News, Vision & Voice for the Advisory Community


Vanguard's new CEO Tim Buckley hints the next move for his firm's RIA's 30-basis-point fee may be down, down, down

As the Malvern, Pa. fund giant's VPAS passes the $100-billion mark it doesn't rule out automated advice or greater robo-ization to follow asset management fee play where cost savings get passed along

Author Lisa Shidler
January 8, 2018 at 10:22 PM
no description available
Tim Buckley: Our clients should expect change. They should expect significant change.

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Alois Pirker sets up shop in Marblehead by taking a page from the RIAs he advises

The former Aite-Novarica consulting chief wants the latitude of Pirker Partners to take the gigs he wants and avoid corporate consulting economics -- namely selling reports.

January 21, 2023 at 5:03 AM

Walt Bettinger sheds 'president' title and Bernie Clark gets new boss as Schwab appoints Rick Wurster as president and No. 2 in charge

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Alan Moore is the No. 2 busiest man in the RIA business and he just convinced the No. 1 busiest man to budget $200,000 to hire a 'rockstar' to replace him

Alan Moore is CEO of both XY Planning Network and AdvicePay -- and he has three young kids; Michael Kitces agreed to let him hire a full-time replacement CEO for AdvicePay -- with some giant reqirements for the new exec.

February 14, 2023 at 3:15 AM

RIA Quick Takes: Orion deepens DFA embrace by using it as portfolio manager-inside-ETF ~ Hardship withdrawals surge at Vanguard and Fidelity ~ Schwab hires 400 ~ Fidelity flips six funds into ETFs ~ Kitces makes list before Christmas ~ Amit Dogra has $1 billion of good news from his new Portland gig

Americans are struggling, though jobs are plentiful; Larry Fink's ESG zeal costs BlackRock another client, just as the Vatican issues ESG guidance; UBS says we didn't like you anyway to mass affluent and Michael Kitces and Craig Iskowitz join forces.

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Mentioned in this article:

Aite Group
Consulting Firm
Top Executive: Frank Rizza

Consulting Firm
Top Executive: Michael Kitces

Stephen Winks

Stephen Winks

January 11, 2018 — 6:35 PM
Fee for very specifically delineated expert financial services continues to be a challenge for transactions focused conventional brokerae because ; (1) brokers will not acknowledge they render advice for fear of fiduciary liability, (2) brokerage cost structure is way out of line when 40% of the investors earning on their retirement savings is lost to brokerage fees, commissions and administrative cost, (3) "retail investors" (you and me) are not accorded the same consumer protections afforded to all other investors, (4) the brokerage industry thwarts technological innovation whivh greatly elevates the level of investment and administrative counsel rendered by the broker, (5) the broker has no ongoing accountability for their recommendations as it would imply fiduciary liability, (6) brokerage compliance protocol is designed to assure no advice is rendered. Thus, when Vanguard provides a far higher level of counsel not possible within a b/d at far lower cost, you would think in a free market that brokerage firms would either respond or lose market share. The brokerage/insurance industry has put the broker in an untenable position of offering inferior counsel at far higher cost. Independent advisors have none of the conflicts of a brokerage firm and will find far superior advisory services support from Vanguard than is possible with in a brokerage firm which will not even acknowledge their brokers render advice. The brokerage format is not the only means of support for advisory services available. Hopefully, the brokerage industry will wake up before it loses the fastest growing segment of the financial services business. The industry is being reordered around advisory services and requires innovation. Harvard;s Clayton Christensen tells us the most common mistake made by firms facting industry redefining innovation is to look at innovation in the context of their existing business model when a new business model is in order. SCS,

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