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Coming RIA custody fees and a new recruiting war catch the attention of deal hounds in Manhattan

At ECHELON event at NYAC, action items aplenty assaulted attendees -- especially with Apr. 30 looming

Friday, October 21, 2016 – 9:49 PM by Guest Columnist Timothy D. Welsh
Admin:
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Dan Seivert: While past years consisted mostly of RIAs, this year we expanded the content to attract a broader set of participants and executives.

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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 – 1:35 AM

Dan Seivert's ripping success in RIA M&A deals has odd side effect of having some sidearm staff leave for new vistas

Carolyn Armitage and Mark Bruno left to mutual benefit, while Echelon Partners roars on, feeding the beast of deal-crazed RIA buyers and sellers.

July 20, 2021 – 1:17 AM

Behind the scenes, Ben Harrison's rise to replace Mark Tibergien at Pershing was more shock and awe than a symphonic succession

Harrison's appointment was baked in the cake -- or not -- and Tibergien departed with Swiss-watch precision in Moss Adams-style--or not.

March 13, 2020 – 7:22 AM

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 – 7:58 AM

See more related moves

Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

Willis Consulting
Recruiter
Top Executive: Robert Stanton

PFI Advisors
Consulting Firm
Top Executive: Matt Sonnen




Stephen Winks

Stephen Winks

October 24, 2016 — 4:31 PM
If RIA oversight burden is shifter to custodians, there will be no perceived regulatory burden in custodians being supportive of fiduciary duty as being "prescriptive" would no longer trigger fiduciary liability as liability is already established.. Thus un-incumbered custodians can play a more active role in supporting fiduciary duty, particularly in retooling of their product menus and advancing prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to statute which puts "financial services" back into the financial services business. Treating trade execution as a cost center to be minimized may be more complex as custodians are electronic crossing networks at their core which will require RIAs to "write checks" as the primary value add would become prudent process rather than trade execution. This isa much anticipated development which will accrue to the best interest of the advisor and the investing public. SCW

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