Articles published 3/2023
Schwab assures it has financial muscle to shrug off billions of dollars in unrealized bank losses, but interest rate blunder exposes vulnerability if Fed hikes continue, analysts say
An estimated 16,000 RIAs with $3.3 trillion assets custodied at Schwab Advisor Services should be insulated from any calamity at bank subsidary.
March 30, 2023 at 3:48 AM
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 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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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