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Articles published 1/2021


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Holly Mazzocca, 34, succeeds Kelley Downing as Bartlett president. She will run the firm's day-to-day business.

Woman CEO who grew her RIA to $7.2 billion of AUM yields to a new male CEO, but another woman in the wings is gearing up for its second century when female investors will dominate

Bartlett Wealth Management President Holly Mazzocca has day-to-day oversight and will likely succeed new CEO James Hagerty.

January 30, 2021 – 1:58 AM

Bob Armour: We will now go back to serving our clients by putting their wealth front and center and will stop being distracted by inaccurate and paranoid tweets.

M1 Finance now says Wealthfront's allegation is a 'lie' and Wealthfront counters: Let's go to the video replay

The Chicago retail model portfolio purveyor says its staffer never hid her M1 employment and the Silicon Valley robo-advisor begs to differ and claims it's on tape

January 28, 2021 – 6:55 PM

Kurt MacAlpine: 'You may see us go a little bit faster.'

CI Financial tops its 2020 MVP year with a grand slam $23 billion AUM January deal but its CEO hints that 2021 is just getting going

Kurt MacAlpine says his $261-billion of AUM throws off big cash flow and a growing list of word-of-mouth buyers and a model where managers stay in place assures that his Canadian firm need not sit long on the bench

January 26, 2021 – 10:53 PM

Mike Alfred: 'The market for pure-play data has been slower to develop than we expected.'

Mike and Ryan Alfred -- and their celebrity RIA investors -- sell Digital Assets Data to NYDIG, after market failed to develop for their Bitcoin data mining firm

NYDIG cashed out Marty Bicknell, Ric Edelman, Josh Brown and others who provided $9 million in initial backing for the Alfred's firm.

January 26, 2021 – 3:17 AM

Kathleen Murphy: 'I’d always had 57 penciled in, in terms of taking stock … I’m so over New England Winters, too.'

Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 – 2:02 AM

David Lau: 'We are expecting to be flirting with $1 billion in sales in 2021.'

DPL Financial Partners raises $26 million after explosive growth turned backers into believers in David Lau's promise to create a guaranteed income supermarket

With $1 billion of gross sales for 2021 conceivable after mega-deal with SS&C and macro-factor tailwinds, the Louisville company is ready to slug in the bigger leagues.

January 22, 2021 – 2:54 AM

Daniel Slate: I'm blown away that M1 Finance would be so unethical as to have an employee lie to access customer research sessions for a competitor.

Wealthfront calls out M1 Finance for alleged pretexting, but some experts see its damnation as faint praise for a growing competitor

The Redwood City, Calif., robo-advisor and online bank revealed a long-running rift on social media over allegedly 'unethical' behavior.

January 20, 2021 – 11:20 PM

Sarah Levy: 'It's about building on an awesome foundation to go public.'

Second Betterment exec departs as new CEO Sarah Levy orients to her first month on the job and is confronted by personnel matters

Chief operating officer Dustin Lucien is the latest to leave the New York City robo-advisor, one of at least eight positions open as it prepares a push across multiple business lines to ignite growth.

January 19, 2021 – 6:32 PM

Tony Leal: Financial planning has taken its rightful spot as the centerpiece of wealth management.

RIAs see big revenue windfall as planning fees soar 50% and separately billed plans jump 70%-plus, still only half of clients have a plan, survey says

The countertrend to fee compression in investment management takes hold as planning software proliferates; advisors find courage to charge for a freebie and investors learn to appreciate plans.

January 16, 2021 – 1:02 AM

Schwab: 'It is a sad byproduct of the current political climate that some now resort to using questionable tactics and misleading claims to attack companies like ours.'

Charles Schwab Corp. zigs, then zags to get out from under Trump riot scandal, shuttering PAC for good after suspending contributions; money headed for charities

The Westlake, Texas company is dismantling and liquidating its PAC after 'questionable tactics and misleading claims' forced its hand, it claimed.

January 14, 2021 – 3:41 AM

Holly Framsted: This is a company that doesn't launch a new investment solution until it's confident that it will be durable and differentiated.

Capital Group nabs Holly Framsted as it unveils products for 2022 that define how it will stay active in a passive-ETF world

The Los Angeles manager poached BlackRock's head of U.S. ETF product segments (factors) to start in March and oversee the firm's first actively managed exchange-traded funds

January 13, 2021 – 10:14 PM

Al Kelly: There's plenty of opportunity in this fast moving space and take advantage rather than get bogged down [in fighting the DoJ].

Visa and Plaid break off merger in face of DOJ anti-trust suit, with Plaid -- with other buyers circling -- likely the long-term winner, says one analyst

After months of DOJ investigation and a lawsuit, the payments giant and the payments upstart, both of San Francisco, call time on $5 billion merger

January 13, 2021 – 3:28 AM

Walt Bettinger:  'My hope and prayer is that our nation’s leaders take steps to bring our fractured country together.'

Schwab, drawn into Capitol Riot scandal, assures advisors and clients it's ceasing political contributions, while CEO laments violence; but where's Chuck?

Some clients were surprised and dismayed by company's deep involvement in politics and support for so-called 'Sedition Caucus' in Congress

January 13, 2021 – 2:52 AM

Todd Morgan: I think this is the first one we could really hit our dreams and make it work.

Todd Morgan thinks third time will be the charm, as Hightower, in its biggest deal yet, scoops up his Hollywood RIA at a Ventura price, with earnouts to be determined

After State Street and Montreal's Fiera paid $217 million and $125 million respectively, the Chicago-based rollup gets a relative bargain

January 12, 2021 – 6:25 AM

Hussain Zaidi: The last 18 months with Eric Clarke and team have been incredible. With that, I am thrilled to venture out again to solve a new, big problem in the advice space.

Advizr founder Hussain Zaidi parts ways with Orion but mission accomplished: Orion's AUA leapt 50% in his 19 months

MoneyGuidePro and eMoney still dominate, but RIAs and IBDs in droves are willing to choose Orion's planning on the terms offered -- zero license fees.

January 9, 2021 – 2:06 AM

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