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Articles published 5/2019


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Peter Mallouk: I have the option to release the book with or without Tony’s chapters with any publisher I wish.

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 – 11:18 PM

Matt Crow: 'If there is one consistent story in these RIA rollups, it’s that building them takes longer than anybody expects.'

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 – 4:45 PM

Tony Robbins is no longer a paid pitchman at Creative Planning.

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 – 8:41 PM

Tim Buckley is consistent about wanting to steer the Vanguard ship amid the shoals of financial advice  and past the company's cultural encumbrances that veer to investor self-direction.

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 – 6:16 PM

Ed Higham: It's not despite the employee-model, it's because of it. They see this as another channel.

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 – 2:31 AM

Jud Bergman: We expect ... flat top line revenue for a period of one to as long as three years.

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 – 8:06 PM

Sallie Krawcheck: All this nonsense about lattes and shoes is shifting the attention -- and thus the blame -- for the underlying systemic money challenges women face, to the women themselves.

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 – 4:32 PM

Source: 'Joe [Duran] did everything he could to avoid this.'

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 – 3:03 AM

Thomas Peterffy is building on his legacy by creating a bold RIA strategy at Interactive Brokers.

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 – 9:51 PM

David Solomon: We will pursue partnerships to engage the mass market.

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 – 3:27 PM

Milton Berlinski is bringing 26 years of Goldman Sachs experience to creating a national mass affluent company.

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 – 3:00 AM

Lisa Dolly, "dyed-in-the-wool Pershing" declined to explain her departure -- even in the press release.

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 – 2:18 AM

Bill Capuzzi: We’re entering a wealth management pricing war … [and] firms are realizing legacy custodians can’t deliver … [what] they need to remain profitable.

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 – 7:01 PM

Dan Arnold: I want to highlight our ongoing efforts to transform our culture.

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 – 3:56 PM

Abby Salameh will help Hightower-affilated RIAs to market in her new CMO role

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 – 7:11 PM

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