News, Vision & Voice for the Advisory Community


Vanguard hits back at Fidelity's loss-leader strategy by courting higher-margin businesses, like China and private equity, and axing low-margin ones like annuities -- Wealth management franchises are next -- and Chinese foray yields $315 million AUM in first 100 days, as ANT files blockbuster IPO

The zero-fee scourge of index funds awakened the sleeping Malvern, Pa.-based giant from its predictable destiny and now CEO Tim Buckley is unapologetically showing a willingness to cut losses and seek risk. His Chinese strategy seems to be already paying off.

Author Oisin Breen July 8, 2019 at 7:49 PM
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Karin Risi: We’re deepening our focus on our core priorities.

Jack Bogle


Tim Buckley



July 9, 2019 — 5:53 PM
Doing business with Communist China is unwise and unethical. That Communist state is guilty of industrial espionage on a staggering scale. Yet financial firms turn a blind eye in order to acquire a piece of that state controlled market, thinking it to be lucrative and highly profitable. As the saying goes, "profit has no conscience".
Brooke Southall

Brooke Southall

July 9, 2019 — 5:58 PM
That'd be a hell of a debate topic -- the ethics of doing business with China. After all, hardly a minute passes when we aren't using Chinese products and writing hot checks against money we all borrow from China. But, yes, the intellectual theft is real, too.


July 24, 2019 — 5:43 PM
I am both surprised and concerned about Vanguard's abandonment of its investors in its Transamerica variable annuity fund who invested 32 billion into that Vanguard program which Vanguard represented and promised it would manage, control associate fees and costs, and include as part of those investors' Vanguard Portfolio. How can Vanguard, while still charging its fees to those investors, now say Transamerica will manage the fund without any restriction of fees and costs, which will likely be increased, and remove those investments from those investors' Vanguard portfolios. It's rationale that the investors of a $32 billion program don't count after Vanguard took their money for more than 14 years is clearly wrong, in breach of its obligations to those investors, and SEC regulations requiring it to abide by the terms and conditions pursuant to which people invested in that Vanguard Program. That it is a multi-trillion dollar business doesn't give it the right to say to hell with those investors.

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March 1, 2024 at 3:35 AM

Christa Carone, an ex-Fidelity and Xerox marketing whiz, steps onto a slippery slope at LPL with a daunting task -- to consolidate a NASCAR size brand portfolio... or not?

With no CMO since August, the chief marketing officer will play catch up for a company still hungry to buy more branded B2B and B2C players.

April 2, 2024 at 1:28 AM

Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units

At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask

December 16, 2023 at 2:22 AM

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

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