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Articles published 11/2019


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Pristine, spacious, cheap and sterile, Schwab now has a Silicon Valley-style super-campus but it's not in San Francisco, Omaha or San Antonio.

Schwab's headquarters shift to Texas amid TD Ameritrade merger seems to please nobody -- outside the Dallas Chamber of Commerce--Omaha feels especially omitted

Paper benefits -- no income tax, low corporate taxes, cheap labor, cheap space -- abound, but no Schwab, TD or USAA execs are committing to working there

November 28, 2019 – 4:56 AM

Walter Bettinger: 'There may be some re-papering required and some where it’s not required.'

Walt Bettinger sugarcoats nothing to TD Ameritrade RIAs about re-papering or technology and he calls 'modest' the importance of RIA revenues to Schwab

The Schwab CEO stressed his soon-to-be Fort Worth, Texas-based firm's emerging alpha status: 'We're on offense. We press those advantages'

November 26, 2019 – 2:09 AM

Ron Tamayo: “If the merger is approved, we’re adamant that we’ll be looking for another custodian.

Schwab's reported TD Ameritrade deal leaves 10,000 RIAs in twilight zone as weekend begins with an unconfirmed, undenied merger report causing many to weigh options

The RIA custodians are apparently merging despite view that separate ownership and approaches are the big reasons for parking assets there

November 23, 2019 – 9:17 PM

'Chuck' Schwab recently called takeout of a discount brokerage rival a 'logical conclusion' and promised to strike at the 'right' price.

Reported Schwab-TD merger is a 'blockbuster' combo that creates a 10,000-RIA, $2-trillion custody juggernaut and may signal long-expected industry shakeout

The San Francisco and Omaha companies were the fiercest of rivals, so everybody presumed E*Trade would be the next domino to fall.

November 22, 2019 – 1:49 AM

Ed Mercier: Purchasing the broker-dealer from Edelman helps ensure that we can continue to work with our RIA partners without subscriptions or contracts.

How Edelman Financial Engines spin-off deal became a RetireOne engine that's heating up the RIA annuity game again

The fee-based annuities marketplace of Aria Retirement Solutions adds Edelman's broker-dealer, 6,000 clients, 'hundreds of millions' in client assets and an old hand

November 20, 2019 – 10:19 PM

James Gold: We all know that capital tends to dry up. We’re fully capitalized and ready to go.

After hockey-stick 2019 AUA growth, and a half-pivot to 1099 model, Steward Partners gets first $50 million of external capital

The Raymond James-backed roll-up spikes from $5 billion to $13 billion and gets more of an IBD model tacked on and the co-founders move past a legal dispute for now

November 19, 2019 – 4:24 AM

Brian Hamburger: We have great speakers who didn't ask for anything in return.

Brian Hamburger gets Bill Crager, Joe Duran and a top Schwab executive in swing for 'insider baseball' feel at MarketCounsel Summit

RIA feedback guided toward less 'wow' factor and more RIA behind-the-curtain stuff and the golden oil that lubricates all events -- more recess to mingle and schmooze

November 18, 2019 – 10:36 PM

Bill Crager: It's very hard to understand what happened. The word shocked breathtaking stunned don't describe it.

Interim CEO Bill Crager no-comments sale rumors but affirms 'leadership clarification' is coming soon as Envestnet quickly converts 100 PortfolioCenter users to Tamarac

In first quarterly meeting since Jud Bergman's death, wingman Crager had good news that includes major deal with Equifax

November 14, 2019 – 11:31 PM

Jim Shanahan: As we begin to de-lever in 2020, with the goal of operating within a range of 3.5x to 4.5x, we will balance growth with managing our capital resources.

Focus Financial CFO admits firm needs to 'de-lever' and assures analyst $14-million splurge for posh new offices won't soon repeat

Jim Shanahan say his New York-based roll-up will attempt to get to 3.5 debt-to-equity ratio and critics wonder whether that is signal of weak pipeline of deals

November 13, 2019 – 3:30 AM

Brad Armstrong: Now, there are more than 100 employees and that usually warrants a different partner for a different stage of the journey.

Lovell Minnick crashes the RIA party with purchase of $15 billion RIA -- a big sale for post-Hurley Emigrant Partners

The Philadelphia-based investor also made owners of dozens of staff of 100-person Pathstone Federal Street.

November 12, 2019 – 4:05 AM

Ken Fisher: The 91% portion of the firm that's growing more than makes up for the declines cited in media.

Ken Fisher goes back on offense by attacking 'completely false' media claims and letting readers know the lost $4-billion of assets were easily replaced

The founder and CEO of Fisher Investments used op-ed in local Washington paper to move past the apology phase and signal strength

November 9, 2019 – 4:55 AM

Rachel Schnoll: I’m confident we have a solid foundation.

Goldman Sachs & Co. appoints Rachel Schnoll to yank off United Capital band-aid that Joe Duran didn't -- making FinLife work with non-UC applications

The New York-based investment bank has the cash and people to do the combinations -- especially Goldman software -- that the roll-up's founder couldn't afford or didn't want to advantage

November 8, 2019 – 4:52 AM

Eric Kittner: 'If you look at our presence in St. Louis, we want to replicate that size, scale and brand in any market we go.'

Moneta Group got to $24 billion of AUM with an all-St. Louis strategy; now it's licensing Orion software to replicate its 325-employee act in Denver

To keep adding $2 billion annually, 150-year-old patriarch got 'disruptive' software,' a new RIA in Denver, Colo. and plans to reap its second HQ's home cooking

November 6, 2019 – 11:35 PM

Charles 'Chuck' Schwab: I grew to hate the whole idea of limits.

Charles Schwab, a true American oligarch, shows no signs of slowing at 82, throwing his substantial fortune behind Donald Trump, hard-right politics and his continuing financial services revolution

The billionaire is dumping San Francisco's liberal warrens for full-time residence in the exclusive enclave of Atherton, Calif., where he'll rub shoulders with other billionaires.

November 5, 2019 – 3:35 PM

Walt Bettinger: I don’t know that I’d go so far as to say that we’re committed to letting anyone and anything on to our platform without regard to the economic implication.

Charles Schwab & Co. makes mutual fund owners fume by denying access to critical RIA asset data; some call it a 'cynical power play;' Schwab calls it a OneSource streamline

CEO Walt Bettinger tells analysts profit-taking and fund consolidation could be looming after $400 million hit from zeroing-out commissions.

November 1, 2019 – 7:42 PM

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