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Articles published 10/2020


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Jeanne Klinefelter Wilson: Plan fiduciaries should never sacrifice participants’ interests in their benefits to promote other non-financial goals.

Bottom line after DOL bakes change into ERISA is it relented enough that plan sponsors can likely make ESG funds part of default option

Stung by most of the 8,700 commenters saying the Labor Dept. was witch hunting ESG, it gave ground, saved face but may have created a fresh problem for a Biden administration looking to restore the status quo

October 31, 2020 – 1:49 AM

Makan Delrahim: Both venture capital and antitrust are often about predicting the future competitive dynamics of competition... [and] tough decisions are necessary not only to survive but to thrive.

With Visa-Plaid deal closing five months delayed already, Feds accuse Bain & Co. of stonewalling on pricing strategy documents that cast light on anti-trust hotspot

Makan Delrahim says he won't let Bain run out the clock and the assistant US Attorney sued for the documents as part of the DOJ's antitrust investigation.

October 29, 2020 – 2:02 AM

Bill Crager is sold on financial wellness. The concept was mentioned 29 times in less than an hour at an earnings call.

Pressed by a Wall Street analyst, Bill Crager defines 'financial wellness,' a touchy-feely 'Hallmark' concept that just happens to be sweeping the financial services industry

The Envestnet CEO was self-deprecating about the 'Hallmark card' aspect of financial wellness but is targeting the company's full arsenal of products and services on the sweet equilibrium between money and life.

October 27, 2020 – 9:32 PM

Darla Sipolt (right) is part of the founding staff of the Goldman Sachs RIA custody unit.

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 – 1:20 AM

Mark Casady: This is my third IPO so the previous two were helpful in knowing what to expect. This process was much easier

Mark Casady completes IPO of Lefteris 10 years after LPL Financial's initial public offering and plans to use the SPAC's $200 million raised to lift mom-and-pop fintechs

The former LPL CEO has a team for his Boston-based special purpose acquisition company that includes Chip Roame, April Rudin and Edelman, E*Trade and LPL alumni.

October 24, 2020 – 5:01 AM

Boris Khentov: This is 100% a strategic move that is executed via very careful iterative tactics.

Betterment goes 'strategic' with ESG after stunning 2020 inflows and fortuitous 'accident,' stumbling on Rockefeller subsidy of NAACP play

Shunning direct indexing, yet set to get 'very creative,' the $24-billion New York City robo-advisor is data-assured that it can backfill its brand's implicit promise.

October 23, 2020 – 3:12 AM

Scott Hanson: Our space has been bid up.

Lightyear buys Allworth Financial at a white-hot valuation, despite short track record, after Scott Hanson cracks a marketing and comp code

Only founded as Allworth in 2017, the Sacramento, Calif., RIA with $10 billion of AUM looks like a growth machine that may have commanded as much as $800 million.

October 20, 2020 – 5:26 PM

Matt Ackermann wanted out of InvestmentNews and approached the owner of an $8 billion LPL OSJ with a job concept.

Matt Ackermann, last of Crain braintrust, leaves InvestmentNews as events-oriented parent, Bonhill Group PLC, sees stock plummet 88%

The director of content joins big Boston-based LPL OSJ for a similar role but one where he can use a 'rifle' rather than a shotgun, he says

October 20, 2020 – 4:10 AM

Ajay Gupta and Tony Robbins are both gone from Creative Planning. Each enjoyed a windfall from Robbins' first book but ultimately

The new 'Tony Robbins' book debut coincides with Ajay Gupta revealing plan to retire, which leaves Creative Planning to keep the referral spoils with Robbins down to a 'with' credit on the cover

Peter Mallouk's and Robbins' book, 'The Path: Accelerating Your Journey to Financial Freedom,' was released this week through a new publisher and word got out that 50 year-old Gupta was departing with little explanation

October 16, 2020 – 7:49 PM

Manish Khatta: Small advisors, oftentimes young ones, with a bright future ahead of them are barely out of the starting blocks before they are either condescended to or marginalized.

As the RIA business merges toward big and centralized, small nimble firms still have a lock on doing well and making a great living

The Schwab-TD merger is the latest big-is-beautiful event but might isn't always right and scale loses to smart, local and aligned

October 15, 2020 – 5:18 AM

Greg Davis: These specific municipal money markets no longer offer the market depth needed to prudently provide these state-specific products in all market conditions.

Vanguard's shuttering of municipal money market funds sends clarion call to RIAs to get ahead of COVID-19 squeeze, even if Schwab and Fidelity see fit to ride out the storm

The Malvern, Pa., giant cites market-specific liquidity issues and an interest rate squeeze; Federated Hermes and BNY Mellon have made similar 'canary in the coal mine' moves.

October 14, 2020 – 2:58 AM

James Gorman: 'Perfect fit.'

Morgan Stanley's Eaton Vance deal yields a golden nugget-- Parametric--and a means to own the direct-indexing super trend -- at a bargain $7 billion

The New York wirehouse bought $507 billion of AUM, but Seattle-based subsidiary Parametric, which has no equal in its category, is the key to the deal.

October 13, 2020 – 3:00 AM

Tom Nally is one of the causalties of the TD Ameritrade and Charles Schwab merger but an SEC filing says he gets nearly $9 million to leave.

Bernie Clark and Tom Bradley reign again atop RIA custody as Charles Schwab & Co. confirms TD merger cuts, but keeps  Kim Hillyer, James Kostulias, Lee McAdoo, Jon Peterson and Andrew Yolin

The blow softened by big-time golden parachutes, Schwab cut loose Tom Nally, Peter deSilva and Steve Boyle coming only three days after the Tuesday deal closing; Schwab already has RIA custody, retail leadership heads and a CEO.

October 10, 2020 – 2:51 AM

Walt Bettinger (left): 'Being a challenger defines who Schwab is as a company.'

The Schwab-TD Ameritrade merger creates one big identity crisis; Is it still a self-proclaimed 'challenger,' per Walt, or 'unbelievable fortress,' per Chuck?

CEO Walt Bettinger calls his company a 'challenger' six times in quick succession; but Chairman Chuck Schwab insists his firm now has no equal

October 8, 2020 – 3:40 AM

Goldman CEO David Solomon is ready to make a push into RIA custody.

Goldman Sachs lifts two superstar RIA recruiters from Schwab and Pershing, tipping hand on a big push into the RIA space, targeting early 2021 custody launch

The Wall Street B2B superbrand prepares RIA distribution and poaches Richard Lofgren and Bill Dalton -- with a TD Ameritrade hire potentially in the works -- months ahead of a harder launch.

October 6, 2020 – 11:25 PM

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