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Articles published 7/2015


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Mark Mandich: Curian has determined that it is no longer commercially positioned to provide clients high value investment programs.

Following 'irregularities' Mark Mandich says Curian Capital will close its doors in 2016

In hindsight, the $11-billion Denver TAMP had made some moves like removing key managers and installing interim ones in the wake of troubles its parent entity referred to US regulators

July 31, 2015 at 12:09 AM

Tech boss Victor Fetter claimed LPL had effected 1,500 improvements in its technology this year, many regarding its tee-up of ClientWorks.

LPL Financial tosses its sales pitch to 7,000 in its HQ city of Boston

The only constant for LPL is Mark Casady and change as the broker-dealer slogs to the far shore from the 'messy middle'

July 30, 2015 at 9:49 PM

Dina DiLorenzo: We are going to have a revenue sharing relationship for a period of time

With 'revenue sharing' as primary consideration, Guggenheim transfers its in-house RIA to HighTower

HighTower gets a substantial bounty of fee-generating assets and clients and Guggenheim avoids having to scale up

July 29, 2015 at 8:20 PM

Raymond 'Rocky' Daigle: I am able to read 401(k) plan documents and talk to a plan administrator and know what I mean.

A $350-million-AUM team of ex-lawyers-turned-advisors lands at Commonwealth after stops at Edward Jones and LPL

Best pals since middle school and partners since 2001, the advisors use their mad depostition skills to hone in on client needs and their tenacity to make sure of follow-through

July 28, 2015 at 8:01 PM

Dan Arnold: We want to hit this head on and deliver a complementary robo-solution.

LPL will launch third-party robo for advisors and eliminate some fees

Dan Arnold laid it on the line: LPL is being disrupted but taking the challenges head-on

July 27, 2015 at 5:28 PM

Terri Kallsen: We need more feet on the street.

Schwab's big reveal at its July update: Goal to hire 1,800 financial advisors and unpause branch expansion

Newbie Terri Kallsen gets the Bettinger nod to spend big on doubling advisor force and growing branch count to 500

July 24, 2015 at 11:40 PM

Gregg Robins: Switzerland needs to stop apologizing for some of the missteps that have occurred and to re-focus attention on its significant advantages in order to rebuild its image.

A Swiss RIA advisor reports on a Zurich event aimed at shaping, saving Swiss wealth management in the wake of purging American clients

Complacency is still the rule but a personality-changed Credit Suisse and the rise of Swiss RIAs are signs of Swiss innovation, adaptability and -- gasp -- customer service

July 24, 2015 at 5:38 PM

Dave Welling will now get his crack at giving Advent Axys a clear way forward.

SS&C's first big act as Advent Software's new owner is to put RIAs using Axys and APX under Black Diamond

Pete Hess will be the asset management czar and David Welling will rule all things RIA in the new framework

July 23, 2015 at 6:32 PM

Steve Prostano says he will hire a big team as a first order of business.

BNP Paribas -- dominator of the UHNW market in France -- taps ex-Silver Bridge chief for ultrahigh-net-worth assault on US

Through its Bank of the West subsidiary, Paribas is hiring Prostano to gun for San Francisco rival First Republic -- but questions about the state in which he left Silver Bridge remain

July 22, 2015 at 5:48 PM

Mike Sha: We haven't actually rolled out our asset management service yet.

Why SigFig is shifting its focus to using banks as middlemen despite having captive consumer audience with $350 billion

The San Francisco-based robo-advisor has trepidation about the scale it would take to handle the conversions after bad experience

July 21, 2015 at 7:13 PM

John Copeland: We hope to bring a permanence to these boutique firms.

AMG's deal for $7-billion myCIO will give it $32 billion of AUM and its 12-billionth dollar of acquired assets in 2015

The RIA founded in 2005 made out of spare parts of E&Y and PWC needed a blue chip succession plan from the Beverly, Mass. asset management roll-up

July 20, 2015 at 10:01 PM

Jeffrey Gundlach's game of brinksmanship with Morningstar goes way back.

Morningstar bristles about being 'refused or ignored' by DoubleLine as the 'silly, ugly feud' between Jeffrey Gundlach and the ratings firm rages on

The radioactive grudge match, avidly covered in the press, began when the mortgage-backed bond maestro left TCW in 2009 and is now playing out on DoubleLine's $46.3 billion flagship fund

July 17, 2015 at 6:15 PM

Katie Henderson: We really do believe that the need for advice is growing. This is something retail clients have been asking for as they get close to the pre-retiree phase.

Vanguard's white-hot 'hybrid robo' just added $4 billion in three months -- a heat that may cast a chill on 'pure' robos

Now at $21 billion, Vanguard Personal Advisor Services is cannibalizing as a segmentation strategy and emphasizing new technology that edges it toward a more robo-centric, less call center-oriented model

July 16, 2015 at 5:02 PM

Tom Lydon: They'll do well with this partnership.

How DFA is putting its John Hancock on the ETFs category

The deep-in-Texas manager is lending index help to the Boston giant but dodging cannibalization and channel conflict

July 15, 2015 at 4:45 PM

Brian Hamburger: You start with people you know and you really get to the point where you grow into people who are known.

Bringing a familiar ferocity, Brian Hamburger binges on Ivy League grads and wirehouse and securities-firm veterans in MarketCounsel restaffing

With $1-billion RIA firms abounding, the New Jersey lawyer breaks away legal talent from Wall Street to address a blizzard of change

July 14, 2015 at 7:14 PM

Sang Lee: We're not just disrupting that market. We're increasing the size of that market.

Now come the robo-alts firms -- a full flock of 'em as unwavering as the robo-advisors

ALTS, DarcMatter, Crystal Capital Partners, Aequitas Capital, CAIS, iCapital, HedgeCoVest are out to create a market -- not quite as dirt cheaply as classic robo-advisors

July 13, 2015 at 5:34 PM

James Pooley: The law protects only trade secrets, not employee skill or general knowledge—but what's the difference?

9 ways for RIAs to minimize brain drain and secrets seepage in an era of employee mobility

Know the law, sure, but more importantly treat the smartest, most creative employees as the valuable assets they are

July 13, 2015 at 4:40 PM

David Cabot: I know this has been, and remains, a difficult process

Bean Town Brahmins -- ex-Windhaven execs -- may pay as much as $100 million for F-Squared remains

The embattled Wellesley, Mass.-based ETF manager filed Chapter 11 to make a sale contingent on transitioning its remaining $5 billion of managed assets

July 10, 2015 at 5:38 PM

Jon Stein: I'm loath to play this game, but my PR team insisted that I set the record straight.

Wealthfront CEO flames Betterment's 'outrageous' fees and 'abhorrent' ways; Betterment strikes back labeling the screed a Trumped-up PR play

In all-out blog war, Adam Nash accuses Betterment of 'payday lending' and Jon Stein decries Wealthfront's cynical 'hatchet job'

July 9, 2015 at 12:57 AM

Bill Gross: The fact is that derivatives on a systemic basis represent increased leverage and therefore increased risk – presenting possible exit and liquidity problems in future months and years.

Bill Gross jabs what he sees as PIMCO's potential doomsday strategy of using derivatives to boost liquidity

The founder of the Newport Beach bond giant says his former firm's supposed practice is just another form of leverage that would increase velocity of the unravelling process in the event of a run on assets

July 8, 2015 at 9:36 PM

If Focus Financial has an IPO, the vultures may feast first, best.

Report: Focus Financial is preparing SEC paperwork for its initial public offering -- but is it jumping the gun?

With $325 million in revenues, the jumbo New York roll-up seeks to assuage a host of liquidity challenges

July 7, 2015 at 3:36 PM

Pat Allen: It's official -- the head nod is being replaced by a session attendee lifting up a smart phone to snap a picture of a slide.

Pat Allen catches what Morningstar did right in expanding its conference content to Twitter, LinkedIn

The Chicago event's social media center was once a lonely place and RIAs didn't know a hashtag from tic-tac-toe

July 6, 2015 at 10:05 PM

Tom Bradley: I think the average fee is 90 basis points roughly and we don't intend to change that.

TD Ameritrade makes play to become top robo by 2016 with out-of-the-gate $100-million revenues -- albeit with some risk attached to the power play

Tom Bradley is cobbling together Amerivest and its $11 billion AUM adding iRebal and Morningstar and tasking engineers with bringing the robo aspects of the site up to snuff

July 2, 2015 at 7:02 PM

Dan Ivascyn: Ultimately, if you don't perform, you don't have a home at our firm.
July 1, 2015 at 3:02 AM

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