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Articles published 2/2022


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Bob McCann, fomer UBS CEO, is an investor and co-chairman of NewEdge

Bob McCann will bring swagger, cash and cachet as co-chair of NewEdge Capital Group, a firm that cobbled $30 billion of AUA to compete with old rival Greg Fleming at Rockefeller Capital Management

Ex-Morgan Stanley brokerage prez, Greg Fleming got Rockefeller rocking, now Bob McCann will get the opportunity to do the same at NewEdge.

February 28, 2022 – 7:59 PM

Bill Crager: [Growth] is what I'm focused on, period.

Bill Crager says Envestnet is about growth 'period!' after Barron's article, citing five 'sources,' claimed his firm retained Piper Sandler for a possible sale

The CEO and co-founder of the Chicago outsourcer got hit with a first-off question at an analysts' call this afternoon about the sale report -- but the executive had already laid out a very future-oriented vision and promise to 'turn the corner in 2022.'

February 25, 2022 – 4:25 AM

Sue Thompson: The only free lunch in investing is diversification and that's the case here.

State Street ETF scored mightily in 2021 by getting Blackstone to sub-advise lending 'esoterica;' now State Street is launching new ETF and rewarding Blackstone with a longer leash to chase higher yields

The $881 billion Manhattan alts investor will delve into junk in addition to safer senior loans with new ETF. Nobody will complain about the 70 basis-point fee, if it again delivers higher returns and the inflation protection of floating interest rate loans.

February 24, 2022 – 2:26 AM

Joe Lonsdale: We have a bunch of creative ideas based on lessons learned.

Joe Lonsdale is prepping Lonsdale Investment Technologies for launch 13 years after founding Addepar -- with the new business model too cannibalistic for comfort, some say

The Austin, Texas, serial entrepreneur is still executive chair of, and a big stakeholder in, Addepar but may need a fresh start to manifest his hyped vision of creating high bandwidth financial flow between retail investors and vast private markets.

February 23, 2022 – 12:09 AM

Shuang Chen: 'I definitely appreciate that they reached out.'

AssetMark lets RightCapital sell financial planning software to its advisors -- with data synching -- despite just buying Voyant for $145 million

The $90-billion Concord, Calif.-based TAMP's API connection also follows one with MoneyGuidePro before the acquisition and an SEI deal to integrate with Right Capital

February 19, 2022 – 2:43 AM

Sean Lindenbaum 'got it done' at TD Ameritrade, a former colleague says

Dynasty Financial hires 'real deal' TD Ameritrade RIA sales talent who left after Schwab deal; he'll again mine for RIAs on Florida's Gold Coast--first big news since IPO disclosed

The St. Peterburg, Fla., technology outsourcer made its 10th Florida hire since start of year but first one on the state's Southeastern Coast

February 17, 2022 – 2:50 AM

Matt Brown: 'This allows us to automate and digitize fund onboarding so it’s not a 'pain in the neck.''

Focus Financial tightens ties with CAIS to boost alts, just don't say the arrangement much resembles CI Financial's deal to buy a stake in GLAS Funds

New York City-based CAIS already administers a $30-billion chunk, it says, of Focus's $350 billion of RIA assets; RIAs get to add third-party funds or go with the CAIS selections

February 16, 2022 – 7:34 PM

Mike Reust: It is the intent to sunset the brand in the future.

Betterment's new CEO spices up baked potato robo menu with self-directed crypto allocations; one guru calls it a 'square peg' in round hole, but Morningstar analyst sees 'leapfrog' potential

New York City robo-advisor CEO Sarah Levy bought 'Makara' after 90% demand it; they can choose crypto for 100% of portfolios but must pay a fee of 100 basis points.

February 15, 2022 – 2:39 AM

The CFP Board cites the 'reputational' damage this smoothie incident caused its mark and its profession.

CFP Board bars Jim Iannazzo from using its mark 'or [even] suggesting' he holds it, at least until the ex-Merrill broker is adjudicated on three crimes arising from smoothie-throwing tirade

Certified Financial Planner Board of Standards took about two weeks to determine Iannazzo's conduct 'significantly impinges' on its 'reputation'

February 11, 2022 – 4:24 PM

John French took off on a cruise as his company takes on the 'chaotic short-term problem' of no editor or publisher.

The British parent of InvestmentNews got a $2.4 million federal taxpayer bailout to weather the pandemic crash and has been freed from paying back the money under a COVID relief program

Bonhill Group PLC called 2020 its most challenging year in its history and reported that 2021 won't be much better as COVID batters business strategy

February 11, 2022 – 3:46 AM

Noreen Beaman:  Now is the right time for me to transition.

Noreen Beaman steps down as president of Orion Advisor Solutions after Brinker migrates to Orion software and enterprise deals 'prove out'

The former Brinker CEO oversaw an 18-month transition of her then $26-billion TAMP and will remain as vice chair of the company after 'mutual' decision on role changes.

February 10, 2022 – 2:22 AM

Jonathan Craig: Dual registration allows TDA [reps] ... to offer their clients both TDA and Schwab products and solutions in advance of account conversion.

Charles Schwab & Co. registers TD Ameritrade brokers to rep Schwab products and to retain clients who chose to convert to 'Schwab'

The Westlake, Texas giant registered TD Ameritrade reps en masse to its own broker-dealer so they can now reclaim clients who pre-converted to Schwab and also buy and sell Schwab products, open Schwab accounts, manage them, and even get paid on it all

February 8, 2022 – 11:20 PM

Rich Steinmeier (to Barron's): I don’t know that there’s a cap. I don’t. It’s not 20,000. It’s not going to be 30,000.

LPL Financial shares spike after no-drama CEO Dan Arnold delivers (near) 20,000 advisors, $1 trillion-plus in AUA and surprising Waddell & Reed wrinkle

Shares of the San Diego company rose almost 5% after leader reported $300 billion asset leap, high M&A retention and multi-channel wins.

February 5, 2022 – 2:03 AM

Lisa Salvi: Firms can ensure they have a compelling compensation strategy.

Oisin's Bits: RIAs are slow to raise wages to reflect revenue and inflation • Robertson Stephens doubles AUM, making three a charm • SEC finally explains Bitcoin ETF application failures • Tenev, Bhatt get billion dollar haircuts in Robinhood stock slump

Schwab report shows RIAs hire at bargain rates but maybe not for long • 'Robertson Stephens' third go-round, second as RIA, gains steam • SEC reveals spot BTC concern--fraud • Robinhood founders lose $3.4 billion, $3.9 billion in stock slump

February 4, 2022 – 8:21 PM

Daniel Needham: 'We're very committed.'

Despite no 'clear, crisp ah-ha! moment,' Morningstar finally launches dedicated RIA bundle unit infused with direct indexing and clearer line to CEO Kunal Kapoor

The Chicago firm mandated Daniel Needham with money, mission and people for branded, one-stop back office for fiduciary RIAs

February 3, 2022 – 8:13 PM

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