest.
In a free market, the consumer will be the arbiter and HighTower wins.
Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table
The RIA sales wizard joined Dynasty Financial Partners with understanding he would leave sales behind and earn his keep by focusing on strategic ideas.
February 22, 2024 at 2:20 AM
Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units
At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask
December 16, 2023 at 2:22 AM
Shirl Penney hands over 'front end of the house' to Andrew Marsh as Dynasty reboots -- post-$100-million raise, post-IPO withdrawal and post-Schwab partnering
The Dynasty CEO is handing over sales, custody relations, breakaways and M&A sales to the un-retired Canadian -- and wildly promoting from within.
September 21, 2023 at 1:53 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
See more related moves
Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney