Articles published 2/2022
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 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
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 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
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
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
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
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
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
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 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
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
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
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
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