Articles published 9/2020
Addepar now counts 20% of Barron's Top-100 RIAs as clients, but Tamarac, SS&C Black Diamond and Orion all retain an edge
Now 11-years-old and getting RIA religion, the Mountain View, Calif., VC creation shared numbers that put it on the doorstep of big milestones -- if enough alts-minded prospects are still there for the taking.
September 29, 2020 – 10:33 PM
One year after Alex Chalekian tweeted, Chip Roame still searching for a Tiburon Summit date to showcase his new, improved 'inclusive' conference
Roame cancelled the Oct. 12-14 event late last week and will make another run at a live conference this coming April in New York City.
September 28, 2020 – 8:27 PM
With Envestnet-Yodlee showing no let-up, Orion Advisor Services and Brinker Capital race to close merger in just three months, a leap toward 'unstoppable,' both organically and inorganically
The closing of the Omaha, Neb. and Berwyn, Pa. brands creates one Orion brand that will begin cross-selling software and asset-management products as early as October, with a profile more like Envestnet.
September 25, 2020 – 5:02 PM
Ric Edelman throws his RIA's $30 billion-plus retail asset custody accounts up for grabs with anchor custodians -- TD and E*Trade -- set to be swallowed whole by Schwab and Morgan Stanley
The Edelman Financial Engines co-founder expresses 'confidence in the RFP process,' and sources say the leading contender may be Apex Clearing.
September 24, 2020 – 2:02 AM
With fears rising that robo-advisors can disrupt $2-trillion target date fund universe, NextCapital raises fresh $30 million and wins five big customers, but can its software spur widespread TDF adoption?
TDFs are cash cows and asset magnets but also dumb robots in an era of smarter ones and the Chicago-based outsourcer is promising answers -- most recently to Franklin Templeton
September 22, 2020 – 8:59 PM
RIAs need to get over 'quotas' when it comes to sales and growth, or end up being owned by an RIA that knows how to impose them
To achieve growth, investment advisors need to stop avoiding a 'sales culture' and achieve clear organic growth goals by, cough... selling
September 22, 2020 – 4:31 AM
Chiding [but not naming] Vanguard Group, Larry Fink answers whether BlackRock will compete directly with RIAs: 'We are not a threat'
The BlackRock CEO reverse spun the success of big rivals in retail advice : 'We don't go to the customer like some other asset managers do'.
September 19, 2020 – 4:00 AM
Ellevest's 'for-women, by-women' message gets more literal after Sallie Krawcheck and her male co-founder part ways and AUM growth picks up steam
Charlie Kroll co-founded Ellevest but he kept a low profile and mostly followed the 'wildly creative' lead of his boss who is taking the firm upmarket and to a subscription model
September 18, 2020 – 3:28 AM
Known for his high 'emotional quotient,' Jason Lahita rides solo, again, as a PR guru; this time, he's selective and looking for a few good non-robots
The Los Angeles RIA PR pro is launching a company called StreetCred from a backyard outbuilding with a mindset of finding clients who click with him
September 16, 2020 – 6:00 PM
Jeff Carney will step down immediately from IGM Financial Inc. after early on-set Alzheimer's diagnosis; Nova Scotia Bank exec James O'Sullivan replaces him
The CEO made his mark at Fidelity, Schwab and Personal Capital in addition to turning around the Canada wealth manager and asset manager
September 15, 2020 – 4:00 PM
Never mind the short-term gains, Bill Crager tells Wall Street he's keeping Yodlee as it wins back accounts from the Plaid-era firms with oodles of value yet to be unlocked
Envestnet modernized Yodlee, cut fees, after clients dumped it for upstarts and now the fixed-up fixer-upper is worth more in-house than on the auction block, CEO Crager says.
September 14, 2020 – 8:47 PM
After picking a CEO and securing Salesforce cash, Clara Shih leaves Hearsay's exec suite and 2.0 questions behind
The San Francisco firm's success solved a compliance problem, but authenticity-at-scale-by-bots is still a grail to reach
September 11, 2020 – 3:18 AM
Merrill Lynch bars brokers from accepting freebies from third-parties but Brian Hamburger sees the play as a classic Wall Street 'card trick'
In a world where RIAs often accept lunches from a wholesalers, the New York wirehouse's out-of-the-blue change of heart has the lawyer saying it looks more like a way of bolstering its position as the intermediary
September 10, 2020 – 3:33 AM
Fidelity Investments applies its proven Peter Jubber to its unproven bitcoin unit and its launch of Fidelity Digital Funds signals it's all in on blockchain currency
By launching Fidelity Digital Funds under an 18-year seasoned exec, the Boston giant is signalling no let-up by putting something scarcer than capital into the crypto-pot -- its seasoned talent
September 9, 2020 – 2:20 AM
After becoming a 'Zoom' maestro, Bob Oros spurred Hightower Advisors to close a $1-billion deal a week -- surpassing 2019's total in just over a month
CEO Elliot Weissbluth's replacement spent a year doing housekeeping -- then learning digital due diligence under the sword of COVID-19. But now Oros is loaded with fresh Thomas H. Lee capital, and RIAs like doing business with him