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Articles published 6/2019


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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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 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 – 11:20 PM

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