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Articles published 7/2019


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Bob Sullivan's firm claims Yodlee used a partnership agreement as a 'Trojan Horse' to take his technology

Entrepreneurial firm hits Envestnet with $100-million lawsuit for alleged Yodlee 'Trojan Horse' scheme used to steal proprietary technology

Owner of FinancialApps -- and his famous lawyer -- charge in court papers the Chicago-based outsourcer feigned interest in being a long-term software partner but misappropriated a data app; Injunction and damages sought that would be 'very bad' outcome, analyst says

July 31, 2019 – 4:02 AM

JPMorgan nabbed Frederick Duden from Schwab and then Broadridge re-nabbed him from JPMorgan for his ability to package products in ways RIAs find appealing.

Under new Vanguard whiz, Facet Wealth grows much faster • Broadridge is coming for RIAs, if it can solve channel conflicts • Mark Tibergien kibboshes 'death watch,' says succession shortlist exists • Fidelity's Canter and Schwab's Clark share similar RIA gloom but differ, too

Facet Wealth continues to grow -- thanks to a Vanguard ace, says CEO; RIABiz’s 'death watch' has a long wait, says Pershing's Mark Tibergien; financial technology giant Broadridge steps up RIA game, but Fall deadline may be hard to meet; and David Canter and Bernie Clark, Fidelity and Schwab's RIA heads, respectively, see price peak gloom on RIA horizon.

July 30, 2019 – 5:34 PM

Chip Roame brings equal ardor in leading CEO Summits and leading a sub-culture to mountain peaks.

Skip Schweiss and Chip Roame reward RIA super-hikers with soft beds, sharp rocks and 'junk food' to slog New Hampshire's Presidential Traverse

The Excellent Adventure crew of Tiburon CEO Summit origins glamped it and roughed it on a hike famously dangerous despite low elevation peaks

July 29, 2019 – 7:46 PM

Walt Bettinger: We believe this relationship makes so much sense for everyone involved.”

After Victory Capital shows the way, Schwab antes up $1.8 billion to buy USAA's 'wealth management' and brokerage business -- and an exclusive crack (except for Victory) at the wallets of 13 million members

The San Antonio insurer sweetened the deal by entering into an exclusive long-term referral agreement for 'Chuck' to pitch its insurance faithful

July 25, 2019 – 11:40 PM

Ashish Braganza got a crash course in investments at OppenheimerFunds. Before that he spent five years at Lenovo, which took fading brands like Motorola and IBM PCs and built them back into world beaters.

LPL Financial tries to solve two 'digital' problems with one new hire; the broker-dealer admits high 'friction' with clients for onboarding and matching them to the right annuity

Ashish Braganza puts LPL in to the data game but critics wonder whether the belated hire comes with too small a budget and team

July 25, 2019 – 6:18 PM

Terri Kallsen perhaps never stood a chance.

Walt Bettinger axes current and former Schwab retail chiefs, Terri Kallsen and Andy Gill; funnels responsibilities to Jonathan Craig, for now

The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent 200 top performers to Hawaii on a free junket

July 24, 2019 – 12:53 AM

Tim Hockey: I don't think we disclose it. No, we don't and even if I knew it, I couldn't tell you. But I don't actually know offhand. We don't disclose it, sorry.

TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing

July 23, 2019 – 4:30 AM

Martin Small: We’re wildly focused on them, but they’re competed away instantaneously.

In a summer swelter, In|Vest's feisty crowd throws punches at Schwab; Bernie Clark counters and debate erupts over whether 'digital' makes a difference

The New York City event drew heavyweights. Edmond Walters, Barry Ritholtz, Martin Small, Lauren Radcliffe were among those who skipped the BS

July 19, 2019 – 11:04 PM

Matt Brinker: It is time to look forward so, with a bit of a heavy heart and a flood of sentimentality, I am sharing that yesterday was my last day at United Capital.

Goldman Sachs closes United Capital deal and Matt Brinker, Joe Duran's wingman, exits with social media swan song on same day

The M&A chief's departure from the Newport Beach, Calif. roll-up may signal that its rolling-up days are over

July 18, 2019 – 6:13 PM

Suzanne Siracuse: 'I have been at InvestmentNews for over 21 years and wanted a change and a new challenge'

InvestmentNews publisher walks amid massive staff turnover at UK-based Bonhill Financial Services one year after it buys Crain franchise

Bonhill had 80% turnover in UK division last year; reportedly filling jobs with younger, lower-paid staffers in shift to digital, event focus

July 17, 2019 – 8:08 PM

David Brown is chopping $120 million of inefficiencies from USAA funds and improving service, he says.

Victory Capital squeezes costs out of USAA mutual funds following acquisition, but Schwab may walk off with brokerage, wealth manager in purported $2B deal

With the deal closed, shares of the Brooklyn, Ohio-based holding firm keep skyrocketing as it exploits an asset worth far more than it paid

July 17, 2019 – 3:03 AM

Eric Clarke bought FTJ FundChoice just 15 months ago. With Advizr woven in, he sees his firm 'future-proofed,' for now.

Eric Clarke pays about $50 million for 'monopoly piece' Advizr as Orion sheds some of its 'API utopia' image to shred mega-competitors

The Orion CEO gets Hussain Zaidi's very Silicon Alley firm as key ally; Clarke says Personal Capital, Vanguard and Schwab threaten his RIA clients' futures, as a result new planning software will future-proof their practices -- and his

July 12, 2019 – 1:42 AM

John Bunch took a major role in 2016 when Financial Engines purchased his mutual fund retailer.

John Bunch is out at Financial Engines Advisors after merger integration 80% complete; 'big reveal,' relaunch planned in coming months

The No. 2 man at the $181-billion RIA built a uniform client experience, but now has a chance to be CEO of VC-backed firm based in his hometown

July 11, 2019 – 4:26 AM

Amit Zavery spent 24 years at Oracle before Google. He changes the complexion of Broadridge.

Broadridge CEO Tim Gokey gets Google Cloud's head of platform in his corner as he sets sights on wealth management cloud thunderclapper

Amit Zavery takes a Broadridge board seat as the New York firm--its shares skyrocketing in recent years--adds a wirehouse and makes wealth management a third pillar of growth

July 9, 2019 – 11:33 PM

Karin Risi: We’re deepening our focus on our core priorities.

Vanguard hits back at Fidelity's loss-leader strategy by courting higher-margin businesses, like China and private equity, and axing low-margin ones like annuities -- Wealth management franchises are next -- and Chinese foray yields $315 million AUM in first 100 days, as ANT files blockbuster IPO

The zero-fee scourge of index funds awakened the sleeping Malvern, Pa.-based giant from its predictable destiny and now CEO Tim Buckley is unapologetically showing a willingness to cut losses and seek risk. His Chinese strategy seems to be already paying off.

July 8, 2019 – 7:49 PM

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