Articles published 10/2022
Fidelity Investments' plan to hire 12,000 by October hit wall of macro-headwinds; no problem, it landed at 15,000; Schwab keeps hiring, too
The Boston giant's people grab could be derailed by indigestion -- the inability to assimilate staff -- an analyst says; but it has yet to materialize so the hiring spree rolls on.
October 29, 2022 at 12:02 AM
Schwab shares surge 6% after it hardens TD Ameritrade merger date and affirms its $1.8-billion-plus in synergies, though it got burned by having engineers in the wrong place at the wrong time
The $8-trillion Texas firm had to rewire TDA's signature 'thinkorswim' software after learning engineers were based in heavily sanctioned Russia
October 27, 2022 at 10:23 PM
RIABiz Briefs: Riskalyze's business model outflanking its own brand width; First Redtail tweak at Orion; Bad news from Vanguard and its good if 'junk'-y solution
These items caught RIABiz's eye this week, starting with Aaron Klein's intent to retire 'Riskalyze'; Robert Huebscher's zero-degree separation from Jamie Dimon, and what's driving Vanguard to suggest not-too-junky junk bonds as a way to play the recession it predicts for 2023.
October 27, 2022 at 1:01 AM
Addepar's chairman writes five-alarm warning about how US immigration red tape is putting foreign engineers through hell, creating a 'quiet crisis' for tech companies
Joe Lonsdale uses words like 'egregious' 'crapshoot' and 'rude' in Wall Street Journal article to explain how 'America and its economy are the butt of the joke.'
October 26, 2022 at 1:12 AM
Penny Phillips is the first millennial woman to launch a rollup, with four Wall Street veterans providing the AUM and capital
Fluent in Greek, the 34-year-old cold-emailed Mark Tibergien at 24, got known at her firm, Thrivos, but now the coach is showing she's got game.
October 25, 2022 at 1:53 AM
Dave Welling's rollup hits $39 billion of AUM and hires a 37- year-old breakaway from BlackRock to turn internal five-click shopping into a 'single conversation'
The Mercer Advisors CEO in Denver now has a 'president' reporting to him from the Big Apple to take on the specific mission of wiring a national RIA, rather than day-to-day operations at a rollup.
October 21, 2022 at 5:48 PM
48 RIABiz hyper-briefs from Fidelity's de-screen scrape of eMoney to one decision Focus Financial can celebrate during rollup winter
RIABiz ticks off four dozen stories this week, including big companies experiencing big trouble and small ones appearing out of Bento boxes
October 20, 2022 at 11:01 PM
InvestmentNews is again for sale as 'huge gamble' bleeds more cash in 2022 than owners projected and doesn't 'pay off,' exec says
The New York City newsweekly was acquired by Bonhill for $27 million; now the market cap of the whole company is $5 million to 6 million after a rough transition from Crain
October 20, 2022 at 2:11 AM
Morningstar math shows annuity products are overkill for many affluent RIA clients because Social Security and portfolio planning render them redundant -- a reveal that annuity providers find to be pointy-headed nonsense
The out-of-the-blue report from the Chicago research giant claims that self-insurance does the job for the advised wealthy, especially backed by the federal safety net.
October 18, 2022 at 1:18 AM
Scott MacKillop offers a view on industry awards contrary to Bob Veres, who took the Luminaries, Wealthies and others to task for editoral/sales conflicts
'We see them as merit based. If we win an award or receive recognition as a finalist, we feel that it means something.'
October 15, 2022 at 12:38 AM
Schwab Advisor Services refuses to flinch in the face of fresh claims that TD Ameritrade RIAs will do 'significant' repapering when Schwab accounts for all aspects of the merge
The $3.5 trillion custodian concedes a count-on-one-hand number of RIAs have such exotic systems that manual intervention is needed, but otherwise, it's all good.
October 13, 2022 at 11:02 PM
Lefteris will liquidate as 'responsible stewards,' after ex-CEO says they interviewed 'hundreds' of poor fits in vain attempt to make deal before tumult struck
The Mark Casady-organized SPAC kissed thousands of frogs and met with more than a hundred in an attempt to put $200 million in cash to work when cash was trash; now cash is king and investors want it back.
October 13, 2022 at 1:45 AM
Investment Advisor is seeking legal advice after Bob Veres called out IA's new 'Luminaries' awards for alleged sales, editorial conflicts
Sales and editorial staff at ALM, publisher of IA and ThinkAdvisor, counter that awardees are under no obligation to buy anything, but many often do.
October 11, 2022 at 7:05 PM
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
October 11, 2022 at 12:40 AM
Goldman Sachs both clarifies and adds complexity to its RIA custody launch with press release reporting its' best-of-both-worlds' platform onboarded a '$1-billion' Merrill Lynch team
The New York City investment bank signed Beverly Hills Private Wealth, and it 'never really' had any timeline to meet, it tells an industry publication.
October 8, 2022 at 2:50 AM
Vanguard is now several months into beta plan to offer head-turning, high FDIC-insured yields and capacity after 2019 scrapping left it flat-footed against Schwab and Fidelity
The Malvern, Pa., giant copied a new business model -- and co-opted many regional partner banks -- to go 2%-plus as part of a rethink of its 2019 decision to forsake bank cash accounts for money market funds.
October 6, 2022 at 3:53 AM
Pershing wins $27-billion Steward Partners RIA custody account after Goldman Sachs boots launch and pressure built for an alternative to 'jilted' Raymond James
Goldman's effort to capitalize on No. 3 TD Ameritrade's absence, starting with (among others) Steward, is for now going to the actual new No. 3, BNY Mellon's Pershing
October 4, 2022 at 10:35 PM
After catching Wall Street red-handed, the SEC is 'coming after' RIAs that fail to track client chats by text, WhatsApp and social media, experts say
The regulator's $1.1 billion in wirehouse fines is a warning to RIAs that not keeping proper records of online chats could paint a bulls eye on their backs as well.
October 4, 2022 at 1:41 AM
Charles Goldman takes seat on Orion board sparking thoughts about RIA custody comeback in Omaha and just what it can do with the Redtail, Brinker and TownSquare acquisitions
The ex-Schwab/Fidelity RIA custody chief was a turnaround CEO at AssetMark where he ushered in a custody offering and an IPO.