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Schwab CTO's speech in NYC spotlights an RIA business addicted to innovation – with no fresh fix in sight

Timothy Heier set the lower-morale tone at In|Vest 2017 of a B2B industry waiting for a Mark Zuckerberg to push it forward again -- perhaps with artificial intelligence as the final frontier

Author Janice Kirkel July 20, 2017 at 9:37 PM
Admin:
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Mike Sha (center): We’re not gonna disrupt a crusty industry. Discretion is the better part of valor for start-up people.

Ken Fisher

Ken Fisher

July 25, 2017 — 8:45 PM
“Right on. “Asset monarchs” are so yesterday. And market share? Now? Boring. Stodge-podge. Gotta be the disruptor. Be cool. Artificial intelligence. That’s the thing. Beats the heck out of intelligence. Everyone knows that. Intelligence is for such losers. I want to be the guy who hits conferences in hip threads with everyone drooling over my erudite futurism, so cleverly ahead of everyone else that saliva is running everywhere. I love it when people drool and I be cool. If I could just sit in some chair by a silicon valley window somewhere and gaze off into 2032 realities to bring back to enlighten and amaze. And deliver to all, as if I was Meryl Streep on a rant. Wouldn’t that be cool! I’d be something. Wait! I got it. Johnny Depp Wealth Advisors. That’s the ticket. ‘Course I’d need a goatee and a hat. But disrupting. And cool! Right on. Oh, yeah! I forgot. I got a lotta class and all of its low and lotsa of taste and all of its bad. Oh well. I wonder what clients like? Another week down.”

Related Moves

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

Bill Crager is dropping CEO role after multiple shoes dropped; the company insists it was his 'decision' but vision, Yodlee future uncertain

The co-founder of the $5.3-trillion AUA outsourcer of software and investments was pressed to take the job under the most adverse circumstances, then second-guessed by stakeholders as he managed the cards he was dealt.

January 9, 2024 at 4:09 AM

Bill Crager makes critical hire of 'step back from the numbers,' Joshua Warren, replacing 'brother' Pete D'Arrigo at CFO; Warren had a big role at BlackRock -- Envestnet's biggest stakeholder

The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder.

September 27, 2023 at 2:48 AM

Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance

Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.

March 25, 2023 at 1:32 AM

See more related moves

Mentioned in this article:

Envestnet Inc
TAMP
Top Executive: Jud Bergman

Wealthfront
Portfolio Management System
Top Executive: Andy Rachleff

Aite Group
Consulting Firm
Top Executive: Frank Rizza

Betterment, LLC
Financial Planning Software
Top Executive: Jon Stein

MyVest
Portfolio Management System
Top Executive: Anton Honikman



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