Articles published 5/2022
Goldman Sachs turns big page on United Capital with big changes for Joe Duran and FinLife, giving its home-grown executive money, mandate and HR muscle to create national RIA
The New York investment bank's radio silence on its staggering $750-million RIA purchase in 2019 comes to an end with the beginning of the David Fox era.
May 27, 2022 at 1:01 AM
Vise pivots its unicorn toward the mass affluent market and signs revenue-sharing deal with Paul Hatch's startup, but analysts still wonder why it's so un-freemium
The New York City startup struggled to find the right strategy, but its moonshot ambitions are intact; the ex-Smith Barney chief is a believer -- though its pricing overshoots the mark, some observers still say.
May 26, 2022 at 1:28 AM
David DeVoe brings M&A elite to Las Vegas, but dealmaking took a back seat to RIA people crisis and the 13X-valuation elephant in the room
The self-disciplined M&A crowd discussed pre-deal sausage-making, which left little room for managerial hot-dogging.
May 24, 2022 at 8:29 PM
Betterment reveals that it now owns Seattle crypto firm and that it will be a 'centerpiece,' yet the deal timing means it could be a 'big blunder,' Morningstar analyst says
The New York City robo-advisor closed Makara deal in March, skipped any PR, and will Betterment-ize it for Summer launch; never mind the collapse of the token market
May 24, 2022 at 2:33 AM
Raymond James introduces channel No. 4, a user-friendly RIA model after its three current channels -- IBD, RIA and captive -- make negligible net recruiting advances
After modest gains in headcount, the St. Petersburg, Fla. broker dealer is adding a plug-and-play corporate RIA channel for advisors who don't want the headache of overhead.
May 20, 2022 at 3:33 AM
TIFIN raised $109 million at unicorn-like valuation to deliver 'single largest data platform for the world of wealth and investments' -- would deliver 'embedded' products through super apps in micro-capsules
The Colo. firm just sold 14% of its conglomerate based on an eye-popping valuation to keep up with rising cash burn and appetite to buy, buy, buy...
May 18, 2022 at 12:26 AM
Vanguard may be shorting much vaunted 'owners' of its low-cost index funds as it upshifts to more Wall Street-style exec-comp to thwart competitors and chase high-net-worth investors
Shareholder profits at the Malvern, Pa. company are being undercut by undisclosed millions in executive and staff pay raises as the company seeks to shore up its eroding value proposition.
May 15, 2022 at 7:15 PM
As Focus Financial shares languish, Rudy Adolf plans $200 million buyback and rebuffs questions he's overpaying for RIAs--because he avoids 'drunken sailor transactions'
The New York City rollup buys at private prices then sells at public valuations, but now the CEO's buying at public share prices in some 'privately negotiated transactions' hoping for a bounce
May 13, 2022 at 2:31 AM
Fidelity's strategy to own the financial advice business by owning 'a crazy lot of people' is heading for 28,000 hires in two years
Hiring 16,600 people last year just whetted the $11-trillion Boston company's appetite to make 12,000 more hires in a play to be a category killer in finance.
May 12, 2022 at 3:14 AM
Orion enters booming OCIO market with $6-billion AUM startup purchase, based on very firsthand knowledge
The Omaha, Neb., software and investments firm is buying Utah-based TownSquare to move upmarket to $2-trillion outsourced chief investment officer services
May 11, 2022 at 1:23 AM
Tom Giachetti warns at Gladstone event in Philly about 'one bad exam,' as dealmakers get SEC reality check amid reset M&A aspirations
The M&A event restarts after COVID-19 hiatus and stormy financial markets--where rates are up and AUM is down--don't deter attendees.
May 9, 2022 at 7:48 PM
Elizabeth Warren taken to task by experts for 'misplaced,' 'misinformed' and ultimately toothless letter to Fidelity's Abby Johnson, criticizing firm's new Bitcoin-inclusive 401(k) menus
Fidelity CEO and Massachusetts Senator -- both powerful in their own realms -- are on a collision course amid the uncertainty surrounding cryptocurrency.
May 7, 2022 at 2:54 AM
Envestnet go-private sale odds plummet after Bill Crager's answer to analyst's question over the possibility; stock craters, cutting chances of it happening to one-in-four, analyst says
Investors responded to the Envestnet CEO's remarks -- and analyst takes - of yesterday's earnings call by sending company shares down sharply, while president Stuart DePina's future role remains murky.
May 6, 2022 at 7:24 PM
Joel Bruckenstein delivers full-bore Texas T3 to record attendance, complete with news reports from Orion, Morningstar and others that were fortuitously timed
The RIA software guru got 1,000 people to Denton where data was the hot topic, and robo and crypto got short shrift.
May 5, 2022 at 3:05 AM
Morningstar buys a $30-million stake in SMArtX, gets two board seats -- and a puzzle piece to launch direct indexing later this year -- in the bargain
The Chicago money manager of $251 billion previously said it was supplanting InvestCloud's APL with a SMArtX rental; now it's purchasing a piece of the success it'll help assure
May 4, 2022 at 2:54 AM
Orion Advisor Solutions moves to let RIAs eat real-time 'cake' rather than API 'recipes' with help from Amazon's AWS and a determined Carson Group
The Omaha, Neb., software and investments firm is already doing a pilot with Ron Carson's $20-billion RIA and will make the data leapfrog across its clientele