LPL taps the man who saved Morgan Stanley's bacon to take service to a Schwab RIA-level echelon
Tom Gooley sacrificed 36 weekends and a happy home life in Larchmont to smooth the way for 15,000 stockbrokers in the biggest wirehouse merger ever
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
Dave Welling's rollup hits $39 billion of AUM and hires a 37- year-old breakaway from BlackRock to turn internal five-click shopping into a 'single conversation'
The Mercer Advisors CEO in Denver now has a 'president' reporting to him from the Big Apple to take on the specific mission of wiring a national RIA, rather than day-to-day operations at a rollup.
October 21, 2022 at 5:48 PM
Mark Casady is under the gun to spend his SPAC's $200 million of cash to avoid October deadline but a recent SEC filing sounds an ominous note after CEO departs
Lefteris reports that Jon Isaacson is taking over as CEO from Karl Roessner, the 'natural choice' to make a deal, according to Casady, though it's down to a few weeks
September 29, 2022 at 1:24 AM
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RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold
LPL is the first firm to understand that professional standing in advisory services requires more than conventional brokerage and custodial services. Private trust banks that support fiduciary duty are the appropriate reference point, not b/ds or custodians. Fundamentally the management of redundant account administration cost at the product, trustee and client levels that incrementally add no value is the reason why 40% of retirement savings is lost to fees, commissions and administrative cost. Brokerage and custody formats are the beneficiaries of these fees, commissions and administrative cost which are not in the best interest of the investing public. If LPL can replicate the private trust bank format which gives advisors (RIAs) control over their value proposition, cost structure, margins and professional standing, LPL will own the financial services industry. This market share gain is achieved through disruption of the existing business model and will empower LPL advisors to compete very favorably on the basis of the value they add, their professional standing and the cost of their services. Private trust banks are very profitable and serve the best interest of the investing public.
This sort of innovation is not possible in a brokerage or custody format as professional standing is not acknowledged and there is liability associated being prescriptive in advisory services support. This is not a problem when a firm actually support fiduciary duty in the consumer’s best interest..
Let’s hope, for the sake of professional standing,that private trust banks are the model rather than b/ds and custodians.