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Articles published 9/2019


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Peter Mallouk: 'They have better onboarding software, communication software and reporting.'

Jilted once, Creative Planning gets Personal Capital's former 401(k) company, simplifies its ADV and cuts a remaining Tony Robbins thread in the bargain

CEO Peter Mallouk now has the onboarding software he coveted and the chance to make his $43-billion RIA hum in the micro-plan market

September 27, 2019 – 1:17 AM

Jay Lipman: Ethic empowers advisors to seamlessly become sustainability experts.

Fidelity Investments inks deal with $180-million startup RIA (that it partly owns) to convert RIA clients into agents of ethics

The Boston giant's deal with NYC-based Ethic will encourage RIAs to replace ETFs and mutual funds with direct indexing that weeds out holdings out of step with firm and client values.

September 25, 2019 – 9:36 PM

Todd Thomson: In the past 12 months, it's become more of a normal [hands-off] chairman role.

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.

September 24, 2019 – 2:02 AM

Dermot O'Mahony: Anyone who tells you that they can predict, with 100% accuracy, how a particular account will perform in 15 year’s time is either a charlatan or a time traveller.

After Orion, Fidelity and Envestnet paid big for planning software, Morningstar finesses a DIY planning hack for Workstation; Black Diamond is also trying finesse to counter the continuing planning software grab

The portfolio management giants spent a combined $800 million; Now Morningstar has Goal Bridge and SS&C assures it is keeping even in planning race

September 20, 2019 – 4:29 PM

Chris Thom may be Schwab's third high-level executive cut on the retail side as house-cleaning continues.

Head of Schwab Private Client is apparent casualty as Charles Schwab slices $100 million in expenses by pink-slipping 600 staff in face of interest rate 'time bomb'

Schwab executive Chris Thom let go by Schwab as part of its efforts to reduce its workforce by 3% this week, a source says to get ahead of an expected Fed rate cut that will slash revenues.

September 18, 2019 – 4:39 AM

Michael Kitces (and Alan Moore): 'We think we have a better case for standing [than the states.]'

How Michael Kitces' and Alan Moore's plan to sue the SEC on XY Planning's dime -- on behalf of all RIAs -- is a good business risk and a sign of possible FPA impotency

With more than 1,000 RIAs in its network, the Columbia, Md., super-blogger and his Montana-based partner get lawyers to accept a flat fee after the Financial Planning Association punts allowing a critical deadline to pass

September 17, 2019 – 3:24 AM

Michael Cohan: No information can be revealed at any point, lest laundering proliferate unchecked and unabated around the cosmos.

Wealthfront busts through $20 billion mark with its 'break things but make it happen' approach, but it's bedeviled by details when it comes to customers

CEO Andy Rachleff near doubles assets with high-interest paying robo-bank as new tailwind, but with brand risk as customer service may not be keeping pace, according to one cautionary tale.

September 15, 2019 – 2:42 AM

Melissa Loner will serve as the CCO of Independent Financial Partners
September 12, 2019 – 10:40 PM

WealthStack was staged in a desert setting that Bugsy might approve of.

The 7 best quotes at WealthStack not uttered by Peter Mallouk, Joe Duran or Barry Ritholtz

The RIA business's traveling roadshow set high standards for chatter in Scottsdale, Ariz.'s high heat and generated a surplus of quotes

September 12, 2019 – 3:07 AM

Joe Duran (with interviewer Josh Brown): You (RIAs) have no distinct offering that makes people want to go to you.

Peter Mallouk and Joe Duran described the RIA business like they were from two separate planets, spinning heads at WealthStack

The Creative Planning CEO sees green pastures but for the United Capital manager 'the golden era is over' with Goldman Sachs there to pick up the pieces

September 12, 2019 – 3:00 AM

Oleg Tishkevich: The confidence level is extremely high, there is no downside, [and] we already have substantial interest.

Oleg Tishkevich builds instant McKinsey-killer in RIA consulting by offering gigs and equity to six solo stars, but good luck managing egos and economics, says someone who's been there

The restless Invent.us founder names (thus far) Tim Welsh, Suzanne Siracuse, Gavin Spitzner, Mark Hollingsworth and Brian Bleasdell as owners in exchange for being on call to tackle big gigs as a superteam

September 10, 2019 – 10:52 PM

Dan Seivert: While only 3% of the total population, billion-dollar plus [AUM] firms control 56% of the assets .

RIA buyers charge to Newport Beach moaning a familiar refrain: Not enough sellers! Yet, not one believes that RIA M&A is a bubble... much

Roll-ups, serial buyers and merger-minded RIAs still want to deals but fears creep up -- especially for $1B-plus AUM RIAs -- too much money is chasing too few deals.

September 9, 2019 – 9:00 PM

Walt Bettinger has a reputation for being a safe pair of hands, but by ignoring crypto-currencies, he's risking getting left behind.

Schwab dismisses crypto currencies as 'speculative' and too insignificant for its RIA platform as rivals stake out turf for the coming boom... or is that bust?

CEO Walt Bettinger spurns growing crypto-custody trend, but observers say the custody giant is sleep walking through innovation while other firms plow ahead.

September 7, 2019 – 4:01 AM

Grove co-founder Chris Doyle sold Grove to Wealthfront but competitor Facet Wealth purchased the clients

Wealthfront purchases startup Grove, but deals clients to Facet and drops subscription pricing; instead it's gobbling up talent and tech

The $13.5-billion robo-advisor buys 'subscription robo' but the deal is about 'automating' and giving Grove's founders a home

September 4, 2019 – 8:14 PM

Craig Hawley says RIAs will buy more fee-based annuities under more pain-free conditions.

IRS alleviates suffering of RIAs who use fee-based annuities by ending the need for an excruciating tax conversation that brought their own fees into focus

RIA clients practically needed a CPA to understand the tax and the compassion of a mystic to accept it with aplomb; the Internal Revenue Service took pity

September 3, 2019 – 9:59 PM

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