News, Vision & Voice for the Advisory Community


Articles published 2/2019


Publish date

Edmond Walters: What PCS needs is a voice that can help amplify their message, and I have a voice that’s heard by this community ... [but] the most important thing to know here is that I pursued them!

How $7B Professional Capital Services is trying to out-nimble, out-RIA $188B Ascensus but with Edmond Walters there to carry a big stick

The eMoney founder joined the Philly TPA's board to oversee a PCS that hires madly, rewrites software, RIA-izes its services and develops marketing punch

February 28, 2019 – 12:41 AM

Jud Bergman: “We expect the insurance exchange will be a solid contributor to our growth in subscription based revenue in 2019.

Envestnet shares spike, but fundamentals reassure Wall Street, rather than big future annuity profits, gaining 2,300 Schwab RIAs on the cheap and diminished Yodlee pain

Replicating SMA success on insurance side and tripling Tamarac customers is exciting but analysts may be more attuned to earnings growth and billions in 'conversions' to subscriptions

February 27, 2019 – 7:14 AM

Peter Mallouk: Brad called us and we don’t even have an acquisition team. That speaks volumes about both the kind of leader Brad is, and about the kind of firm that is going to attract an owner/advisor.

Peter Mallouk goes inorganic with first M&A deal as he raises the bar on growth objectives for Creative Planning

The CEO of $38-billion firm is starting M&A offensive with a $500-million Minneapolis RIA right after launching giant national TV advertising campaign

February 26, 2019 – 2:27 PM

Andrew Salesky: Our top priority is meeting advisor needs with the best solutions, including proprietary capabilities as well as integrations with third-party providers.

Schwab Advisor Services tosses its PortfolioCenter platform to Envestnet, in what amounts to a 'defensive' deal for both, insiders say

The deal adds 2,300 Schwab PortfolioCenter RIA users to Tamarac's 1000 mostly high-end users, with a promise of easier migration (maybe) to the cloud

February 22, 2019 – 2:25 AM

Shuang Chen: We’re the opposite of commoditized.

How Shuang Chen vaulted his 2015 planning start-up into MoneyGuidePro and eMoney contention by finding a 'Goldilocks' niche neither too light nor too heavy

His Right Capital just raised $3.7 million for a bootstrapped software firm that inked deals with firms like Commonwealth, Betterment and XY Planning

February 21, 2019 – 10:11 PM

Robert Moore: I have been dealing with a health issue that has continued to require treatment .

CEO Robert Moore's abrupt departure from Cetera for 'health reasons' throws dark clouds over ambitious expansion plans for star-crossed broker-dealer

The official version is health concerns but people close to the firm cite Moore cross swords with Genstar; ex-Schwabbie Ben Brigeman steps in as CEO search launches

February 20, 2019 – 7:24 PM

Shirl Penney: 'It's a big deal and I had to lead it myself.'

Shirl Penney flies south, taking Dynasty Financial Partners to St. Petersburg in advance of a hiring spree, but won't kiss-off the Big Apple just yet

The CEO and co-founder is taking his firm to Raymond James' hometown, where he hopes to tap local talent and recruit some snow birds, as well

February 19, 2019 – 3:00 PM

Bob Miller: Like almost every firm in the space, we use professionals to assist in executing on these capital raising efforts.

Oisin's Two Bits: Private Client Resources hires bankers, but not, CEO says, for an exit; TD Ameritrade does eight account-opening deals with vendors

The UHNW software firm of Quovo aspect characterizes banker hire as capital search; TD is working to make open API an edge in digital account opening

February 15, 2019 – 11:13 PM

Michael Kitces: The AUM model happens to be remarkably robust and scalable… it doesn’t work when all financial advisors converge on the same model at the same time!

Michael Kitces names his price for RIAs to charge the other 80% of investors and it's a 1% fee but on income, not 1% on assets under management

The Columbia, Md.-based guru and entrepreneur sees a seminal shift in the industry -- and a life raft from dependence on the AUM fee model -- because a critical statistical mass of advisors are converging on a rate where consumers see value

February 14, 2019 – 11:39 PM

Ken Fisher: You have to be pretty lonely to succeed.

Ken Fisher hits a milestone of $100 billion of AUM and $1 billion of revenues but faces a new challenge: How to grow a mature firm with competitors yapping at his heels

The Fisher Investments founder says the law of large numbers is now working against him, but he's spending furiously on reinvention, and 'nothing is sacred'

February 14, 2019 – 4:01 AM

Jeff Carney: Personal Capital is uniquely positioned with its offering of smart technology accompanied by human advice for mass affluent and high-net-worth clients.

Power Financial, Jeff Carney and Personal Capital tighten bond with $50-million cash raise-- not that it needed the money, says CEO Jay Shah

The $154-billion AUM in Toronto headed by Schwab's ex-retail chief who sits on the board under Charles Goldman and the $8.5-billion Silicon Valley virtual advisor have been close since 2016

February 12, 2019 – 8:50 PM

Noah Kerner: Bringing the power of CNBC and its capabilities to our customers ... this is going to elevate everything we're doing.

NBCUniversal and Acorns join forces in $105-million mega-round in play to make two millennial quagmires into one big monetization play

CNBC is desperate to attract millennial viewers and the robo-advisor needs to make 4.5 million micro-accounts profitable and the result is an unconventional pairing.

February 11, 2019 – 11:53 PM

Jason Lahita: I made some bone-headed first-time business owner mistakes that I would have loved a mulligan on, but that’s not how the game is played.

Jason Lahita ends four-month exile with mission to turn 127 OSJ reps into small media brands by pulling rabbits out of his hat

After leaving the RIA public relations firm he co-founded in 2012, the longing of the FiComm founder to get back into the day-to-day media melee took him to a relatively unheralded LPL office of supervisory jurisdiction.

February 7, 2019 – 6:21 PM

Dan Arnold: I think, you also see, with maybe some progress on the regulatory front, more willingness to use brokerage with existing -- existing advisors using brokerage as a potential solution to help clients.

LPL Financial shares zoom to all-time high of $77, after new CEO lets brokers sell like hell, and RIA custody and OSJ contracts achieve new balance

Dan Arnold steers Fort Mill, S.C. IBD giant on walk-and-chew-gum course that allows for juicing annuity sales, rebuilding RIA fee platform and squeezing more profits from less revenue

February 7, 2019 – 12:13 AM

Bob Edmonds and Bob Curtis proudly teaming up sent tremors through the competorati.

T3, held in two-cow town, churns out big news -- much of it about Apprise Labs, RightCapital debuts-- as industry shifts to planning from portfolio management

Joel Bruckenstien lured the RIA world to low-cost Denton, Texas and the RIA world brought stories of breakthrough deals, data and Clever domes

February 6, 2019 – 4:42 AM

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