Hiring 'ringer', Big Four wirehouses launch joint RIA custody unit to stem breakaway broker tide as its leader delivers a reluctant 'sorry' for the 2008 financial debacle
Out of retirement, F. Siddley Barth takes reins of 'dark' effort that will gain light at upcoming Tiburon CEO Summit
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
Dynasty Financial hires 'real deal' TD Ameritrade RIA sales talent who left after Schwab deal; he'll again mine for RIAs on Florida's Gold Coast--first big news since IPO disclosed
The St. Peterburg, Fla., technology outsourcer made its 10th Florida hire since start of year but first one on the state's Southeastern Coast
February 17, 2022 at 2:50 AM
Known for his high 'emotional quotient,' Jason Lahita rides solo, again, as a PR guru; this time, he's selective and looking for a few good non-robots
The Los Angeles RIA PR pro is launching a company called StreetCred from a backyard outbuilding with a mindset of finding clients who click with him
September 16, 2020 at 6:00 PM
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product
The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.
July 23, 2020 at 1:42 AM
MarketCounsel | Hamburger Law Firm
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Top Executive: Brian Hamburger
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Though this is a joke, wouldn’t be great if there were a place for brokers to go that was (1) not built around products but prudent process. Where (2) real time holdings data were possible (impossible to manage through in product packaging) in support of continuous comprehensive counsel required for ongoing fiduciary duty and professional standing. Where (3) a more modern approach to portfolio construction was supported (real time holdings data achieved in private trust banks) advancing professional standing (fiduciary duty). Of course, none of this is now possible in a brokerage culture nor would be possible in a wirehouse controlled custodian, were the broker is (4) neither accountable for their recommendations (5) nor is there is any ongoing responsibility to act in the client’s best interest.
This fantasy you suggest in supporting professional fiduciary standing, so there is a place for brokers to go, is readily achievable for want of market leadership. Let’s hope that wirehouses do wake up for the good of their brokers and the investing public. Hopefully Mary Jo White and the SEC get the wirehouses attention with the new Fiduciary Standards.
Well done. I have received multiple emails from people who didn’t make it all the way to the last sentence. Hysterical. It will be weeks before some realize it was a joke.
Independent RIAs capture the assets of bigger, more sophisticated investors. The Robos and Online Financial Advisory firms will be capturing more of the low end. Meanwhile Wall Street is still selling mutual funds and annuities for commissions. Is Wall Street trying to stop the exodus of higher quality advisors or is it finally admitting its old business model is becoming extinct. Perhaps both?
Stephen Winks, what/who are wirehouse controlled custodians? Can you or anyone provide me with examples, as I proceed on my journey to learn the modus operandi of this industry’s players?