TD Ameritrade pulls off amazing Summit in DC that reveals rot to the core of SEC, FINRA and ERISA system
A consumer panel sobered the crowd off the bat with war stories and then Ron Rhoades, Mercer Bullard, David Tittsworth, Sheryl Garrett, Tom Nally, Marilyn Mohrman-Gillis and others pulled no punches
Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment
TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA
August 5, 2020 at 9:33 PM
Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond
The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30
August 22, 2023 at 12:46 AM
Biz Briefs: AdvicePay waives key hiring requirement to land its next CEO • ESG firms may get OK in Oklahoma • eMoney adds new chiefs • CFP Board names new chair-elect • Robinhood cuts more staff
Alan Moore replaces himself with another guy with two respectable titles • eMoney promotes two • Moisand's third in line now known • Robinhood sacks 173 in year-to-date.
July 26, 2023 at 2:34 AM
Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance
Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.
March 25, 2023 at 1:32 AM
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This was the most consequential meeting of fiduciary advocates in quite some time. Skip Schweiss, Tom Nally and TD Ameritrade are to be congratulated for their genuine interest in professional standing and for their leadership. The first step in solving a problem is understanding the problem. We now universally understand we can not rely on regulators for a solution, fiduciary advocacy has largely come across to the understanding of Congressional staffers as simply the disparagement brokers, the brokerage lobby has misinformed congressional staffers with factually incorrect information concerning the role and responsibilities of the broker and the advisor and the terrible industry cost of the loss of trust and confidence of the investing public by it acting counter to the best interest of the investing public.
There is much work to be done. The only reliable solution is a free market initiative where the advisor is responsible for their recommendations to include ongoing accountability in support of objective, non-negotiable fiduciary criteria of statute, case law a regulatory opinion letters, not possible in a brokerage format. Such large scale institutionalized support for fiduciary duty and professional standing, which makes advice safe, scalable, easy to execute and manage and restores the trust and confidence of the investing public has yet to emerge. Fiduciary advocates must refocus on bringing expert fiduciary standing within the reach of every advisors. Rather than brokers selling an advice product fiduciary advisors must be supported to manage a broad range of investment and administrative values presently not possible in a brokerage format.
The unresolved question the TDA Fiduciary Summit begs is, How do under resourced advisors develop the expert authenticated prudent processes, technology, work flow management that makes advice safe, scalable, easy to execute and manage? By fostering un unprecedented level of investment and administrative counsel at lower cost to the consumer while better compensating the advisor, the marketplace will immediately respond. This tension with a brokerage business model which affords better advice to the consumer at lower cost is transformative as it modernizes the industry and affords professional standing.
The brokerage industry is mistaken in thinking congressional staffers will be forever duped at the expense of the loss of the trust and confidence of the investing public. Since Adam Smith introduced the “ invisible hand” in 1776 the free market has always prevailed in the best interest of the consumer.
It is the right thing to do.