News, Vision & Voice for the Advisory Community


Fidelity begins search for new RIA national sales manager as Bob Oros goes millennial, vacating a prized position

The kids pioneered the mindset but now the Oroses of the world grab quality-of-work, make-a-difference opportunities that their experience allows them to command

Author Brooke Southall January 14, 2017 at 1:51 AM
no description available
Fidelity can only offer so much to a Gen X talent like Bob Oros

RIA Custodians

Stephen Winks

Stephen Winks

January 17, 2017 — 4:43 PM
The demands of the RIA business are materially different from the brokerage and custody businesses which are faced with disruptive industry redefining innovation. The disruption entailed in advisory services is not possible in a brokerage/custody format. Professional standing in advisory services is based on the tenant that one can not profit from a position of trust--literally engendering trust. A new generation of advisory services support will (1) as a prudent expert trade execution must be treated as a cost center to be minimized in the client's best interest rather than a profit center in the b/ds best interest, (2) prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to objective, non-negotiable fiduciary criteria of statute, case law and regulatory opinion letters put financial services back into the financial services business assuring professional standing, (3) consumer protections denied to the retail investor are assured under a fiduciary standard, (4) redundant account administration cost at the product, trustee and client levels that add no incremental vale are eliminated, (5) real time client holdings data is advanced to streamline cost and introduce a more modern way to construct portfolios, (6) continuous, comprehensive counsel required for fiduciary standing is achieved by the electronic management and monitoring of an unprecedented range of investment and administrative values, (7) it will be clear to investors the range of investment and administrative values their advisors address and manage and whether value is added relative to the market net of fees, commissions and administrative cost. A new generation of leadership is emerging which will close the chasm between transactions and advisory services all of which is disruptive to an outdated brokerage business model. Thus conventional brokerage experience is exactly the experience with the least value in advisory services. SCW


January 18, 2017 — 3:01 AM
As RIA with less than $25 mil AUM, Fidelity notified me June 2016 of their "business decision" to kick me off their platform with 4-6 weeks notice. Schwab was happy to accommodate me and my clients. What gives, Fidelity?
brooke southall

brooke southall

January 18, 2017 — 3:57 AM
Hey Mariel, Were you given the option of paying a fee to stay on the platform? Did something change? Thanks, Brooke <a href="http://riabiz.com/a/2013/9/24/fidelitys-annual-10000-custody-fee-will-attach-to-a-wider-swath-of-small-rias" rel="nofollow">http://riabiz.com/a/2013/9/24/fidelitys-annual-10000-custody-fee-will-attach-to-a-wider-swath-of-small-rias</a>
Ryan Marcus

Ryan Marcus

January 18, 2017 — 3:18 PM
Bob is a long time friend. I've worked with him extensively during his time at TCA, and at Fidelity. He is a visionary and solid leader. Wishing him the best of luck in his next endeavor.


January 18, 2017 — 5:48 PM
Thanks Brooke for the articles. No I was not given that opportunity. They were very clear about wanting me off, period.

Related Moves

July 16, 2022 at 1:35 AM

Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 at 2:02 AM

Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.

March 13, 2020 at 10:36 PM

TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing

July 23, 2019 at 4:30 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

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.