News, Vision & Voice for the Advisory Community


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
1 Comment
no description available
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.

Ron Carson

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

June 7, 2024 at 11:17 PM

Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus

Tony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago

May 10, 2024 at 1:29 AM

Burt White is busy re-staffing Carson Wealth with trusted non-Carson executives but the new CEO is caught in classic Catch-22 as villain and white knight in alleged sex assault suit

The case raises questions about the perils of how RIAs deal with sexually charged allegations in the financial services workplace.

April 26, 2024 at 2:50 AM

April 10, 2024 at 2:54 AM

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

CRM Software
Top Executive: Marc Benioff

Carson Group
Consulting Firm
Top Executive: Ron Carson

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.