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

5 Comments

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.'

RIA Custodians

Technology

Matt Abar

Eric Clarke

Jim Starcev

Michael Kitces

Mike Betz

Black Diamond

PortfolioCenter

FinFolio

Envestnet

Fidelity Investments

Charles Schwab & Co.

ModestSpark

SS&C Advent

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

March 7, 2019 — 5:57 PM

OK, that looks highly doable. Brooke

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

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

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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