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Schwab PortfolioCenter sale to Envestnet signals open season on 2,300 RIAs in the deal; Orion bags six; 'Why didn't Tamarac call me?' some ask

Whether you are Bridge, BlackDiamond, FinFolio or Morningstar, you are not sitting out this once-in-a-generation orphaning by a legacy giant of portfolio accounting software

Author Oisin Breen
March 7, 2019 at 1:59 AM
no description available
David Waddell: If I were sitting on the board of one of these [portfolio management] companies, I’d say ‘stop what you’re doing and go hit the phones.'

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

Fidelity Investments is paying 2,000 employees to hasten their corporate exits, including high-profile RIA overseer, Sanjiv Mirchandani, as part of its shift to a digital future

The Boston giant offered voluntary buyout packages and the 4% of staff who accepted will leave by June 30 to give other staff room to grow careers and make room for hires.

June 24, 2021 at 5:39 PM

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 at 7:58 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
Top Executive: Jud Bergman

Consulting Firm
Top Executive: Michael Kitces

Bill Winterberg

Bill Winterberg

March 7, 2019 — 5:55 PM
How to embed a tweet: <a href="https://help.twitter.com/en/using-twitter/how-to-embed-a-tweet" rel="nofollow">https://help.twitter.com/en/using-twitter/how-to-embed-a-tweet</a>
Brooke Southall

Brooke Southall

March 7, 2019 — 5:57 PM
OK, that looks highly doable. Brooke
Dan Cohen

Dan Cohen

March 8, 2019 — 10:49 AM
I have a contact at Schwab and had a discussion about this. Both sides of the transaction are under SEC mandated silent periods and both are being overly conservative/cautious about communication in my opinion. Definitely either company could have done a much better job with the announcement. Schwab's focus has always been the Schwab relationship and the AUM. Given the large majority of SPT clients that are Schwab, I doubt they would have agreed to anything that would have been detrimental to the Schwab relationship. Advisors should hold off until the deal closes and see what Tamarac's longer term plans are before immediately trying to jump into something else that will be more costly.
Marie Swift

Marie Swift

March 8, 2019 — 1:34 PM
‪Hey folks ... just a reminder that Oranj is a free wealth management platform with award winning account aggregation and rebalancing capabilities coupled with a model marketplace and a modern digital client experience. There’s a comment in the article above from one of the people interviewed that suggests, wisely, that advisors should consider how much they and their clients really need before jumping into expensive long-term tech commitments. Worth considering.‬
John Bornakit

John Bornakit

April 8, 2019 — 6:49 PM
Free, Marie Swift? Are they selling my (and my client's) data? Sounds like a 'get what you pay for' moment!

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