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Articles published 12/2021


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Rob Sharps: This acquisition allows us to broaden our private markets business.
December 30, 2021 at 6:56 PM

Tim Buckley: Your call is very important to us.

Vanguard's website snafu -- perhaps an unforced error, a CTO says -- has no ETA for a fix but it led to CEO Tim Buckley to read the automated message script to desperate callers

The Malvern, Pa., giant's mistake may have been chancing a code change in notoriously hazardous December, an IT expert says, though Vanguard points to a third party

December 30, 2021 at 1:52 AM

Ainslie Simmonds: This acquisition is a key element of the portfolio of solutions we have envisioned for Pershing X.

Pershing hands ex-LearnVest exec a mandate to create an 'end-to-end' solution for RIAs from scratch, yet her first move is to buy the middle -- direct-indexing

The RIA custodian is staking Ainslie Simmonds with capital and a mandate to create the industry's first all-in-one solution from a blank page.

December 29, 2021 at 1:25 AM

TDA is out at the college baseball world series stadium;  Schwab's is in until at least 2029.

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Ali Khawar: The department concluded it was important to release a statement cautioning fiduciaries.

Dept. of Labor throws its 2020 self under the bus and walks back Trump-era guidance that appeared to open the door to private equity investments in 401(k) plans

A Trump administration 'information letter' affirmed that PE investments could be an 'enhanced' investment option for participants in defined contribution plans under ERISA.

December 23, 2021 at 3:25 AM

Ari Sonneberg: 'Why [did] the punishment stop short of a penalty with real teeth that would objectively prevent this from recurring?'

McKinsey's $31-billion RIA for McKinsey staffers pays $18 million fine, a real 'slap on the wrist' considering 'repeated violations' related to having zero recusal process for insiders in its compliance plan, a lawyer says

Federal regulators allowed McKinsey to settle without admitting insider trading violations for its in-house RIA but censured the firm and ordered it to 'cease and desist' from future violations.

December 21, 2021 at 11:54 PM

Rick Wurster has broad authority over Schwab retail, RIA custody, 401(k), international and asset management.

Walt Bettinger sheds 'president' title and Bernie Clark gets new boss as Schwab appoints Rick Wurster as president and No. 2 in charge

The Schwab CEO gets 2016 'Windhaven' hire to share burden of governance from enormity of $8-trillion post-TDA, post-USAA, post-Motif growth.

December 20, 2021 at 11:59 PM

David Booth continues to follow the Vanguard lead with price cuts and ETF conversions at DFA.

Vanguard and DFA turn Dec. 17 into Black Friday sale by slashing fees on combined 67 funds -- including notable cut in ESG ETF to nine basis points

Two of the favorite RIA index fund suppliers put more coal in the stockings of competitors and showed the era of fee compression hasn't found bed rock, yet.

December 18, 2021 at 1:46 AM

Bill Capuzzi took Apex near to the zenith but the SPAC failed to deliver an IPO via blank check.

Apex IPO goes kaput --potentially over crypto, SPAC ties--leaving close to $1 billion hanging and blood in the water for hungry M&A sharks

The Dallas clearing and RIA custody company and Northern Trust Acquisition Corp II have a Texas-style, no-fault divorce after intractable delays forestall SEC blessing of the deal.

December 17, 2021 at 2:26 AM

Mike Durbin: Rohit’s experience is at that intersection of fin+tech.

Fidelity Institutional makes biggest hire in years -- a very familiar face in RIA technology -- in a play for software and data 'interoperability,' something Salesforce 'got right' before it lost its RIA mojo

The $4.2 trillion Boston unit for 13,500 third party wealth managers got Rohit Mahna who was the financial CRM guy at the San Francisco giant

December 15, 2021 at 4:02 AM

John Tovar: 'We are aware of some instances recently where TD Ameritrade Institutional clients have not received the level of service we pride ourselves on delivering.'

Charles Schwab Corp. is crash-hiring TD Ameritrade Institutional staff-- amid wild growth-- to quell RIA service howls, but cautions to hold off custody switch to Schwab to avoid repapering

The Westlake, Texas broker-dealer and custodian of $8 trillion of AUA is hiring at least 140 people, including 50 already signed to handle an upsurge in demand.

December 14, 2021 at 1:54 AM

Ric Edelman: I  am carefully curating my sponsors.

Edelman Financial Engines replaces 'The Ric Edelman Show' with two 'retirement'-related shows -- including one hosted and owned by Ric Edelman, yet neither (curiously) will refer prospects

The Mountain View, Calif., manager of $260 billion of AUM is splitting a two-hour slot in 25 markets between its namesake's new show and two ringers -- Jean Chatzky and Soledad O'Brien

December 13, 2021 at 7:45 PM

Brian Hamburger: This is unprecedented what CI Financial is doing, and we won’t know if this is logical for years to come.

Brian Hamburger takes back Miami, gets 98% show rate at MC Summit, then plays devil's advocate for the M&A mania gripping the RIA business

Attendees made the trek to the Fontainebleau Hotel Resort amid health precautions to high-five flesh and do a very in-person reality check

December 9, 2021 at 10:47 PM

Vanguard is likely hoping that the millennial friendly software design know how that Tara Bunch (pictured) picked up over her 30 year career will rub off on the firm.

Vanguard makes mockery of 'digital' myth by reporting $1.3 trillion after its new mobile app's panned debut -- then makes Tara Bunch a director

The talent who made AppleCare work before Airbnb joins the $8.4 trillion AUM giant hot on the heels of two fresh software glitches that sparked industry debate over Vanguard's technology.

December 9, 2021 at 3:19 AM

RegentAtlantic was a big fish in the RIA pond. Now it's about 5% of CI Financial.

CI Financial picks off another 'Blind Squirrel' to push AUM to $105 billion as the RIA deal market stays nuts

The top-dollar-paying Toronto titan swept the $6-billion AUM RegentAtlantic off its feet at a size where it seems to have few rivals.

December 7, 2021 at 4:16 PM

Adam Green needed only one year to catapult his 2020-launched product to the big leagues.

Envestnet leads $18.5-million 'A' raise to shore up the '40' in the $5-trillion -plus of 60/40 portfolios it adminsters for 108,000 advisors

The giant Chicago outsourcer buys a bigger stake in YieldX and jacks up its prospect list with its own, as safety and yield become a priority in environment where a blue chip, 30-year gets 1.87%.

December 7, 2021 at 1:59 AM

Fidelity Canada operates largely from this building in Toronto.

Fidelity gets its crypto ETF --albeit Made in Canada -- giving RIAs a way to buy 'physical' Bitcoin

After Fidelity was rebuffed by the U.S. Securities and Exchange Commission, Fidelity Canada had more luck by turning to its own securities cop with a more abiding outlook on crypto currency as an investible asset

December 4, 2021 at 4:12 AM

Ken Thompson: We are currently unable to discuss details of our relationships with TD Ameritrade/Charles Schwab.

TD Bank basks in the glow of Schwab's $100 million TD Ameritrade marketing spend as it hires 350 advisors and launches competing robo using same branding

Toronto-Dominion Bank's other U.S. offspring will hit the ground running with upped wealth management manpower thanks in part to its logo-share with Schwab.

December 2, 2021 at 3:17 AM

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