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$1.6 billion RIA nabs Fidelity's $1 billion-man and a United Capital advisor seeking a gilded local brand

Philadelphia-based Westcott brings on a recruiter and a specialist in women in transition

Author Lisa Shidler March 6, 2013 at 5:06 PM
no description available
Karen McIntyre: When you're talking about a firm with 30 to 40 branches, it's hard to find a place where you can put your personal stance into the company.

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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

Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA

The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank

February 8, 2023 at 3:03 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

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Mentioned in this article:

United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran

Vantage Point Consulting
Consulting Firm, CRM Software, Tech: Other
Top Executive: David Cockrum



March 7, 2013 — 1:35 AM

“He was a senior account executive at Fidelity Investments, the firm’s private-client division managing clients with a combined $1 billion in assets” —— $1 Billion, are you sure?

Lisa Shidler

Lisa Shidler

March 7, 2013 — 3:52 AM

Hey Ande, as the senior account executive he handled retail clients who on average had about $1 million in assets – a total of about $1 billion – just for the group he oversaw. The private-client division at Fidelity certainly does have more than $1 billion in assets!

Brooke Southall

Brooke Southall

March 9, 2013 — 7:07 AM

This may be true, Joe, but it comes across as a potshot, not as helpful discourse.



March 9, 2013 — 8:21 AM

Didn’t mean for it to be a potshot, just think that as a matter of disclosure, a bankruptcy is very relevant as is the persons pedigree.



May 16, 2013 — 3:35 PM

Brooke – this is coming from a guy that bought a whole bunch of his own book so he could make the NYTimes best sellers list in the first month only to drop off completely the next month. He’s a flipper that got stuck and now has to run the firm. He recruits like minded individuals and you can see the high turnover among mid and low level staff as a sign of what it is like to work there.

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