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Articles published 2/2023


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Fidelity's poach of Kelly Smith from Schwab Advisor Services left former colleagues frustrated.

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

Naj Srinivas: Once you think it is possible some of it is probable.

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: I happen to be the weird intersect between Goldman Sachs and the RIA.

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

Liz Nesvold: Thanks to my team for sticking with me through thick and thin.

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 could get rolled down if Clayton, Dubilier & Rice takes over.

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

Walt Bettinger: We think we'll unearth all sorts of relationships.

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: To everyone ... I thank you from the bottom of my heart.

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.

February 1, 2023 at 2:03 AM

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