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Articles published 12/2022


Publish date

James Ianazzo may need to clear a fifth hurdle to get on with his life as a stock broker.

Why FINRA's late appearance into smoothie-throwing broker James Iannazzo's life might be rough

It's been about 11 months since Merrill Lynch fired him, and the CFP Board stripped him of the CFP mark; attracting the SRO's attention means more woes.

December 29, 2022 at 1:05 AM

Gerard O'Reilly: 'Dimensional has been investing in … real estate securities for three decades.'

Dimensional Fund Advisors tries to staunch outflows while still preserving its mystique by getting 'real,' again, about 'vehicles' and 'asset classes' with a new ETF

The $540-billion AUM Austin, Texas factor-fund factory dropped $30 billion or so in AUM since August -- enough to make any manager launch a second real estate ETF in 2022

December 22, 2022 at 2:27 AM

Patrick Ponsford: [The] UK deal is a bit further on than the US, but both should complete early in the New Year.

InvestmentNews owner accepts $8 million deal for non-IN assets overseas and will (likely) name buyer for the New York City trade pub after Christmas

The ex-Crain publication will likely begin the third chapter of its existence in the New Year, while Bonhill faces an uncertain future.

December 21, 2022 at 3:17 AM

Shirl Penney: I very much value our relationships with Fidelity and Pershing.

Shirl Penney lands hot cash in cold market, raising $100 million (says source) to 'charge onto the offensive' as competitors 'hunker down' under debt

The CEO and co-founder of Dynasty Financial Partners salves IPO pain by cobbling cash from existing backers, a Boston private equity firm, Abry, and even RIA custody partner, Schwab, at valuation near $500 million.

December 20, 2022 at 2:37 AM

Dario Fusato: I wish we'd launched it earlier.

Savvly launches 'parimutuel' death pool where investors hedge their most dire financial threat -- long life -- but annuity providers are not so impressed

The Boulder, Colo., VC-backed startup puts actuarial odds in favor of the living, incents broccoli eating, and the only losers aren't around to complain about it.

December 16, 2022 at 2:15 AM

Steve Quirk: What we’re trying to do is fill a void.

Robinhood seeks to become the gig economy super-recordkeeper by super-charging IRAs but analysts ask: Where are the revenues?

The embattled Menlo Park, Calif. firm is actually paying for AUM with 'employer match,' talking about the importance of 'trust' and admitting it'll need to earn it

December 15, 2022 at 2:51 AM

Patrick Church: 'They put me in the ‘screw him’ category.'

Schwab Advisor Services fired TD Ameritrade RIA as client after its owner charged a 5% fee on his wife's account, but what it did afterward enraged him

The Westlake, Texas RIA custodian followed up by writing a letter to clients raising 'billing practices' as a concern for something regulators often forgive, experts say.

December 14, 2022 at 2:12 AM

Rachel Cameron: I’m very familiar with DPL’s team and technology.

DPL Financial makes 'happy thing' hire of Rachel Cameron, the Black Diamond alumna who wired as much as 40% of all their net flows

The Louisville, Ky., annuities supermarket credits her with having the vision to rid the held-away-asset stigma from annuities.

December 13, 2022 at 1:21 AM

Tim Welsh doesn't let RIA observations stay in Vegas, and he has plenty of them.

MarketCounsel Summit convenes in Las Vegas with Goldman Sachs there to say: We are already really a $1-trillion custodian

Goldman Sachs used the low key, high traffic event in Nevada to signal to the RIA vendor crowd it's raring to get going with breakaway brokers,

December 10, 2022 at 4:21 AM

Michael Durbin: 'Advisors have seen the technology and wealth management industries increasingly intersect.'

Fidelity's field-of-digital-dreams approach to RIA custody means bulldozing familiar landmarks like 'RIA' corporate enclaves and 'chiefs' -- all part of a post 'scrappy' organic growth plan

Fidelity CEO Abby Johnson clearly trusts and values the long-time RIA overseer Michael Durbin to solve nettlesome projects like eMoney, and her perception of his highest, best use has shifted in Fidelity's inexorable digital push

December 8, 2022 at 10:34 PM

Wayne Bloom: We're really a giant national RIA.

Commonwealth cuts RIA custody fee, toggles Fidelity and Schwab as sub-custody and co-custody partners, and explains why its model puts $1 trillion of (mostly) RIA assets in reach

Fresh off three-year hiatus, Wayne Bloom framed his Waltham, Mass. IBD as both a big, national RIA and a custodian to smaller ones but also promises to 'remember where you come from' -- namely a commission-based brokerage beginning.

December 7, 2022 at 4:57 AM

Tyrone Ross: 'They've squarely positioned themselves to be the leader when we come out of this.'

Fidelity Investments debuts Bitcoin trades, tempts fate at dark crypto hour, yet the Abby-approved move's upside boggles the mind

The $9.9-trillion Boston company is ignoring the plea of three senators and the Samuel Bankman Fried mania in exposing its customers, 401(k) and retail, to the most controversial of 'assets.'

December 5, 2022 at 7:28 PM

The Vatican is getting into ESG investments, just don't mention condoms, abortion, or pornography.

RIA Quick Takes: Orion deepens DFA embrace by using it as portfolio manager-inside-ETF ~ Hardship withdrawals surge at Vanguard and Fidelity ~ Schwab hires 400 ~ Fidelity flips six funds into ETFs ~ Kitces makes list before Christmas ~ Amit Dogra has $1 billion of good news from his new Portland gig

Americans are struggling, though jobs are plentiful; Larry Fink's ESG zeal costs BlackRock another client, just as the Vatican issues ESG guidance; UBS says we didn't like you anyway to mass affluent and Michael Kitces and Craig Iskowitz join forces.

December 3, 2022 at 3:16 AM

Chris Costello: 'We’re embarking on a new chapter... we wish you all the best.'

Blooom shutters its robo 401(k) RIA out of the blue, leaving all 29,000 clients, with $5.6 billion in assets, twisting in the wind and red flags flying

The Overland Park, Kan.-based firm's staff bolted for Morgan Stanley, including its CEO, but experts say regulators may not be far behind.

December 1, 2022 at 8:25 PM

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