Brooke Southall

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is emerging which will close the chasm between transactions and advisory services all of which is disruptive to an outdated brokerage business model.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

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?

Hey Mariel,

Were you given the option of paying a fee to stay on the platform? Did something change?

Thanks,

Brooke

&lt;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"&gt;http://riabiz.com/a/2013/9/24/fidelitys-annual-10000-custody-fee-will-attach-to-a-wider-swath-of-small-rias&lt;/a&gt;

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.

Thanks Brooke for the articles.  No I was not given that opportunity.  They were very clear about wanting me off, period.

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

Fidelity

TD Ameritrade

Nexus Strategy

Schwab Advisor Services

Pershing Advisor Solutions

U.S. Executive Search and Consulting

Mike Durbin

Tim Welsh

David Canter

Bob Oros

Sanjiv Mirchandani

Cecile Munoz

Asset custodians are the central players in the RIA business and choosing one is the biggest decision most financial advisors will make to build their business. As the place where RIAs park their assets (the same way a captive broker would park assets at Merrill Lynch or UBS), custodians serve hundreds or thousands of these registered investment advisors and make big investments in technology and service on their clients' behalf.

This section features a series of articles under the “Asset Custody Project” label that cover these companies in a way that keeps advisors abreast of their progress – both with journalistic commentary and a common set of data so that advisors can easily compare them. The articles look at the strengths, weaknesses and niche capabilities of these companies.

&mdash; Brooke Southall

Here are links to the profiles of custodians:

 <li><a href="http://www.riabiz.com/a/11942001/">Equity Advisor Solutions</a></li>
 <li><a href="http://www.riabiz.com/a/4977738934910976/with-robo-advisors-on-the-rise-robo-custodian-apex-is-rising-them-a-diamond-mined-from-the-rubble-of-the-penson-worldwide-debacle">Apex Clearing</a></li>
 <li><a href="http://www.riabiz.com/a/11320001">Raymond James</a></li>
 <li><a href="http://www.riabiz.com/a/10207085">State Street</a></li>
 <li><a href="http://www.riabiz.com/a/1812010">Ceros Financial</a></li>
 <li><a href="http://www.riabiz.com/a/9033656">Fidelity</a></li>
 <li><a href="http://www.riabiz.com/a/7435709">Pershing</a></li>
 <li><a href="http://www.riabiz.com/a/1212007">Royal Bank of Canada</a></li>
 <li><a href="http://www.riabiz.com/a/133138">Scottrade</a></li>
 <li><a href="http://www.riabiz.com/a/8101589">Schwab</a></li>
 <li><a href="http://www.riabiz.com/a/8788433">TD Ameritrade</a></li>
 <li><a href="http://www.riabiz.com/a/124061">Trade-PMR</a></li>
 <li><a href="http://www.riabiz.com/a/1161005">Trust Company of America</a></li>
 <li><a href="http://www.riabiz.com/a/1490002">BNY Mellon</a></li>
 <li><a href="http://www.riabiz.com/a/5385142">Folio Institutional</a></li>
 <li><a href="http://www.riabiz.com/a/108011">Shareholders Service Group</a></li>
 <li><a href="http://www.riabiz.com/a/5933001">National Advisors Trust</a></li>
 <li><a href="http://www.riabiz.com/a/22600260/how-us-bank-appeared-on-the-scene-as-an-ria-custodian-and-where-it-might-find-love">US Bank</a></li>
</ul>

If you want a more chronological look at news about the custodians, just scroll down.

RIA Custodians

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

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