Articles published 9/2022
There were so many good reasons for Vanguard to fold its first ETF but radical underperformance may stand out for the 'illiquidity' fund
The Malvern, Pa., manager blamed $44-million fund's scale, but marked underperformance and a manager departure as likely doomed it, one Vanguard watcher says
18 hours ago
Two years (almost) after leaving Orion, Hussain Zaidi unveils a second financial planning company, more like a budget robot, with Eric Clarke as an investor
The founder of Advizr sold his firm to Orion in 2019, left at start of 2021, and he's now ready for a new start. also backed by Vanilla founder Steve Lockshin and Lloyds of London's chairman.
September 24, 2022 – 1:48 AM
Addepar founder Joe Lonsdale's second alts tech startup for RIAs, Opto Investments, leaves 'stealth' mode with $145 million raise and the chutzpah to take on iCapital and CAIS
Opto comes late to the alts game, but at a $475-million valuation, VC backers are seeing founders' vision of a way-upmarket niche
September 23, 2022 – 2:38 AM
Making lemonade of legal lemons, new wave of ERISA class actions accuse fiduciaries of 'imprudently' using low-fee, high-rated funds, like BlackRock TDFs
The lawsuits against 401(k) plan sponsors also threaten every RIA and fiduciary, if underperformance becomes a legal liability, lawyers say.
September 22, 2022 – 1:34 AM
Future Proof spent 'millions' and got a 'gazillion permits' in 2022 and the VC-backed 'Reformed Broker's' festivus is on track for 10,000 attendees by 2025
The RIA 'festival' kept sessions short, mingling high, ages low and older folks amazed, as the weather cooperated and Josh Brown proved how far a blogger can go.
September 21, 2022 – 1:55 AM
Bolstered by a booming Black Diamond deal, DPL grows investor base 8X, raises another $20 million and holds off on a likely bigger round until 2023
The Louisville, Ky., no-transaction-fee annuity platform for RIAs keeps converting advisors, but it takes lots of technology and old-fashioned explaining to reverse the stigma.
September 20, 2022 – 1:48 AM
Farther hires Ching Tao as 'head of people,' and she discloses three weapons the VC-backed RIA with $250-million of AUM is arming her with to attract gobs of premium talent
One ex-Goldman Sachs co-founder in his 30s nabbed an ex-Goldman exec in her 50s and promise to arm her with many flexible lures, like remote work and maybe 1099 jobs -- and shares in the startup early on.
September 16, 2022 – 8:26 PM
Startup gets Black Diamond and Addepar to integrate, maybe Orion and Tamarac en route, by creating a hack that lets people see analog alts like art collections the way they see digital hedge funds
AltExchange raised $1.25 million but bridged an alts gap that firms that spent hundreds of millions have not -- especially downmarket where alts are new on the scene
September 16, 2022 – 2:42 AM
With 'Junxure' reboot a driver, RIA publication startup springs to life with Financial Planning magazine veterans, Franklin Templeton footing the bill and Suzanne Siracuse and Brian Hamburger on the board
Action! is a weekly digital and bi-annual print publication run by Suleman Din, and it won't sell subscriptions or advertising -- other than imputedly to its own AdvisorEngine unit
September 15, 2022 – 12:03 AM
Sonya Dreizler's zeal is turning 2022 RIA events into a giant coming-out for talented women, with Choir algorithms and a larger halo effect
Long a Twitter force, the San Francisco entrepreneur caught a women's wave with a judicious admixture of money, meaning and exquisite timing.
September 13, 2022 – 10:58 PM
Fidelity Investments reveals 'all-time high' 401(k) plan sponsor discontent, thanks to DOL monkey wrench that creates 'race to bottom,' key expert adds
Some 47% of plan sponsors are considering a new advisor, up from 34% last year, and 48% are considering a change of recordkeepers.
September 13, 2022 – 1:51 AM
A Merrill Lynch-intensive breakaway raft of $25-billion AUA nabbed $1-billion ex-Merrill 'Auric' and hired 'Mary Ann' -- whose last stop was at Merrill where she was a 'favorite'
CEO Jim Dickson was able to lure Mary Ann Bartels out of her furlough to join Sanctuary and flex her newfound knowledge of the metaverse and cryptoverse.
September 8, 2022 – 11:05 PM
Eric Clarke hands 'Orion' reins to Brian McLaughlin in big reorganization that frees him to begin high-level hacking of 'One Orion' with newest hire Michael Wilson
The Orion CEO is yielding day-to-day power in the software sphere to the Redtail founder so he can think about integration from 30,000 feet with an unusual LPL entrepreneurial talent in Wilson.
September 8, 2022 – 1:07 AM
Cheryl Bicknell drops the largest on-stage news bomb, and Dan Seivert's revenge event in sparkling San Diego got a WTH explanation for those 20-times multiples
The Mariner Wealth COO says her Kansas company will spike headcount 400% in a 'few' years, fitting the Dealmakers confab mission to explain the inexplicably soaring RIA deal volumes, runaway valuations, and a future where it's only expected to accelerate.
September 7, 2022 – 1:41 AM
UBS backs out of Wealthfront deal, coughs up $69 million and will 'build' not buy as digital top gun Naureen Hassan's arrival as CEO of UBS Americas hangs nigh
The Swiss-owned wirehouse was going to pay $1.4 billion before the market plunged, and UBS brought on a new digital-savvy CEO to lead its online efforts