Articles published 5/2019
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Peter Mallouk gets control of latest book he co-wrote with Tony Robbins. He can chop the two-chapters written by Robbins and choose a different publisher
Creative Planning CEO says he postponed publication and choice of publisher; BuzzFeed reports Simon & Schuster dropped book from Web site; publication date in doubt
May 30, 2019 at 11:18 PM
What's wrong with this branding picture? Goldman Sachs takes a limo ride to the mass affluent market by flashing big cash for United Capital
Will Goldman Sachs pay 18-times EBITDA for your RIA? No, but Goldman’s United Capital buy suggests the consolidation winds are shifting
May 29, 2019 at 4:45 PM
Exclusive: Creative Planning's split with Tony Robbins was in the works well before self-help guru's sexual misconduct allegations, says Peter Mallouk
The CEO of the $38-billion Kansas RIA calls the severance an 'amicable' outcome after six months of talks in part sparked by shift to M&A strategy.
May 24, 2019 at 8:41 PM
Vanguard jilted RIAs 16 years ago. Now its CEO Tim Buckley is green-lighting RIA custody again -- with bells, whistles and added urgency
In a series of emails last week, Vanguard was coy but said its retail RIA platform for 600 staff advisors is getting retrofitted for non-Vanguard RIAs; the potential is huge and the potential pitfalls may be even greater, analysts say
May 23, 2019 at 6:16 PM
LPL Financial jumps into the full-service brokerage business via acquisition -- with help from Raymond James' Silver Lane Advisors
The San Diego-based independent broker-dealer will pilot captive model with purchase of $3-billion, 30-broker Allen & Co. as launching pad
May 22, 2019 at 2:31 AM
With Anil Arora gone, Jud Bergman comes clean with Wall Street about the need for cleaner, more API-friendly Yodlee data -- causing investors to pare Envestnet shares by 6%
The 19-year chief of the data aggregator left behind Yodlee accuracy and API access issues, but ex-Tamarac chief Stuart DePina can get it on 'the longer road to get to the ultimate destination' by making Yodlee accurate, accessible, useful and profitable
May 21, 2019 at 8:06 PM
Oisin's Bits: Sallie Krawcheck defends latte-spending after high-net-worth pivot • Black Diamond surges past $1 trillion • Fieldpoint loses $400 million book of business to HighTower RIA sparking war of words
Sallie Krawcheck rails; the Jacksonville portfolio management firm dwarfs Advent; and a HighTower RIA airlifts $400 billion from Fieldpoint, sparking strong words
May 20, 2019 at 4:32 PM
Joe Duran's sale to Goldman Sachs achieves impressive goal but at the expense of his far grander dream; Will Goldman leave him outside looking in?
For years, the United Capital CEO sought a financial partner that would carry his firm to a multi-billion dollar IPO and him to greatness. In the end, he settled on the high bid and murky role inside a Wall Street machine
May 17, 2019 at 3:03 AM
Interactive Brokers, the Mouse that roared, fires shot across the bows of Schwab, Fidelity, TD and Pershing over RIA custody: 'The market will catch up to our vision'
The $34.2-billion Greenwich, Conn.-based RIA custodian is allowing advisor firms with multi-custody to use its software for all assets, going way low on price and way high on technology, saying the Big Four aren't as mindful of RIAs battling fee compression
May 14, 2019 at 9:51 PM
Goldman Sachs readies splashy RIA retail debut as it (likely) adds $24-billion United Capital to $35-billion AUM Ayco for $59-billion 82 office behemoth; months after buying RIA lure from S&P
The $800-million acquisition follows the New York investment bank's March purchase of S&P's model portfolio business, $33-billion of assets managed largely for RIAs
May 13, 2019 at 3:27 PM
With the DOL rule dead, 'the door is open' and Reverence Capital buys Advisor Group, which unites AIG's old annuity salesforce and Voya's rebranded annuity factory
Reverence Capital, which also holds big stakes in Russell Investments and USAA mutual funds. jumps at chance to own a 7,000-person sales force
May 10, 2019 at 3:00 AM
What to make of Pershing CEO Lisa Dolly's surprise exit and the sped-up entry of 35-year Pershing veteran Jim Crowley
When Dolly and Lori Hardwick were promoted, bing, bing, in 2016, Pershing experienced a lift but here comes 'charismatic' and 'RIA-familiar' Jim Crowley
May 9, 2019 at 2:18 AM
Apex Clearing's Bill Capuzzi is counting on its API edge and model pivot to power past enterprise-level losses and gets vote of confidence from top Pershing poach
The CEO begins to shed image as upstart custodian for the robo first wave and mature. Lucille Mayer and Hannah Grove join from Pershing and iCapital, respectively, to help Bill Capuzzi's firm do just that.
May 7, 2019 at 7:01 PM
LPL shares skyrocket 13% to record gain, topping out at $83.60, after CEO proclaims 'cultural' revolution, reveals plan to squeeze ETF providers and gets $30B of recruited assets 'digitally'
LPL Financial adds near $1B in market cap after Dan Arnold says ETF commissions will drop 80% with revenue made up by selling shelf space to ETF makers
May 6, 2019 at 3:56 PM
New-look Hightower hires Abby Salameh and takes a 'Hurley-style' stake in a $4.8 billion DFA RIA
The Chicago roll-up gets a chief marketing officer who gets RIAs as it becomes part-Dynasty, part- Fiduciary Network in adopting a very 2019 deal structure for LourdMurray
May 3, 2019 at 7:11 PM
Brooke's Bits: TD Ameritrade fake-punts 401(k) business to Broadridge • Vanguard shows it doesn't need lowest fees to dominate • Despite USAA investor grumbling, Victory Capital publishes a closing date for the fund franchise purchase and its shares keep soaring
The Omaha, Neb.-based custodian swears it still has RIA backs on 401(k)s; Vanguard takes half of inflows Q1; USAA's orphaning of its investors is still on track to giant shareholder returns for the buyers
May 2, 2019 at 4:36 PM
Ron Carson joins elite club; he's spotting $80M for his own shiny headquarters with Silicon Valley perks; but if he builds it, will the talent come... to Omaha?
The $9.6 billion RIA-TAMP owner is both a pioneer and hopping on a Midwest mini-trend where TD Ameritrade, Peter Mallouk and Orion led the way
May 1, 2019 at 5:12 PM
Peter Mangan and wily Dan Skiles host pre-elite RIAs on their Torrey Pines turf with bragging rights and a sense of SSG style
Shareholder Services Group's 1,600 hundred strong advisor army marches on its stomach as it racks up three firms a week without much marketing and few retail branches
