News, Vision & Voice for the Advisory Community


Articles published 3/2023


Publish date

Charles 'Chuck' Schwab and Walt Bettinger: Focusing on ‘unrealized losses’ is very misleading.
March 30, 2023 at 3:48 AM

Lauren Taylor Wolfe's board appointment was "informed by Envestnet's ongoing dialogue with shareholders."

Envestnet lets the 'Wolfe' in the door after she huffed and puffed in the media -- now she promises to deliver 'ownership mentality' on the outsourcer's board

Lauren Taylor Wolfe simply would not take 'no' for answer, an activist shareholder tactic that is bearing her fruit; Envestnet's shares stayed flat while she made clear she has more cards to play.

March 29, 2023 at 1:33 AM

Manish Khatta:  Legacy custodians don’t have the flexibility around custom technology.

Manish Khatta gives Schwab and Fidelity 'A' grade -- and a backseat -- after Altruist gets A+ to win the RIA inflows to his $750-million TAMP

After Fidelity discontinued DocuSign API and uncertainties rose at Schwab, Potomac Fund Management's CEO spent nine months vetting RIA custodians

March 28, 2023 at 4:44 AM

A prospective buyer's willingness to accept a lease obligation in Manhattan might be the deal clincher

InvestmentNews fortunes sink after buyer 'materially lowers' its $6.5-million bid, but new mystery buyer steps up with $4.1-million offer, including hefty lease deal, Bonhill says

The London, UK owner decribes the buyer as a U.S. media company proposing an all-cash deal that will assume a $1.9-million lease obligation in Manhattan

March 28, 2023 at 1:40 AM

Larry Fink didn't not get Credit Suisse added to BlackRock's trophy case because, maybe, it didn't try.

Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance

Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.

March 25, 2023 at 1:32 AM

Ben Cruikshank: ‘Advisors are quickly realizing that they need to have solutions.’

RIAs seek FDIC shelter for client cash in droves after Silicon Valley Bank meltdown with Betterment raising limit by $1 million

Firms are promising clients insurance on multi-million-dollar accounts, but banks face their own risk because brokered deposits aren't 'sticky,' expert says

March 24, 2023 at 4:58 AM

Raj Udeshi: I wish we [invested] a little more instead of being too safe.

The RIA world's provacateur, Raj Udeshi, left Orion to go 'nuts,' bears no grudges after the Riskalyze assault, and reveals his one regret was taking too little risk

Now in Kern County, Calif. the HiddenLevers founder, 45, is growing pistachios for 'single-digit' returns and maintains a great relationship with Eric Clarke and Orion.

March 22, 2023 at 1:48 AM

Silicon Valley Bank was too diverse to succeed, one group of critics claim.

The 10 alleged reasons Silicon Valley Bank failed, from sleeping at the switch to being too woke

SVB tried to live up to its high-flying customers, but that made it an accident waiting to happen; it didn't have to wait long after being whipsawed by interest rates

March 21, 2023 at 4:03 AM

ChatGPT has a ways to go before it overtakes this man as a news source about T3 (Technology Tools for Today).

The ChatGPT write-up of the 2023 T3 conference in Tampa where it was a hot topic of conversation

The vaunted artificial intelligence pilot tool cited Bill Winterberg, Shirl Penney, robos and the move of advisor technology to the cloud

March 17, 2023 at 7:00 PM

Long lost Mark Hurley pitched eloquent doom and a new cyber security venture.

The odd rhythms of T3 meant expectations got heaped on 'Schwabitade's' Tom Bradley, with modest delivery, but quietly Black Diamond, Altuist, TradePMR and something called Nebo landed punches

The 900-attendee extravaganza shows deference to elephant sponsors, celebrates the next-level brands and newbies and is not above enthralling to ChatGPT mania -- as it did years past with robos, crypto, ESG and other forgotten nex-big-things

March 17, 2023 at 2:02 AM

Jason Wenk speaks to RIABiz by Zoom: "We're a lot bigger than people realize. I don't think it's going to be the case in 10 years."

With Vanguard and Venrock as backers, Altruist is taking careful aim at RIA custody power, with SSG a big building block and an even bigger sign

The Los Angeles custody startup is playing small ball and bully ball with an approach aimed as much at TAMPs and fintechs as RIA custodians.

March 16, 2023 at 4:29 AM

Deglin Kenealy: We had started a revolution without necessarily knowing it.

Deglin Kenealy helped make Ken Fisher into 'Fisher Investments' and -- 19 years later -- he'll take another crack as chief operating officer of wealth management firm Farther

The No.16 employee of the (now) $208-billion RIA grew from $10 million to over $180 million in revenues but likes the fresh start with founders decades his junior.

March 15, 2023 at 2:27 AM

Greg Becker: Even if the market challenges are prolonged or get worse, it's important to note we have a high quality, very liquid balance sheet.

Silicon Valley Bank's demise means $15.8 billion Boston Private is firesale kindling, and maybe at a sweet price

The Santa Clara, Calif., bank bought the RIA cluster for $1B when it had cash to burn two years ago; now it's burning down and needs cash

March 11, 2023 at 2:05 AM

Marc Dobin: Schwab believes in the righteousness of their cause, and they've been rewarded for this.

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

Joe Lonsdale: Opto's marketplace helps RIAs 'preserve and grow client capital.'

Biz Briefs: Fidelity says humans beat robots, even for Gen Z • Joe Lonsdale's Opto starts signing RIA test-drivers • Vanguard launches oddly delayed fund • Wealthbox hires, and Dynasty buys

Fidelity wins Delta Airlines business with sweetener • Opto pairs-up with Riskalyze and Merchant • Moonfare raises $15 million • CAIS bucks real estate trend • Vanguard launches "curious[ly]" delayed fund • WealthBox, Dynasty, and others buy and hire.

March 8, 2023 at 3:28 AM

Dan Moisand arrives with a plan, a mandate and a population bomb of CFPs who are all above average.

The CFP Board's RIA faction sees the 100,000-member mark looming and hits back at brokerwashing; Dan Moisand is tasked with forming new division largely aimed at abusive brokers and other charlatans

Moisand, an RIA owner who has been named the new board chairman, will seek to quell an RIA uprising without losing a giant revenue source -- FINRA brokers who come with implicit 'suitability' issues

March 7, 2023 at 12:24 AM

Tom McCarthy's job at Orion will be to make the TAMP grow the way he did at No. 1 AssetMark.

Orion poaches AssetMark rainmaker to pull its pieces together -- not long after putting ex-AssetMark CEO Charles Goldman on its board

The Omaha, Neb. software and investments firm is replacing legacy Brinker executive with Tom McCarthy -- only a 'half-coincidence' with Goldman's presence -- and endorsement.

March 3, 2023 at 9:40 PM

Marlena Sonn: My career in finance is over.

A $27-million solo RIA took on two Getty heirs and advised their $100s of millions of AUM and then the fairy tale took a bad (perhaps inevitable) turn.

The Brooklyn RIA said she grew a Getty trust from $600 million to $1 billion, using socially conscious investments, only to be sacked by young Getty heirs who considered her their 'mother.' Now, she's suing in federal court.

March 2, 2023 at 5:32 AM

Erwin Shustak: Merrill poked the bear first.

Father and son breakaway team 'poke the bear' by suing Merrill Lynch upon exit -- a risky move, experts claim -- but potentially a brilliant out-of-the-box approach to keep their clients

Michael and Philip Bradshaw of San Diego took the action against $3.2-trillion New York City colossus, because their attorney sees an angle under California law

March 1, 2023 at 2:44 AM

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