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Articles published 9/2018


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Michael Kitces: The first year sucks for everyone.

As many of his RIAs hit critical third year, Michael Kitces uses XYPN Live event to signal his startup's market power is catching up to his mind share

Blogger Kitces and co-founder Alan Moore get buy-in and growing success for hundreds of advisors betting on mass affluent investors

September 28, 2018 – 7:29 PM

Adam Birenbaum: It would be impossible to imagine us making this happen were it not for our colleagues at Focus Financial Partners.

Focus Financial buys $17 billion DFA TAMP for $235 million through its $3.6 billion DFA TAMP

The RIA roll-up adds Loring Ward to BAM with 50% cash down and the rest with Focus common shares

September 28, 2018 – 2:44 AM

Scott Posner only spent a year at IBM but 17 years at BNY Mellon.

LPL Financial hires new 'digital' head of recruiting -- IBM exec Scott Posner -- after the old school approach was leaking oil

Pre-IBM, Scott Posner spent 17 years at BNY Mellon where he rose to executive vice president leading the company’s strategic Initiatives group, reporting to the President

September 26, 2018 – 5:25 PM

Kayla Kennelly: [I] became infatuated with the [Facet] mission. When the opportunity came to take part in it, at a time in my personal life where it made sense, I decided to go for it.

Facet Wealth appoints Mark Tibergien's 'reverse mentor,' Kayla Kennelly, to woo cast-off RIA clients, a boon to a mass affluent strategy that's failed more than once

Kayla Kennelly will play a key role for Anders Jones' startup, which got $33 million of VC money two weeks ago to accelerate its plan to roll-up small, unwanted RIA accounts

September 25, 2018 – 10:31 PM

Norm Boone:  We got four offers.

After attempting LBO and discarding four other offers, Norm Boone jumps into the Private Ocean

CEO of Mosaic Financial shopped around before settling with Greg Friedman, whom he'd long considered a white knight

September 24, 2018 – 8:32 PM

Mike Cagnina: [Muench] understands the industry and the driving forces behind the growing trend of plan sponsors’ shift toward a discretionary investment management model.

SEI goes hard after 401(k) plan sponsors by poaching a star from Northern Trust and bundling him up, but he'll be swimming against market trends

The Oaks, Pa.-based TAMP poached Scott Muench from the $10.7 trillion asset-manager and custodian, ending a nationwide search -- and Muench's 19-year streak at the Chicago-based giant

September 21, 2018 – 11:27 PM

Benjamin Halliburton: There has been less business going through advisor direct in 2017 and 2018 then there was in 2012 and 2013. There has been a tail off.

TD Ameritrade alerts RIAs all referrals of less than $750,000 in assets may stay in-house -- a knock softened by a more RIA-friendly incentive structure

With a treasure trove of Scottrade investors ready to be divvied up, the Omaha, Neb.-based retail and custody biggie moved the minimum up from $500,000 but also upped the incentives a level for a branch broker to refer accounts

September 20, 2018 – 9:22 PM

Rohit Mahna: [There's] a massive convergence as disruptive new entrants are forcing financial institutions to reimagine the entire customer experience across every line of business.

Salesforce's slew of new advisor-focused CRM upgrades gets slammed, while a rival CEO says fresh changes won't 'slow the stampede' of RIAs fleeing the San Francisco giant

A year after Salesforce launches its long-awaited Financial Services Cloud--a financial advisory-focused twist on its CRM software that remains a Fortune 500 darling--the giant vendor unleashed a glut of upgrades

September 19, 2018 – 10:20 PM

Mike Sha: To say it's a busy time would be an understatement.

SigFig tightens its lock-down on UBS's digital fate by absorbing its in-house robo unit and 80 employees, but it's weathering storms on other fronts

The Swiss bank's symbiosis with the San Fran start-up winds ever tighter, but '1,000 banks,1,000 separate versions' hardly lends itself to a plug and play symphony

September 18, 2018 – 5:09 PM

Peter Mallouk: When I reflect back on this journey, there will be one episode I will certainly not recall fondly.

After settling with the SEC for $250,000 over two compliance issues, Peter Mallouk explains what he quietly and painfully experienced as his RIA grew from $15 billion to $36 billion

The CEO of Creative Planning ran into trouble after a local radio host became a client and part of his advertising. The host/client then enthused about his wealth manager well past the SEC's testimonial tolerance

September 17, 2018 – 4:09 AM

David Blundin: We've seen nearly six hundred business plans at this stage, and are reviewing eight a week now.

Oisin's Bits: Casady and Blundin's Vestigo-voyage gathers steam with near $60 million cash-pile; Ethical-robo OpenInvest raises $10.4 million and flips B2B switch, founder lays into mutual funds

In this roundup, Mark Casady and David Blundin's VC-odyssey, Vestigo Ventures, closes its first fund as the duo outline a nine-year strategy, and reveal they pitched in 8.5% of its near $60 million cash-pile; and the socially responsible investment robo-advisor OpenInvest goes B2B, rakes in $10 million of VC funds, gives votes to passive investors, and slams mutual funds.

September 14, 2018 – 9:29 PM


Chris Dupuy: Ex-Focus Financial Exec heading for Rockefeller Capital.

Rockefeller Capital hires Chris Dupuy from Focus Finacial

But can Dupuy help his new boss shake up Rockefeller Capital Management's brand and convince 21st century tech magnates and next-generation middling millionaires to rub shoulders with a Rockefeller brand still best associated with a 19th century robber baron?

September 14, 2018 – 9:12 AM

Richard Steinmeier: LPL has reached a point in its journey where it can begin to engage differently with prospective clients from all market segments.

LPL replaces the great Bill Morrissey with UBS' digital whiz

Rick Steinmeier's hire is timely for LPL CEO Dan Arnold as the post-Mark Cassady game has changed.

September 14, 2018 – 9:03 AM

Jason Lahita: I slowly made myself expendable.

Jason Lahita explains what it means to be true to yourself by stepping aside from FiComm, his booming pr and marketing firm, to rediscover his true passion

Perhaps the best-known RIA PR person out there, Jason Lahita built a firm that grew too big to allow him to do what he loved best--getting in the trenches and crafting campaigns.

September 13, 2018 – 9:12 PM

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