Articles Published 2/2020


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Jeff Mello is latest to join eMoney's talent exodus but CEO Ed O'Brien says it's healthy renewal at a firm that added several hundred people since Fidelity bought it

The ex-Goldman Sachs director of strategy and planning at eMoney joins a growing list of departures exacerbated, sources say, by Fidelity putting a wobbly performance reporting software project -- and staff -- on its plate

February 28, 2020 — 11:09 PM

With USAA and TD Ameritrade deals pending, Schwab also resumes its SMA roll-up after eight-year hiatus with Wasmer, Schroeder deal

The San Francisco broker is purchasing a $10.5 billion bond manager after buying Windhaven in 2010 and ThomasPartners in 2012

February 26, 2020 — 2:50 AM

Fidelity Investments rewrites the 401(k) rollover script by allowing plan participants -- with a small catch -- to skip the IRA and have the plan sponsor hold the account post-employment

The $1.8 trillion AUA recordkeeping king eschews its own defined contribution scripture to reflect reality of inertia, better technology and the fact that IRAs are no longer yield so much milk and honey in a zero-fee, zero-commission world

February 25, 2020 — 2:46 AM

Thomas H. Lee Partners reportedly puts Hightower Advisors on the block, but an air of unreality surrounds the timing and premium price following two-year revamp

The Boston firm repeopled, rebranded, remodeled and then locked down its advisors with $100 million, paving the way for the next owner -- if the $2-billion price is right

February 21, 2020 — 11:50 PM

James Gorman delivers chilling remarks to E*Trade RIAs after doing no-money-down deal for the zero-commission discount broker

The Morgan Stanley CEO is arbitraging his puffed-up shares for downtrodden E*trade stock and admits old Trust Company of America custody unit is an afterthought in bigger game

February 21, 2020 — 3:45 AM

Reed Colley reveals his bigger, better second-act plans at T3 conference in San Diego

The Black Diamond founder kicked off Tuesday sessions with a vision, a plan, some hard dates and plenty of unassuming swagger

February 19, 2020 — 3:49 AM

Fidelity Investments will broaden custody fees in July, while Schwab counters with pledge: 'No custody fees and no intention to raise them'

The Boston giant adds a few hundred advisors and opt-out safety valve and really had no choice in zero commission world, analysts say

February 14, 2020 — 3:17 PM

After a decade of 'hybrid' RIA mish-mash, LPL Financial has a double-barreled '100%' RIA plan that is presumed to include 'Schwabitrade' style asset custody and a 'Dynasty' style premium back office offer

The nation's largest independent broker-dealer is finally going on RIA offense, which may prove to be a good defense upmarket and downmarket.

February 13, 2020 — 4:33 AM

Buckingham Strategic Wealth and Private Ocean hire startup Flourish as agent of FDIC-insured cash in rebuff to more established players like MaxMyInterest

Flourish sees a window to contest the incumbents with 'easy button' software that lures Greg Friedman's and Adam Birenbaum's RIAs, which combine for nearly $55 billion of AUM

February 11, 2020 — 11:37 PM

Schwab execs all but dash RIA hopes for TD Ameritrade VEO One survival by pitting the open-API platform against expediency and an admitted pro-Schwab bias

Schwab COO Joseph Martinetto scoffs at 'platform-by-platform' cherry-picking of Schwab and TD systems: 'That will just take too long.'

February 7, 2020 — 6:47 AM

Morningstar may be upending the 401(k) industry by putting RIAs in charge and making participants pay fees -- but some critics see prohibitive conflicts of interest

The Chicago firm boasts a tsunami of signings of 401(k) mega-players including CAPTRUST, Empower and Schwab; Morningstar even had a chat with Fidelity

February 5, 2020 — 7:34 PM

Envestnet, caught in speculative web over possible Yodlee spinoff--or sale of company, itself--has Wall Street scrambling to buy on the rumor

'Large private-equity firms, in particular, are said to be interested,' Barron's reports, but who's driving the conversation--the company, news media or speculators?

February 3, 2020 — 8:26 PM

Fidelity beats Schwab to market with free fractional share trading, after Schwab beat Fido by months with promises, but has yet to deliver

The Boston-based giant is reporting the capability simultaneous with its launch -- albeit not for RIAs, for now

February 1, 2020 — 8:27 AM
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