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What led to Advizent's end and why Steve Lockshin is unfazed, even energized

The RIA business -- including custodians, asset managers and advisory firms -- lived up to its reputation of resisting cooperation

Author Steve Garmhausen May 15, 2013 at 11:00 PM
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Steve Lockshin: I think we were surprised at the resistance from the entire industry.

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Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies

The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.

May 18, 2023 at 1:46 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

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

AssetMark suddenly parts ways with president/CEO Charles Goldman; protégé Natalie Wolfsen named CEO; Michael Kim president

AssetMark chairwoman Xiaoning Jiao provided no details, faint praise for Goldman amid his unexpected departure, but was effusive over Wolfsen appointment.

February 24, 2021 at 3:31 AM

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Pat Mulvey

Pat Mulvey

May 22, 2013 — 12:57 AM

If I understand this, which I may not, this is sad. As someone who has sat on the side of the table as a fiduciary- complete with the liability, expectation and responsibility- I find this offensive. Having the obligation to act in the best interest of the participants or asset owners should not be a marketing ploy. That’s what this seemed to be. Unfortunately, it seems as though we have some folks who have no idea or experience in this world and for my money it seems cavalier to treat so many things as commodities. Does this person have any idea what happens without proper due diligence? Stuff happens and managers blow up, asset allocations go amidst- but if you cannot point to the scrutiny which led you to you decisions… If this group ever made it to the board room consisting of people with such a real fiduciary responsibility- they would be asked to leave. Others have and fiduciaries have seen every slick marketer. They should have failed and, in my view, best for everyone they did.

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