RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Articles published 6/2022


Headline

Publish date


Abby Johnson: 'We are not pulling back.'

Fidelity--late to its own Ethereum party--hires 110 engineers to hurry up launch; it may have avoided both had it not made a 'strange strategic decision,' analyst says

The Boston company pledged to add the second digital token to its crypto custody service by year-end 2021, but 'complexity' stalled the project, even though a third-party solution was available.

June 30, 2022 – 8:40 PM

Jamil Nazarali starts July as CEO of the Fidelity-Schwab-Citadel et al. venture.

With crypto landmines to fear greater than each other, Schwab and Fidelity co-invest in a cryptocurrency mega-startup with Citadel, Virtu and VCs Sequoia and Paradigm

The discount brokerage super-rivals are investing in a market maker venture with fellow [crypto retail] come-latelies, Virtu and Citadel -- a sign that the crypto winter hasn't chilled big investment in digital assets, even if liquidity occasionally freezes up.

June 30, 2022 – 1:49 AM

David Botset: 'We’re committed to ... continue to make our clients the beneficiaries of our strategic focus.'

Charles Schwab Corp. is jacking down ETF prices again (like a Jack Bogle) after Vanguard, again, raises a series of fund prices -- albeit with a net fee reduction

The Westlake, Texas, super-broker is making clients 'beneficiaries' while the $7-trillion Malvern, Pa., behemoth is raising prices as both firms make strategic calculations about the future.

June 27, 2022 – 3:26 PM

Ben Harrison's interest-yielding custody fee model could still take off, albeit two years later than planned.

BNY Mellon Pershing's subscription custody plan was scuttled by crashing COVID interest rates, but may get a second wind as rates rise, reviving its play for Schwab/TD Ameritrade RIAs

But offering higher yields to switch may not be enough to lure advisors, who typically keep minimal investments in cash, says one industry expert.

June 25, 2022 – 12:41 AM

Jason Roberts: 'We know where the administrative hot spots are.'

ERISA attorney co-founds venture to take advantage of DOL's liberal new pooled 401(k) plan guidelines, a boon for RIAs looking to break into the business

The new San Diego firm will be a TAMP-like unit that gives a way for small companies to get big-plan leverage while still letting RIAs handle the investment advice, says CEO Jason Roberts.

June 23, 2022 – 6:56 PM

Philipp Hecker: 'We'll bring it to the middle- and bottom-of-the-book of business

Two ex-J. P. Morgan top wealth management overlords debut Bento Engine by raising $1 million from RIA power influencers who see a micro-investment solving a macro RIA problem

Marty Bicknell, Andy Putterman, Kelly Waltrich and Shannon Eusey lead a list of RIA biz angels taking a shot at 'Life Numbers' -- a Vestorly-like model with its own 'secret sauce' and love from the CRM super-friends

June 22, 2022 – 8:19 PM

Jim Mocci: I'm absolutely a data driven marketer.

After Fisher Investments leapt from $65 billion to $200 billion of AUM with him as a lead brand manager, Jim Mocci jumps ship to $15 billion RIA with a playbook to reach $50 billion

The Salt Lake City executive helped feed the creative engine that powered gargantuan organic growth at Fisher Investments, with data derived from the investors themselves

June 21, 2022 – 1:48 AM

Ainslie Simmonds: Success will be a feeling a few years from now among advisors that they wonder why they ever did it any other way.

BNY Mellon uses Pershing INSITE 2022 to let RIAs know it has its own dog in the fight with Pershing X, which BNY owns to sell to Pershing RIAs -- or anybody else

The $474-billion bank's relationship with Pershing just got far more complex as it puts its belief in ringer, Ainslie Simmonds -- who is being given a long rope to tie up loose ends.

June 18, 2022 – 2:29 AM

LPL chose the Booth School as a setting to say it won't abdicate the high-net-worth market to Wall Street.

LPL Financial makes 'full-service' play with a wirehouse trick and some DFA vibes by launching 'private client' offering from the University of Chicago

The San Diego broker-dealer grew to be No. 1 by backing partially served mass affluent brokers and used a symposium at the university's Booth School as a backdrop to tell its reps they can compete with Merrill Lynch.

June 17, 2022 – 12:08 AM

Oleg Tishkevich: Right now, it's basically for geeks. We want it more turnkey for developers like [the way] Azure or AWS [do it].

Oleg Tishkevich makes two familiar, key ex-TD Ameritrade hires as INVENT hits 20,000 users and shifts into high gear to serve RIAs

The INVENT CEO and founder gets Craig Uhlenkott and James Byers to hone RIA product fit for a more turnkey developer package to go with pre-existing app store.

June 16, 2022 – 2:16 AM

Barrett Ayers: 'Joining AssetMark allows us to ... advance our investments in new capabilities.'

Vestmark sells Adhesion to AssetMark after quickly (nearly) tripling the 'RIA' unit's AUM, but AssetMark will plow cash into an upgrade

The Concord, Calif. company announced the deal for the Charlotte, N.C., UMA provider and direct-indexing vendor amid sinking markets.

June 15, 2022 – 12:40 AM

Vinay Nair: We have now completed the process to rightsize our cost structure for the current environment.

Tifin Group CEO slashes 10% of staff -- and his own pay -- to cut $10 million from annual 'burn' in the 30 days after $109-million 'D' raise

CEO Vinay Nair and eight other senior executives took a 20% pay cut, but Tifin continues to hire, and the software roll-up is open to making fresh acquisitions

June 14, 2022 – 12:06 AM

Urska Velikonja: We expect for these large asset managers to consider abortion in the same way they consider other social-policy issues.

Shorts: ESG forces Vanguard, BlackRock, SSGA to choose on abortion • Schwab uses money and brand to correct white-male CFP supermajority • S&P 1500 pensions overfunded despite underwhelming 2022 returns • Vanguard closes gap on BlackRock as top institutional manager • Musk puts Orion on Twitter map

Culture war envelops ESG. 'Big-three' face crisis on abortion rights • The population is 50.8% women, 13.4% Black, 18% Latinx, but 76.6% of financial planners are white men. • Schwab funds CFP effort to rebalance • S&P 1500 pension plans are running a $55 billion surplus • Vanguard nears BlackRock institutional asset sum • Daniel Crosby lures behavioral finance interest, via Diet Coke.

June 11, 2022 – 1:05 AM

Eric Clarke: Today, we start bringing Orion and Redtail together.

Orion speed-closes Redtail purchase in 48 days, so Eric Clarke can get right to work stacking it with four other M&A deals in two years at his Omaha mothership

Clarke now 'holds all the cards' to 'own the desktop' of hundreds of thousands of advisor firms, one consultant says, but analysts wonder whether Orion really has the 'bandwidth' to make a tech stack out of so many towering silos.

June 9, 2022 – 1:39 AM

Stuart DePina's exit is part of 'pivotal moment' in play to 'better innovate.'

Envestnet finally, officially, (mostly) parts ways with Stuart DePina but adds back his old Tamarac division then promotes Dana D'Auria, Farouk Ferchichi, Tony Leal and Tom Sipp in a major new restructuring

The $5-trillion Berwyn, Pa., software, investments company and Yodlee owner reveals the next generation of leaders succession and, it hopes, success for shareholders

June 8, 2022 – 12:17 AM

RiaBiz Archives

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo