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Why exactly a $2.2 billion RIA hybrid abruptly dumped LPL for Securities America -- and Schwab, Fidelity and TD Ameritrade

Besides cost savings of using diverse custodians, WealthPlan gets past 'crippling workflow' by forming new partnerships with Orion, Salesforce, eMoney and Advisory World

Author Janice Kirkel November 7, 2016 at 7:50 PM
Admin:
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Todd Feltz (center, flanked by Brent O’Mara and Wade Behlen): They let us run our RIA business, allowed us to broker business with them, provided compliance and supervision -- and then the game changed.

Stephen Winks

Stephen Winks

November 8, 2016 — 2:12 AM
An interesting division of labor is emerging in the fiduciary environment in the support of expert advisory services... Custodians must manage trade execution as a cost center in the client's best interest as required of prudent experts and product menus must be retooled to minimize cost and to access real time client holdings data to assure continuous, comprehensive counsel of fiduciary duty. The role of the advisors which goes unaddressed by b/bs and custodians is to advance a prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to objective, non-negotiable fiduciary criteria required by statute which assures professional standing in advisory services. The b/d, custodian or RIA which supports prudent process and assumes fiduciary liability and provides large scale institutionalized support for fiduciary standing will become market leaders based on merit. We have yet to see how this will play out, but RIAs will a high percentage of fee revenues will likely emerge as market leaders. Wealth Plan Advisors will be in this group of potential market leaders as independent thinking is required. SCW

Related Moves

A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.

December 20, 2023 at 1:52 AM

Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation

Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.

November 3, 2023 at 3:49 AM

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

A week after he became chairman of Eric Clarke's board, Charles Goldman is heading the search to replace Clarke as Orion CEO-- at Eric's direction

Eric Clarke founded Orion in 1999 and built it to a $3.6 trillion AUA juggernaut, but he believes both he and the company are ready for a big change

May 22, 2023 at 5:13 PM

See more related moves

Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

SalesForce
CRM Software
Top Executive: Marc Benioff

Carson Group
Consulting Firm
Top Executive: Ron Carson



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