News, Vision & Voice for the Advisory Community


Articles published 1/2022


Publish date

David Fortunato: It was clear from the start that we shared the same values and culture.

Wealthfront gets new CEO who promptly sells to UBS, making Betterment CEO's day as last robo-advisor standing; but an insider claims the '$1.4-billion cash deal' may be less 'eye-popping' than it appears

The Palo Alto, Calif., robo-startup's original mission was to disrupt wirehouses, technically and culturally, but now it's one with a wirehouse, its best remaining option

January 31, 2022 at 9:26 PM

Kruti Bolick bring four years of experience managing risk at Wells Fargo to one of the larger RIAs in the United States.

A $10-billion RIA takes risk management to a new level by hiring ex-Wells Fargo chief risk officer to guard against the seen and unseen

Homrich Berg just hired Kruti Bolick after it added $6 billion of AUM since 2015, stretched supply lines to Florida and went into 'evolution mode.'

January 29, 2022 at 2:53 AM

Shirl Penney founded Dynasty to give breakaway brokers wirehouse independence and private banker perks; now he's going public.

Dynasty Financial takes next logical step, using Wall Street powers and RIAs to beat Wall Street with an IPO, but timing surprises one expert

CEO Shirl Penney's plan may have 'more than meets the eye,' says one consultant, in response to head-scratching about the attempt at an IPO based on relatively low revenues and profits

January 28, 2022 at 12:09 AM

Jim Iannazzo: I was out of my mind with fear.

Merrill Lynch fired and removed all corporate traces of Jim Iannazzo in 24 hours -- after he went ballistic in a bigoted tirade caught on video-- but he still has a possible future as... an RIA

The New York City wirehouse took swift action against its 26-year veteran Connecticut stockbroker, but the Barron's top advisor could benefit from a low hurdle to become an RIA

January 26, 2022 at 2:07 AM

Colin Falls: 'To compete as a TAMP, you have to be a technology company.'

GeoWealth raises $19 Million to out-tech Orion, SEI, AssetMark and Envestnet on RIA outsourcing but then goes after their talent, too

The Chicago TAMP grew fourfold in four years before J.P. Morgan Asset Management and Kayne Anderson Capital Advisors made a big investment in the recharged no-name

January 22, 2022 at 3:15 AM

Larry Fink: It's just a number.

Five RIA Doubletakes: BlackRock AUM tops $10 trillion as active funds make comeback • Schwab has killer quarter and Wall Street sells its shares • DFA is now the largest active ETF manager • SEC flummoxes RIAs with "inaccurate" guidance • Fidelity pulls in $146 billion in workplace assets

After record AUM high, BlackRock chairman and CEO Larry Fink brushes off a milestone • SchwabSchwab hits records; Wall Street wants more • Mutual fund giant's ETF conversion yields bragging rights • Regulation Best Interest headaches unnecessary, despite SEC brouhaha, lawyers say • Workplace scheme wins big for Fidelity.

January 21, 2022 at 3:16 AM

Anders Jones touts Facet's advice software and its subscription model.

Facet grows '10X,' hits $1 billion in AUM, reaps $100 million C-round, largely from DoorDash backers, and calls itself a 'fintech' company that happens to give advice by CFP

The Baltimore RIA had only raised $65 million in its first five years but jumped its overall haul to $165 million after its growth rate held up

January 20, 2022 at 2:52 AM

Noah Kerner: 'Acorns will be on the right side of history. We are not a grow-at-all-costs company.'

Not only was Acorns' SPAC IPO felled like an oak but it'll pay a fat termination fee for release of liability

The Irvine, Calif., robo-advisor is blaming 'market conditions' but it's the one paying the penalty fee and praising its punisher

January 19, 2022 at 5:34 AM

Stephanie Guild: We’re proud to help people build wealth for the long term.

As Charles Schwab Corp. shares soar and Robinhood's crater, the mobile-first brokerage makes seminal move past its ‘casino' model and sells 'fiduciary' portfolios

Just days after the Menlo Park, Calif., firm nabbed ex-TDA star Steve Quirk to call shots, Robinhood announced it'll sell automated portfolio management and the fantasy of beating market.

January 15, 2022 at 3:11 AM

Matt Brown: It's not about to take off. It's taking off. We don't see it slowing down.

After RIAs finally board the alts train, holdout Apollo Global lavishes two big alts players with $6-billion and $1-billion valuations, respectively; thank COVID, one CEO says

The hyper-institutional New York City manager of $500 billion nabs the stakes after financial advisors moved the alts needle -- finally.

January 13, 2022 at 11:16 PM

Max Schatzow: 'Many consulting firms have partnerships with the big custodians.'

Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair

RIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots

January 12, 2022 at 3:13 AM

Kirsten Kuykendoll: We expect that Fidelity will continue to hire thousands of people throughout 2022.

With no-holds-barred perks, Fidelity Investments hit bullseye on its 'monstrous,' single-quarter, 9,000-employee hiring spree and keeps recruiting on overdrive

The $11-trillion-plus giant will also likely achieve its overarching task to net 7,000 employees but growth means the hiring machine needs to keep churning.

January 11, 2022 at 2:04 AM

Brad Shepard: The strength of the Orion platform comes from all the ways its brands link together to create an end-to-end experience for advisors.

Brad Shepard unexpectedly resigns from Orion Advisor Services after 10 months, and his chief strategy officer position will remain vacant, the company says

The Nashville, Tenn. executive came aboard to create a 'go-to-marketing strategy' for Brinker, HiddenLevers and legacy units but gave his notice this week.

January 7, 2022 at 11:40 PM

Steve Quirk oozes with potential to climb higher Robinhood rungs that transcend "trading," say multiple sources

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

Derek Bruton: I am poised to bring the passion I have for scaling businesses to Gladstone clients.

As RIA M&A continues to go ballistic, Gladstone Group makes consultant out of Derek Bruton -- with an 'enterprise' wrinkle

The Plymouth Meeting, Pa., deal shop has fintech and asset managers reaching out for RIA advice, in addition to scores of RIAs trying to decide whether to pull the trigger.

January 6, 2022 at 6:21 PM

Vanguard is working to modernize without taking its eyes off old-fashioned values

Vanguard Group restores check writing and printable PDFs, gets Tim Buckley off voicemail and preserves its funds' pristine reputation, yet also reignited investors predisposed to label it a digital bumbler

The Malvern, Pa.-based manager's glitches will mostly go down as no-harm, no-foul, yet fuels Vanguard's critics who find its high fiduciary standards for investing don't extend to service and software

January 6, 2022 at 2:34 AM

Rebecca Deaton: It was pretty friendly.

With Focus Financial cash on its side, a $1.6-billion RIA solved its high-level planning needs by pulling six people from a $6-billion RIA

Relative Value Partners Group promised to shop for talent in 2015 and it found its mark in Chicago RIA, Brownson, Rehmus & Foxworth, Inc.

January 4, 2022 at 2:38 AM

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