News, Vision & Voice for the Advisory Community


Articles published 2/2021


Publish date

Tricia Rothschild: No matter who wins, Apex also wins.

Tom Valverde is out at Apex, leaving Tricia Rothschild to take the reins as RIA chief, for now

The former Pershing and Fidelity sales czar confirmed he left Apex 'voluntarily' Feb. 25 amid a flurry of no comments.

February 26, 2021 at 10:53 PM

Rudy Adolf and fellow execs and directors will not cash out with this offering.

Focus Financial shares drop after hours as secondary offering gets filed that mostly pays off KKR and Stone Point without generating M&A capital

The New York rollup's shares have risen with RIA valuations, giving the pre-IPO investors an exit window

February 25, 2021 at 11:00 PM

Gaurav Sharma: We've been approached by a number of financial advisors.

Capitalize sees opening to serve RIAs with 401(k) rollover services on heels of DOL fiduciary rule and scores $12.5M from VC firms to make it happen

With DOL all but outlawing RIAs from advising investors from rolling pension assets to IRAs, New York startup that specializes in the hand-off steps into the breach for RIAs.

February 25, 2021 at 1:16 AM

Charles Goldman: RIAs have grown their production on our platform, 50% since last year and 100% since 2018.

AssetMark suddenly parts ways with president/CEO Charles Goldman; protégé Natalie Wolfsen named CEO; Michael Kim president

AssetMark chairwoman Xiaoning Jiao provided no details, faint praise for Goldman amid his unexpected departure, but was effusive over Wolfsen appointment.

February 24, 2021 at 3:31 AM

Joanna Coles: This is an amazing company ... a top team with none of the Silicon Valley swagger technology teams sometimes exude.

After growing to near $100 billion in custody, Apex Clearing strikes 'IPO' deal to raise 'up to' $1 billion to disrupt existing RIA custody

The Dallas turnaround project is now valued near $5 billion after its assets in custody jumped from $30 billion in 2017 under care of Pershing and Morningstar RIA defectors.

February 23, 2021 at 3:27 AM

Elliott Weissbluth cashed out Hightower shares 'at a pretty darn good time.'

Elliot S. Weissbluth, Hightower Advisors mastermind, cashes out and vacates chairman role as Pershing's ex-CEO Lisa Dolly takes a board seat

The Chicago rollup's founder got paid better by doing the second-stage exit and the new cast on the Board also includes Bob Oros ascending to chair and Darrell Horn of Green Square Wealth Management joining

February 19, 2021 at 8:58 PM

Stephanie Cohen: "We like trading at Goldman. It just wasn't first on the list.'

Goldman Sachs adds 'vanilla' robo as Marcus bank topping and -- behold -- a warning shot for taking on Robinhood for retail trades

The New York giant's investing robot may one day provide industrial strength day-trading side bets but, for now, is being soft-peddled as a child-proof Marcus bank bolt-on tool.

February 18, 2021 at 6:54 AM

Sarah Levy: I see more potential now than when I first arrived at Betterment.

Knocking down a 'wall,' Betterment will make RIA custody its 'biggest business' as Schwab/TDA merger opens door and robo-advice glut deepens

Charles Schwab undercut the New York City robo-advisor on price, but now Betterment, under new CEO Sarah Levy, can return the favor by chipping off some of Schwab's $3 trillion in RIA assets.

February 17, 2021 at 3:44 AM

Jason Roberts: It can be bet-the-company stakes.

The DOL's Trump-era reprieve from rollover fiduciary rigor is over with aspects of remedy that might 'scare the daylights' out of defense lawyers

The Biden DOL is cool with surprisingly toothy rules it inherited that are sure to cause some RIAs to scramble and may be easier for broker-dealers to manage.

February 13, 2021 at 2:29 AM

Rob Heyvaert: Today marks both our collective intent and an important opportunity for the industry, as the newly formed InvestCloud Group unveils its combined vision

InvestCloud -- long tagged an 'Envestnet killer' -- sold at $1-billion valuation level, gets added to Tegra118, but some say, not so fast

The LA-based startup's 'data layer' serves as a lingua franca for applications, but it's still icing in search of a cake; yet Tegra118 could be the cake, believers say

February 12, 2021 at 12:14 AM

Kristin Petrick: Without [John Tovar and team] the organization couldn’t survive.

Charles Schwab prunes another 200 or so staff but assures Wall Street analysts the Jenga piece of TD Ameritrade RIA services is still part of the puzzle post-merger

The Westlake, Tex., broker deemed John Tovar 'best talent,' hence a keeper, and ex-TD staffers affirm Schwab's good instincts.

February 11, 2021 at 12:08 AM

FTNE is in Manchester, N.H.,  an old textiles town in a state with a history of being a haven for 'Taxachusetts' just to the south that it can now exploit.

A Massachusetts trust company is adding billions of dollars with a secret weapon -- a Cayman Islands-style tax haven, also known as New Hampshire

Fiduciary Trust Company is sheltering billions of dollars in a Granite State subsidiary to take advantage of the state's low tax burden.

February 10, 2021 at 3:48 AM

Eric Clarke says his firm saw 20% fewer breakaways last year and will take the lead on recruiting

Orion will woo breakaway brokers with two events-- an unusual move for a software firm-- after missing the boat on 2020 recruiting in a tough pandemic year

The Omaha, Neb. software giant is seeking to supply pent-up demand created by the COVID-19 pandemic after many brokers saw the benefits of working independently from home.

February 8, 2021 at 11:46 PM

Clara Shih: Being a start-up CEO came at a tremendous personal cost.

Oisín's Doubletakes: Clara Shih returns to Salesforce after 11-year hiatus • Focus reloads for M&A with $500 million debt raise, taking its credit north of $1.5 billion • Goldman Sach's 2020 partners list looks less homogenous -- even 'accretive' of women

Former HearSay CEO returns to her mother corporation • Focus Financial Partners debt levels soar 50% on fresh debt issuance • Goldman adds diversity, but snubs Marcus partnerships

February 6, 2021 at 2:39 AM

Walt Bettinger: We're carefully reviewing some of the decisions around the TD Ameritrade integration.

Walt Bettinger reveals Schwab projections got 'overwhelmed' by Covid-19-confined 'free' traders, but 'for now,' it's sticking with three-year window to wrap up TD Ameritrade merger

The Schwab CEO, his COO and CFO, say 'unprecedented' demand makes it even difficult to choose what year it'll unify brands and systems with TDA ; still it will aggressively add people to shore up service and continue to make merger-related cuts every quarter

February 4, 2021 at 2:28 AM

Larry Raffone: We needed a technology partner that could match our size and scale.

How Schwab Advisor Services managed to keep (the better part of) Edelman Financial Engines' $30-billion RIA account after sweating out an RFP

The Westlake, Texas company convinced Edelman CEO Larry Raffone that size matters -- bolstered by service agreements, happy fees and promises to keep up on technology.

February 3, 2021 at 3:23 AM

Dan Arnold: We are an RIA custodian. We are going in and investing in that model and evolving it

Dan Arnold finally plays LPL's RIA custody card hiring five senior RIA recruiters caught in Schwab-TD Ameritrade post-merger 'churn,' signaling possible direct challenge to the industry leader

LPL's CEO will now be able to use TDA's elite sales crew to go after RIAs at Schwab who were originally recruited by the quintet at TDA.

February 1, 2021 at 9:52 PM

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