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Articles published 11/2018


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Oriana DeRose: We are ready to build a national sales presence and develop deeper relationships with our rapidly expanding client base.

RIA in a Box gunning for top-notch staff as it readies for Aquiline-fueled roll-up binge, targeting old-school, mom-and-pop compliance competitors

With Ascensus also in its portfolio, Aquiline is showing a penchant for taking dull, fragmented, unloved wealth-management niche businesses and rolling them up into sexier firms

November 29, 2018 – 11:54 PM

Bill Crager [to InvestmentNews]: Will BlackRock investment products benefit? Probably.

BlackRock buys Envestnet's love for $123 million to crack its 'open-architecture' platform and sets stage for another juicy Envestnet acquisition

The $6-trillion New York mega-manager buys 5% stake in the $2-trillion Chicago clearinghouse to get most-favored-vendor status in 'open architecture' environment

November 29, 2018 – 1:20 AM

Frank Bonanno: With an interest rate environment that was at or near zero for many of those years, it didn’t make sense for us to get into the financial intermediary business. We expect the “boom!” in the coming months.

StoneCastle storms into RIA market with high-yield, FDIC-insured accounts in direct challenge to MaxMyInterest for the title, King of Cash

Putting a target on the back of MaxMyInterest, StoneCastle teams up with US Bank to bring 'sheer size' to RIA cash management

November 27, 2018 – 9:56 PM

Josh Vail: To grow on top of that takes a little bit more elbow grease.

361 Capital has eight-year asset rise from $100 million to $1.7 billion then makes two people moves after net inflows slow to trickle

The liquid alts provider is a beneficiary of referrals from Lovell Minnick, which owns a stake, but will need to apply 'elbow grease' to marketing to keep pace with redemptions and the law of large numbers

November 27, 2018 – 6:10 PM

Karl Heckenberg: Emigrant had an opportunity to either be a buyer or a seller here, and we chose to be a buyer despite the fact that we’re in the tenth year of a bull market.

Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine

The billionaire-owned New York bank eschewed the quick buck of a top-of-market sale to bet Karl Heckenberg can make Fiduciary Network function even better as its new CEO

November 22, 2018 – 12:07 AM

Edmond Walters: This is not just an application that finds content on other websites and then links clients out to those news sites, many with paywalls and all with advertising. Anyone can do that.

Edmond Walters jumps aboard RIA software fast-riser, rolls up sleeves and takes new tack on perceived Vestorly void

eMoney founder joins AdvisorStream as director, a misnomer insofar as the 55 year-old is deeper involved than the show-up-for-croissants quarterly title suggests

November 21, 2018 – 7:21 PM

Ralph Pahlmeyer: The shift in strategy that I'm heading up, and the reason why I'm now CEO of the company, is that I'm now focused on licensing our technology versus selling our market automation platform.

With Justin Wisz gone, Vestorly's new CEO jibes to algorithm licensing tack, wins Hootsuite and knocks old model, saying market is saturated by competitors

Ralph Pahlmeyer will play to his firm's sifting strengths, seek enterprise deals and think more like a software executive

November 21, 2018 – 7:09 AM

Kevin Gray: We’ve had many clients reach out to us and now we can call them.

Lisa's Bits: Goldman Sachs's $35-billion RIA loses nine more advisors who form Veracity Capital; Mariner makes biggest-ever RIA deal of $2 billion; Focus stock is steady in rocky market and gets 'F' rating from Schwab

In 2018 Goldman Sachs has seen more than a dozen advisors jump ship over to form RIAs; Bicknell rejuvenated RIA shows off spring-loaded M&A; Focus Finacial shares take on water but weather storm

November 19, 2018 – 9:19 PM

Bob Reynolds: Ex-Fidelity veteran is taking on his old firm for 401(k) rollover assets.

Bob Reynolds -- 11 years after leaving Fidelity -- is going after its fatter margins with a beefed-up virtual RIA

The Empower CEO will add 300 fiduciary advisors and apply a Canadian robo and Apex Clearing custody to de-clunk the underwhelming existing rollover

November 19, 2018 – 8:26 PM

Brian Hamburger (left): I don't want people up there patting each other on the back.

Brian Hamburger convinces his FSI nemesis to debate him in Las Vegas, after trips to San Francisco and Washington

The pressure to create fireworks for a big, bright line-up of 'faculty' and attendees meant finding common cause with Dale Brown based on their lack common ground about how advisors should be regulated

November 17, 2018 – 12:22 AM

Susan Colpitts: We are fortunate to be able to expand the use of our professionals' expertise.

Signature Family Wealth Advisors, loses a founder and sells to the original 'Alex. Brown' $67-billion RIA

Founded in 1994 by Anne Shumadine and Susan Colpitts, the Norfolk, Va.-baased RIA has $4.3 billion of assets to tuck into Brown Advisory with its more Old Boy culture

November 16, 2018 – 10:07 PM

Abby Johnson looks awfully smart after free index funds take off

Abby Johnson finally breaks through the glass ceiling at Fidelity Investments and now she's busy taking big-time -- if calculated -- risks worthy of her father's legacy

Like father, like daughter? Fidelity CEO Abby Johnson shows all the signs that she's determined to leave her mark on the family's $7.2 trillion financial dynasty

November 14, 2018 – 10:06 PM

Louis Diamond: Cetera [isn't] unstable, but new ownership is a time for advisers to reevaluate.

Oisin's Bits: Focus Financial shares crater after Rudy Adolf's answers to analysts fail to mollify; RIAs get negotiating boost as T.Rowe 'proves' plans boost profits, but is it a fallacy?; and Genstar's tenure as Cetera' owner has started with a bloody nose, despite more than half a billion inflows

Roll-up model meets Wall Street analysts; T.Rowe Price’s latest report posits that 401(k) plans are a rocket for corporate profitability; and private equity firm Genstar Capital's deep pockets have so far failed to turn the tide in Cetera's bitter rivalry with LPL

November 13, 2018 – 10:30 PM

Joshua Pace: Until you have a big brand, it's hard to grab their attention.

E*Trade gets Ric Edelman as an RIA custody client in 'expansive custody relationship,' but don't ask what that means

The New York-based online broker will fuel Financial Engines with referrals and house the assets with Trust Company of America unit

November 12, 2018 – 10:10 PM

Dan Arnold:  An unauthorized user appears to have gained access to personally identifiable information. The incident, which is under investigation, impacted several of the vendor’s [Capital Forensics] customers, including LPL ... We deeply regret this unfortunate security incident.

Oisin's Bits: LPL hacked through Capital Forensics' breach, leaks personal info, account numbers; Victory Capital's shares spiral higher on USAA buy; Kore Alliance goes to teaching UHNW kids thrift; Lightyear Capital’s mini roll-up keeps buying, nearing $10 billion target

The year-old non-profit groups 50 ultra-high-net-worth family offices into the Kore Alliance; and the Lightyear Capital-owned roll-up Wealth Enhancement Group makes its third acquisition this year bringing it closer to a $10 billion client assets target.

November 9, 2018 – 7:46 PM

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