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Articles published 7/2017


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Bill Harris: We are constantly showing what your cash flow is, you have to be good at saving.

Power Player: Bill Harris raises yet another $40 million on strength of winning big accounts willing to pay a grown-up price

Personal Capital has a leg-up in the mass production of classic RIA-to-high-net-worth services using technology, people and process, even if the brand elicits shrugs

July 31, 2017 – 11:46 PM

Scott Hanson: We weren't going to get to $10 billion in my lifetime.

Scott Hanson sells RIA to Parthenon after 'semi-retirement' drove him half-crazy -- so he could work full-time to get to $10 billion

The Sacramento RIA turned 50, adopted two children and realized he needed a plan to embrace even more challenges and chaos

July 28, 2017 – 10:08 PM

Greg Fink: We went through a process at Fidelity to make sure Triad and parent owner [Ladenburg Thalmann] was OK with us breaking away.

Three advisors in Atlanta break away with $1.8 billion and make seven-year Fidelity relationship manager their CEO -- whose duties now include managing a lawsuit from former IBD

ACG Wealth replaced Triad with their own broker-dealer and allegedly depended on a verbal assurance that may be tested in court

July 27, 2017 – 11:41 PM

Alex Benke: The majority of clients are in auto-mode.

Betterment rolls out free baseline human advice to all customers with a smartphone and no RIA and cuts price on premium advice offer

The New York-based robo-advisor will use CFPs to answer advice-related questions over a dedicated chat app as part of the 25 basis points paid for asset management

July 26, 2017 – 1:01 PM

Rudy Adolf: In the second decade of our growth we expect the number of our deals to continue to increase as we pursue additional partnerships with the highest-caliber firms in the industry.

Bypassing PR Newswire, Focus Financial reports purchase of $1.9B AUM RIA and it gets curiouser from there

The New York-based roll-up buys Brownlie & Braden Advisors LLC no asset-based fees, no photos of principals and a big-time second-entity sister firm

July 24, 2017 – 11:48 PM

Ron Rhoades: Mr. Scaramucci likely saw the Department of Labor regulation as a threat to his firm.

In letter to RIABiz, Ron Rhoades reacts to the ardent DOL rule detractor commandeering the White House microphone

Citing the new voice of the White House as 'contrary' in his comments regarding the Labor Department's efforts to shift Wall Street's culture and ways, the fiduciary scholar beseeches Scramucci to think it over

July 22, 2017 – 12:02 AM

Anthony Scaramucci: I believe that you have to subordinate yourself to the greater good of the team.

Anthony Scaramucci tweets his way to Donald Trump's side after flaming out of investment business

After jumping into the fray to defend Donald Jr. on Twitter, 'the Mooch' -- once (maybe twice) fired as a Goldman Sachs broker -- will craft communications for Donald Trump as financial and legal smoke threatens to burst into flame

July 21, 2017 – 11:45 PM

Scott MacKillop: Much of successfully completing these long hikes is mental rather than about pure physical strength.

Skip Schweiss and Chip Roame lead risky, if risk-managed, hike of RIA types on famously perilous trail -- with danger striking right on schedule

Wild boar, spinner dolphins and Portuguese men o' war looked on as we essayed Hawaii's Kalalau Trail, finding out firsthand why it's called the 10th-most dangerous hike in America

July 21, 2017 – 6:21 PM

Mike Sha (center): We’re not gonna disrupt a crusty industry. Discretion is the better part of valor for start-up people.

Schwab CTO's speech in NYC spotlights an RIA business addicted to innovation – with no fresh fix in sight

Timothy Heier set the lower-morale tone at In|Vest 2017 of a B2B industry waiting for a Mark Zuckerberg to push it forward again -- perhaps with artificial intelligence as the final frontier

July 20, 2017 – 9:37 PM

Bill Capuzzi: InvestCloud is similar to Envestnet and we want to be agnostic and provide our advisors choice. It really is about providing advisors with choices they want on the front end.

InvestCloud, a start-from-scratch Envestnet emulator and Jamie Dimon darling, gets cozier with Apex to better reach RIAs

Apex RIAs can now customize portfolios via InvestCloud, which JP Morgan has a stake in, perhaps creating a counterweight to back-end monolith Envestnet

July 19, 2017 – 6:50 PM

Peter Mallouk: If you look at our growth rate, it was just as high before any book came out, so it’s just another thing that gets information out there to people.

Power Player: Peter Mallouk hired 100 advisors in the past year to sop up referrals and fill 12 new brick-and-mortar branches

Creative Planning's chief got his firm to $26 billion of AUM without M&A or big breakaway brokers but Tony Robbins, who giveth, may present new challenges for the down-home Kansas firm

July 18, 2017 – 8:38 PM

Brandon Krieg and Ed Robinson were a couple of trader dudes who noticed even colleagues in their business didn't invest.

As the 'finance Snapchat,' Stash rakes in another $40 million of VC funding as it onboards at rate of 1,000 new 'HENRY' investors every business day

Less than two years old, the New York-based startup raised $25 million in December and is part of a 'Robo II' movement that continues to crush 'Robo I' in terms of truly connecting with the masses

July 17, 2017 – 7:31 PM

Alex Bryan: Schwab is on the cusp of making that bridge to the top space in ETFs

Charles Schwab & Co.'s vertical play to monopolize ETF market -- to be its low-cost maker, distributor and manager -- diesels ahead as ETF OneSource grows again

San Francisco giant executes macro strategy to underprice Vanguard, get paid big bucks to sell third-party funds for free, sell ETF portfolios gratis in its industry-leading robo-advisor and keep custody of $1.4T of RIA assets fast-converting to ETFs

July 14, 2017 – 8:51 PM

Bill McNabb: It has been about building upon the principles that Mr. Bogle laid out.

What to make of Bill McNabb exiting Vanguard mid-rise, forsaking as much as a $15-million annual salary and what Jack Bogle might have to do with it

The Vanguard CEO played the indexing explosion to perfection and silenced the founder in 2016 as he kept his Malvern, Pa.-based giant on an investor-friendly course

July 14, 2017 – 12:01 AM

John Straus: Other broker-dealers are not experienced in dealing with a wealthy complex client.

Raymond James looks to extend its RIA roll-up success with FallLine deal that gets John Straus off the startup schneid

The St. Petersburg, Fla.-based broker-dealer connected with Steward and this time it gets play at making gains in two weak areas -- serving RIAs and ultra high net worth investors

July 13, 2017 – 9:04 PM

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