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Articles published 3/2022


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Reed Colley: 'Best of breed was great until there were 12 of them and it led to inefficiencies.'

Reed Colley exits beta swinging with a $20-million raise and $20 billion of client AUA based on a plan to give RIAs their own operating systems

The Black Diamond founder is using non-commingled data as a foundation for radically improved security, a self-contained universe of applications and third-party CRM

March 30, 2022 – 4:09 PM

Aparna Chennapragada: [Robinhood round-up] incentivizes folks to do the good thing [investing] more.

Robinhood shares spike 25% after CEO Vlad Tenev finally goes back on the attack against Acorns, Fidelity, and Schwabitrade by adding their tricks and features to its quiver

Semi-commoditized by giants and upstarts alike, the Menlo Park, Calif. firm is extending trading hours and doing its own Acorns-style round-up debit card to show it's in the fight.

March 29, 2022 – 7:19 PM

John Rourke: When you shut your eyes and see a pot of gold at the end of the rainbow, you open them and sprint.

Wealthbox raises $31 million after finding its groove converting Salesforce and Redtail CRM users and leaping up the marketshare ranks

The Providence, R.I., party-crasher has romped on the lower end by being simple, intuitive and cheap, but sees upmarket beckoning; capital will fund a hiring and spending spree to capitalize on software shift to planning that puts CRM back at the center

March 28, 2022 – 11:14 PM

Ned Johnson could be counted on to have a contrarian view on  everything.

Ned Johnson, who built Fidelity Investments into a family financial services empire and inspired countless others in the industry with his energy and integrity, has died at 91

Edward 'Ned' Johnson III put aside his Brahmin pedigree in favor of a low-key, personable style but he also had a keen 'contrarian' instinct to step up aggression in downturns, which helps explain Fidelity's recent dazzling hiring spree

March 26, 2022 – 2:05 AM

Yoav Zurel: 'Advisors told us, information is great, but what I want is action'

Pontera attracts yet another $45-million VC round for its 'held-away' 401(k) order management system and snags SageView, a $175-billion RIA, as a customer

The 10-year-old New York City firm nixed its FeeX brand and its old business model after RIAs said they wanted 'action' more than information.

March 24, 2022 – 11:19 PM

Walt Bettinger: I kept saying, ‘I have no issue with that whatsoever.'

Walt Bettinger finally arrives in Omaha, Neb., to meet-and-greet ex-TDA staff and the local press, offering a good story to tell and liberalized post-Covid work policies

The Charles Schwab Corp. CEO traveled to TD Ameritrade's former headquarters with senior TDA staff, buoyed by the happy news that headcount jumped by 300.

March 23, 2022 – 2:24 AM

(Matt Pistone and) Aaron Klein: '[Matt] was the perfect co-founder.'

Riskalyze co-founder and CTO steps down; Aaron Klein hires a headhunter to replace him and nab a CMO, too

Right out of Berkeley, Matt Pistone was serious engineering talent with little experience. The new person needs to bring a track record.

March 22, 2022 – 1:12 AM

James Iannazzo threw away his CFP (for now) and Merrill branding when he threw insults and yogurt drinks but he may yet execute a smooth landing in Westport.

The amazing -- though unsurprising to recruiters -- resurrection of 'smoothie' broker James Iannazzo, who lands at a brokerage 52 days after Merrill Lynch sacked him for his outburst

Iannazzo's name showed up as registered broker with Ageis Capital, suggesting clients tend to forgive or are oblivious in these circumstances, recruiter says.

March 19, 2022 – 2:36 AM

Michael Kitces: 'Clients paying fair fees is our fiduciary responsibility.'

Michael Kitces' debate with two top RIA custodians may have vaporized--causing him to pivot to a 'discussion'--but he still made his point--more transparency, now!

The serial 'Nerd's Eye' RIA entrepreneur didn't give an inch against LPL RIA chief, Marc Cohen, who insisted custody is about value, not fees.

March 18, 2022 – 2:00 AM

Maeve DuVally: We are working closely with teams across Goldman Sachs, as well as clients, to ensure that these new services align.

Goldman Sachs RIA custodian delayed indefinitely, as 'technical details' bedevil launch date

The clock is ticking on the New York City investment bank's strategic imperative to strike while TD Ameritrade and Schwab merge, but Goldman may be facing similar obstacles combining with Folio Institutional.

March 16, 2022 – 2:47 AM

LPL's Marc Cohen will discuss RIA custody fees with Michael Kitces to fill the big void left by the heads of his firms's two largest RIA custody rivals.

The 'Great Debate'--pitting Bernie Clark and David Canter against Michael Kitces--collapses after the Schwab and Fidelity custody chiefs have second thoughts

In October, Canter laid down the challenge, Clark sided with him and the Nerd's Eye View publisher and RIA advocate called their bluff.

March 14, 2022 – 2:57 AM

Noah Kerner: When the time is right, we are prepared to execute with extreme excellence.

Cash-flow negative Acorns raises $300 million in bridge capital after failed IPO bid, which allows 'anchor investor' BlackRock to increase its stake at a reduced valuation

The Newport Beach, Calif.-based robo-advisor finds profits and AUM elusive but has what BlackRock wants -- wide wealth management distribution of ETFs to young investors too cool for traditional advisors

March 10, 2022 – 11:06 PM

Ed O'Brien: “It’s just interesting timing, quite frankly."

Ed O'Brien recalled to Fidelity's mothership, bestowing him with power perhaps second only to 'Abby,' a key observer says, though at a huge cost--the sudden decapitation of eMoney

The suddenness of the move caught O'Brien off-guard, but Mike Durbin has consistently said his goal is to infuse investment management with wealth management and eMoney, which O'Brien calls home, sits at that intersection.

March 10, 2022 – 2:27 AM

Tru Independence wants to rise above its low-profile, Portland, Ore., home.

Amit Dogra is ready to put a shine on an $8B 'Dynasty-like' RIA service platform that's tired of keeping a low profile in cloudy Portland, Ore.

The Philly exec is now president of tru Independence after stints at SEI, Brinker, Hightower, BNY Mellon and, most recently, Sanctuary.

March 9, 2022 – 2:37 AM

Iconiq needed  this bigger building as its staff swelled to hundreds.

Iconiq Capital is now an $89-billion RIA as it evolves from wealth management to KKR mode -- not without Henry Kravis and 'glaring conflicts'

The San Francisco firm nearly quadrupled in size since June 2020 sources and buys pre-IPO shares, is determined to be a wealth manager to the super-wealthy and compete for A-list PE deals with Blackstone and the like.

March 8, 2022 – 2:39 AM

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