Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco
Fresh off a Schwab-hosted meeting to find common ground, Bernie Clark, Mike Durbin and Mark Tibergien each gave a two-minute pitch on their company and hashed out robo-advisors
Awareness and Education
Yes, it was rather nice to see the Schwab, Fidelity and Pershing custody chiefs agreeing on some things in support of the RIA community.
I would love to see the major custodians offer a robo-adviser option to its existing RIA clients as a low-cost way we could serve the lower net worth investor. The strenuous and high standards expected of an independent RIA almost preclude being able to serve those people. If they could offer an alternative service that could be branded by the RIA, along with appropriate disclosure for the differential tier of service it would be a great boon.
It will take an or some organizations with a lot of resources to pioneer this type of operation as it would be effectively breaking new ground with the SEC and states. The custodians, by providing it as a service to be offered by their existing RIA clients would bring in a much greater asset base than by blind marketing, at least in my opinion.
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
RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
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Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners
The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.
September 24, 2019 at 2:02 AM
After 13 years in the Shirl shadow, Ed Swenson gets a mandate to grow a $20-billion corporate RIA as old AIG IBD unit, Advisor Group, reorganizes and seeks new brand identity
The Dynasty veteran is key man in Jamie Price effort to take Advsior Group and finally streamline and up-RIA it for a new era.
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