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Articles published 6/2019


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Andina Anderson: 'Our technology's unsurpassed capabilities will help provide comprehensive client reporting.'
June 28, 2019 at 1:23 AM

Bob Miller: By 2014 the UHNW reporting market became the target of major well-funded brands.

Private Client Resources does deal with 'barbarians' after one with Envestnet and before CAIS

After CEO Bob Miller executed a turnaround, ex-KKR execs rewarded him with buyout of majority stake -- and wiped away nasty $12-million balloon note

June 27, 2019 at 5:11 PM

Eduardo Repetto: Looks similar but everything is different.

Former DFA CEO, Eduardo Repetto is starting a DFA 2.0 with big differences; it'll sell ETFs, avoid pure indexes and trade on factors year round

The Dimensional Fund Advisors ex-chief joins Patrick Keating, his former chief operating officer at DFA to tackle a crowded market with a niche identified

June 26, 2019 at 3:55 AM

Chuck Schwab: I’m not sure [we’ll stay] … we’ll continue looking at that as a possibility.

Charles Schwab & Co. may skip out of San Francisco entirely with Google, Facebook and Salesforce driving rents and talent costs sky high

Chuck Schwab sounded off by blaming taxes but then admitted free-market forces may push the headquarters back toward Colorado and Texas

June 24, 2019 at 8:07 PM

Shirl Penney: We have deployed capital at over 35 client firms with no issues.

Dynasty Financial was like the roll-up with no financial engineering; now Shirl Penney is hacking capital left and right for an M&A machine and a poaching parlor

The new 'Freedom Note' adds to last month's M&A division rollout and other means to juice inorganic growth -- even with a world of new risks

June 21, 2019 at 10:23 PM

Olaf Janke, the chief financial officer, admitted guilt earlier this month.

Orange is the new black for Aequitas execs as Ponzi nightmare nears end-game with jail time

Olaf Janke is the latest Aequitas executive to earn a ticket to the big house with a guilty plea to conspiracy to commit mail or wire fraud and conspiracy to commit money laundering.

June 20, 2019 at 8:13 PM

Ron Rhoades:  It is one thing to lobby and inform. It is quite another to orchestrate group boycotts, which are an anti-competitive practice.

Ron Rhoades tells Ira Hammerman that his response on SIFMA's behalf failed to address the 'undeniable' -- the threat of boycotts

The Kentucky professor schools the Washington lobbyist on the looming threat of broker-dealers forcing reps to sacrifice their CFP designations -- and questions Hammerman's math on 'one million employees' he claims to speak on 'behalf' of

June 20, 2019 at 6:37 PM

Ira Hammerman: His column ignores entirely the merits of SIFMA’s recent comments about fiduciary regulatory initiatives. [Photo by LAI Video.]

Securities industry lobbyist Ira Hammerman disputes Ron Rhoades claim broker-dealers may restrain trade by threatening to boycott states with local fiduciary rules

The SIFMA executive vice president and general counsel says neither his organization, nor its constituents, runs afoul of anti-trust laws

June 20, 2019 at 2:37 AM

Ron Rhoades says that when brokerage associations (i.e. FSI and SIFMA) and broker-dealers, like Morgan Stanley, offer threatening boycott comments in symphony, that they may very well break the law.

Broker-dealers' new power tactic -- threatening to quit states altogether -- to thwart local fiduciary rules for advisors sure looks like blatant misuse of power

SIFMA, FSI and Morgan Stanley made overt threats to Nevada and New Jersey and CFP Board that have more than a whiff of conspiracy to restrain trade

June 18, 2019 at 10:58 PM

Jim Crowley: 'What is not changing is our strategy.'

In extreme air conditioning, Jim Crowley put industrial strength stamp on Pershing INSITE, but admits his custodian needs to get stronger in end-user software

Pershing COO, who took CEO job in May following Lisa Dolly's abrupt departure, made the event zero in on technology, yet again

June 18, 2019 at 3:35 AM

Bill Hamm: The best laid plans will never happen because it’s the nature of the beast.

After the storm of divorce, LPL Financial leaves Independent Financial Partners diminished in size beyond imagining

IFP only retained a third of the up-for-grabs assets it shared with LPL, but CEO Bill Hamm sees silver linings

June 17, 2019 at 9:40 PM

Gary Wilder: We see ourselves over the next five years growing substantially. We have access to significant capital and we will allocate it where we can achieve the best [results].

With fresh eyes or false expectations, Kingswood Holdings sets sights on US advisors by buying the small, forgotten IBDs that hold their assets

The UK-based roll-up pushes a US reset button (to perhaps push alternative products) after iterations of the group back home wrestled with debt, acquisitions, new owners, products, heavy losses, numerous CEOs, and a stop-start reboot

June 14, 2019 at 9:17 PM

Lori Hardwick: It was me yearning for more.

Lori Hardwick steps down as AI Labs president and steps up as a gunslinging paladin for Riskalyze and other firms in new gig economy consulting role

The co-founder went to the Tiburon CEO Summit in April and came away with four big consulting gigs that morphed into a new career

June 13, 2019 at 2:48 AM

Pete Giza: You look at any portfolio accounting management system today, it’s archaic. I don’t care which one you choose ... [They're] being left in the cosmic dust.

Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?

The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader

June 11, 2019 at 9:49 PM

Bob Oros:  'We want aligned interest. We want to make sure we're both motivated.'

HighTower spent at least $100 million to buy the love [and revenues] of its own advisors, a key sign an IPO or sale is taking shape, industry observers say

The Chicago roll-up paid top dollar to get virtually all its partners on board and to keep all dealing on the down low as it completes conversion to RIA roll-up from boutique wirehouse mode

June 10, 2019 at 11:20 PM

Maria Daley is heading for greener pastures closer to sweet home Chicago.

Last year's RIA chief departs Raymond James after ship sails without her at helm of RIA unit, leaving her anchored to COO role

Maria Daley took the reins after Bill Van Law's unexpected departure, but Greg Bruce came on in March to lead RIA Unit, a job she held on interim basis

June 6, 2019 at 2:16 AM

Ben Cushing: [Larry] Fink likes to portray himself and his company as being a leader on [environmental issues] ... [but] you have to ask what actions the company is taking to actually back those words.

Oisin's Bits: Sierra Club slams Larry Fink's 'lip-service' to green future • Pre- VC raise SmartRIA is winning an RIA a day. Brian Hamburger counters: 'What happens when the tide goes out?' • Eric Clarke pairs up with Raj Udeshi's HiddenLevers

The un-wowed greens question BlackRock's white hat act ; SmartRIA doubles in size on flood tide; Orion gets business intelligence for RIAs from the guy in spat with Envestnet

June 5, 2019 at 8:59 PM

Bill Jones says the sale to Focus allows it to get better without sacrificing independence.

Focus Financial deal for white-shoe New York City RIA adds $7.7-billion of AUM, but Focus stock remains mired in the doldrums on Wall Street

The New York roll-up makes partner of Williams, Jones & Associates, a firm of 38 employees including 14 advisors

June 4, 2019 at 4:15 AM

David Hou experienced another seven-year itch and dumped First Republic Bank.

UPDATED: In massive break, $17B 'Luminous' team at First Republic departs en masse to form two separate RIAs --in LA and Foster City, Calif.

David Hou, $4.4B, Mark Sear, $2.9B, Robert Skinner, $4.1B, Alan Zafran $3.9 billion and Eric Harrison $1.9B are forming Evoke Wealth in Los Angeles and IEQ Capital in Monterey, Calif.

June 3, 2019 at 6:25 AM

Founder and CEO Matt Hamilton is putting the finishing touches on his firm so it can start purchasing RIAs

Matt Hamilton gears up to grow $900 million a year til 2027 when most CEOs look forward to retiring, but only banks, not PE investors, are invited to fuel deals

The 64 year-old's Hamilton Capital, a $2.5 billion Ohio RIA, has hired a COO, put out an RIA custody RFP and added Orion -now it just needs the right loan

June 1, 2019 at 7:12 PM

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