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Articles published 1/2020


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Tom Nally: 'We are not letting up.'

TD Ameritrade hedges its bets that Schwab can swallow it whole as DOJ letter lands, LINC 2021 gets planned and TD pledges it'll go 'full tilt'

The Omaha, Neb.-based firm is ready to combine with Charles Schwab & Co. if need be but ready, too, to remain its nemesis until anti-trust hurdles dissipate and the ink dries.

January 31, 2020 – 2:10 AM

Greg Matusky: 'The game plan is to double and triple the size of the company.'

Private equity firm backs Joe Anthony RIA PR build-out to the tune of $7 million -- with the green tied to the Boston Celtics

GregoryFCA started thirty years ago as a generalist, then zeroed in on RIAs; now, it's flush with Copley Financial Partners funding for roll-up and staffing up

January 29, 2020 – 3:50 AM

Sen. Ron Wyden: 'The consumer data that Envestnet collects and sells is highly sensitive.'

The odd case of Envestnet/Yodlee getting singled out as data scofflaw, just four days after Visa deal to buy rival Plaid and nine months after Raj Udeshi's 'Theranos' outcry

Three Capitol Hill Democrats urged the Federal Trade Commission to probe the small firm -- and nobody else -- with little explanation of where its practices allegedly diverge from the norm

January 27, 2020 – 7:29 PM

Kasia Kulbacka is a 'make-or-break' hire for Alan Moore who moved from Boston and last managed 250 people at energy company.

Alan Moore and Michael Kitces pledge 50-50 gender ratio at XYPN then digitally fill two crucial roles with women -- one hire using Indeed and the other by Twitter

The XYPN co-founders expect Kasia Kulbacka to manage staff increase to 250 from 50 as COO and for Lisa Asher to evolve the in-house TAMP so that it's maximally financial planning-infused

January 25, 2020 – 11:10 PM

Charles Widger has turned down buyers in the past but may be ready in 2020.

Chairman Charles Widger apparently decides to unload Brinker Capital in hot market, as the stand-alone TAMP reaches a technology crossroads

The Berwyn, Pa.-based manager of $25-billion made notable strides in TAMP-for-RIA market but staying up to date against SEI, Envestnet, or AssetMark may demand a big partner

January 23, 2020 – 5:18 AM

Zach Perret: Together Visa and Plaid can support the rapid growth of digital financial services.

Visa gambles $5.3 billion that Plaid will pay Big Data dividends while big-footing Envestnet-Yodlee and beating back fintech banking competitors

The Silicon Valley credit card king positions itself in the Yodlee data aggregation world by buying a San Francisco startup, which serves Betterment, Acorns and others.

January 22, 2020 – 7:11 PM

Derek Bruton: Keith and I agreed that our RIA and BD would benefit from additional outside capital to pursue our M&A growth strategy for that business.

Derek Bruton rides again as CEO of Chalice Wealth Partners IBD and RIA, after Kingswood acquisition splits units from the services outsourcer

The dynamic duo of Keith Gregg and Derek Bruton has split into solo acts -- with Bruton joining British roll-up arrivistes, Kingswood. But there's no hard feelings, say the pair.

January 21, 2020 – 7:52 PM

Eric Clarke: '[I'm] CEO of the business, [so] I feel like I'd have a very good say in [any] transition, what those next steps would be and plan to be highly involved and engaged in that process ... [with a sale] most likely in my opinion to another financial sponsor, another private equity firm.

What exactly to make of the Barron's article about Orion being listed for sale by Raymond James for $1.8 billion -- and how it boils down to 'when', not if

Orion CEO is insists no formal action is taking place but majority stakeholder, TA Associates, declines to back him up, Barron's isn't backing down and Orion admits its five-year anniversary with TA marks a sell-by date.

January 18, 2020 – 2:03 AM

Charles Scharf jumped ship from BNY Mellon to Wells Fargo with orders to rebuild the brand.

Wells Fargo, plagued by broker defections after its 2016 scandal, makes splash after new CEO green-lights generous, innovative succession funding with a Mark Hurley twist

San Francisco bank gets 1,000 of its 14,000 advisors to sign on to program that funds young advisors to buy out elders -- perhaps a sign that Charlie Scharf will go outside the banker box if Well Fargo's brand isn't too far gone

January 16, 2020 – 9:33 PM

Matt Brinker: The ecosystem we're going to build will support the lifestyle business, which for the last five years was doomed to extinction.

Marc Spilker adds Matt Brinker as chess piece -- and partner -- in what he calls a 'very selective' talent add to build platform-for-RIA platforms outside Wall Street

Merchant Investment Management's executive chairman wants good people good at their job and Brinker likes having a breakaway Goldman partner rather than one captive to the Wall Street giant.

January 15, 2020 – 2:42 AM

Fidelity CEO Abigail Johnson is delivering a blow to a pillar of her father's old system of hiring and retention, sources say.

Headhunters rejoice after Fidelity axes invincible (but expensive) executive bonus program to more narrowly focus rewards on productivity and execution

Watchers of the Boston-based firm presume CEO Abby Johnson's play connects to revenue hits from 'zero' programs but also a strategic rethinking of how to unify the company silos and motivate managers with a more merit-based system

January 13, 2020 – 6:59 PM

Bill Crager: Broker-dealers and banks will become service providers and solution enablers for a new breed of advisor and with our partnership with Dynasty we will be able to offer support as these models emerge and evolve.

After finally knocking down a wall at LPL, Envestnet takes a minority stake in Dynasty Financial, puts Bill Crager on the board and prepares for future upmarket

The Chicago outsourcer hopes to go deeper with big RIAs and enterprises -- starting with an exchange of B2B loans and other wares from Shirl Penney's firm.

January 10, 2020 – 2:33 AM

David Blanchett: Fidelity is the clear market leader in terms of recordkeeping and Vanguard is the market leader in terms of asset management.

Fidelity wrests high-profile Amazon 401(k) business from Vanguard, forcing a judicious unbundling of services between the king of assets and king of recordkeeping

The Boston 401(k) king's capture of Amazon's recordkeeping account from rival Vanguard may be proof of concept of 'client experience' at a budget price.

January 8, 2020 – 11:46 PM

Ryan Caldwell: The world is being disrupted, and it’s really ugly right now, but this is an excellent time to build a 21st-century asset management company. [As quoted by CityWire in 2017.]

FS Investments buys a $1.8-billion Marc Spilker startup to create a 21st century manager where alts and non-alts live together in a Wall Street pedigreed household

The Philly maker of alt credit products adds Chiron and its CIO, who previously took Waddell & Reed $40 billion's worth into the promised land

January 8, 2020 – 3:45 AM

Tony Orme: Our strategy is that while I am building sales and marketing processes and hiring two new experienced wealth advisors to accelerate organic growth. Steve will focus on acquiring RIA’s

Brouwer & Janachowski gets its rainmaker --the former head of $18-billion Bernstein office -- in a 'grand experiment' to grow from $1.7 billion to $5 billion in AUM

The $1.7 billion Mill Valley, Calif.-based RIA signs on Tony Orme, a player/coach who will work with existing advisors as well as handling high-end clients himself.

January 6, 2020 – 6:32 PM

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