News, Vision & Voice for the Advisory Community


Articles published 10/2022


Publish date

Chip Roame: Difficulty in assimilating if, it ever comes, would be the reason to slow down hiring.

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

Walt Bettinger:  [Exiting Russia] was the right thing to do.

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

Brian McLaughlin is replacing Orion's two-year old marketing software with a 'Snappy' $3,000-a year third-party upgrade.

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

Joe Lonsdale: '[We] make them wait months, or years, which is rude and hurts us.'

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: 'We saw open landscape for us to build.'

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: All of our 'platform' teams will report to Daniel.

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

Schwab's Westlake HQ (pictured) received good news in the form of record income, revenue, and retail inflows in the third quarter of the year.

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

Patrick Ponsford:  A UK media business buying a big legacy US asset was a huge gamble and one that didn’t pay off.

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

Spencer Look: [These retirees] would succeed at least 95% of the time with a portfolio-only strategy.

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: We participate in these programs because they are not pay-to-play programs.

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

Robb Baldwin: The reality is … 100% of advisors will be impacted.

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

Karl Roessner: We participated in over one hundred meetings.

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

Bob Veres:  As a former editor of a professional magazine in this space, that is a breach of the wall between sales and editorial.

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

Jon Patullo: I look forward to ... build[ing] solutions that directly address the needs of independent advisors and their networks.

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

Bill Dalton: Our goal is to offer advisors the best of both worlds.

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

The Bank of Baroda is a source of high-yielding cash for Vanguard Group's new cash products in pilot.

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

Gregory Banasz: Goldman's RIA custodian will officially launch in 2023.

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

Dan Bernstein: This does impact everyone from the largest institution to a two-person shop.

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: I’m excited to join the board at such a pivotal time in the company’s history.

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.

October 1, 2022 at 12:45 AM

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