Articles published 2/2023
Fidelity lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure
Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.
February 10, 2023 at 3:39 AM
With IRA inflows as tailwind, RIAs are taking over U.S. pension assets by the trillions as second act to 35 years of ransacking wirehouse talent and booty
Rollovers to individual retirement accounts hit a net $444 billion in 2021, Cerulli reports; advisors got 63% and the 401(k) cow is only going to get more productive.
February 9, 2023 at 5:23 AM
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
RIA M&A superstar Liz Nesvold takes control of her own destiny by invoking a contract clause at Raymond James -- and signaling that there is a hard way and easy way the next 90 days can go
The 'Michael Jordan of RIA M&A' may have been passed over on the St. Petersburg, Fla., investment bank's corporate ladder, despite her legendary rainmaking
February 4, 2023 at 2:53 AM
Focus Financial is pushing shareholders to take a take-it-or-leave-it private equity offer worth about $6 billion -- including $2 billion debt assumption -- despite a break-up value near $10 billion
Clayton, Dubilier & Rice's $53-a-share, or $4.1 billion, offer is predatory but likely to be accepted, in the sense that analysts imagine the rollup could be sold off in parts; Buckingham, alone, may fetch $2 billion.
February 3, 2023 at 3:03 AM
Charles Schwab Corp. boasts 99.9% success with (likely) mock conversion of TD Ameritrade data to its own systems on eve of going live, and a hidden bonus -- $500 billion in held-away TDA assets ripe for the picking
First 500,000 TDA accounts will convert to Schwab this month with the promise of little to no repapering, but Schwab braces, nonetheless, for Murphy's Law.
February 2, 2023 at 3:04 AM
Gavin Spitzner, incredibly brilliant, but never overpowering, dies of acute myeloid leukemia, but not before sharing his uplifting spirit with the RIA industry he loved, in the face of his own 'finitude'
The breakaway wirehouse executive and independent consultant made his RIA mark quickly with knowledge, enthusiasm and love, then shared the lessons of mortality with urgency and thankfulness.