News, Vision & Voice for the Advisory Community


Articles published 5/2023


Publish date

Derek Notman: It was a soul-crushing experience.
May 31, 2023 at 2:26 AM

Steve Lockshin: There is rarely a chance to achieve a 40%+ immediate return for clients with no increase in portfolio risk.

RIAs better get ready in 2023 for a shocking 2026 wakeup call -- and a killer opportunity -- as '$26-million' estate tax exemption expires

RIAs got a hiatus from worrying about estate issues but also lost a value proposition; both the headaches and the chance to intervene are back and need addressing before impact

May 26, 2023 at 8:41 PM

Mike Shipley has the "goal of being the largest independent B2B information provider globally."

InvestmentNews gets booted to another overseas owner with scant financial publishing roots but Key Media's past 20 years are rooted in success, only paid $4.1 million and may find ample fat to cut

The original March deal was worth about $8.4 million including the removal of a $1.9-million lease obligation but IN owner walks away now with just $4.1 million and an unspecified lease obligation

May 25, 2023 at 2:55 AM

Runik Mehrotra (left) and Samir Vasavada: We've spent a ton of time with these things … [to] verify they don't hallucinate, telling you things that are completely wrong.

Vise's two co-founders, both 23, launch 'hard reset' -- still with $78 million and a six-year runway -- to no-'hallucination' AI business model where RIAs can opt out of artificial intelligence

The two co-founders in New York City spawned magical thinking about AI, but hard experience means they are the clear-eyed ones now, they say

May 23, 2023 at 8:25 PM

[Charles Goldman] and Eric Clarke: I've given 110% to the business.

A week after he became chairman of Eric Clarke's board, Charles Goldman is heading the search to replace Clarke as Orion CEO-- at Eric's direction

Eric Clarke founded Orion in 1999 and built it to a $3.6 trillion AUA juggernaut, but he believes both he and the company are ready for a big change

May 22, 2023 at 5:13 PM

Mike Durbin: Cetera is well positioned for exponential growth.

Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies

The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.

May 18, 2023 at 1:46 AM

Rick Wurster: We are launching this year.

Charles Schwab Corp. will take the fight for ultra-high-net-worth clients to Northern Trust, J.P. Morgan and Goldman Sachs-- in part through RIAs -- 17 years after a similar effort proved 'premature'

Under new president, Rick Wurster, Schwab bought Family Wealth Alliance and a stake in Dynasty Wealth but UHNW effort still does not include key classic-RIA ingredient -- discretionary managemetn of assets

May 17, 2023 at 2:00 AM

Greggory Warren: 'CI Financial has to live with the hand it is holding.'

CI Financial's Bain PIK deal sours shareholders, leads two analysts to downgrade and sends shares south, but CEO still has faith in IPO before 2030

'CI Financial has to live with the hand it is holding,' Morningstar researcher says, because it has few cards left now to play -- without quick market help for a big IPO

May 16, 2023 at 1:44 AM

Bill Crager: 'All economics related to custody average around 15 basis points.'

Envestnet will roll out RIA custody by 2024, disputing Bernie Clark's lean Schwab profit math, by citing average 15-basis-point margins

The Berwyn, Pa. company says Schwab's own public disclosures Clark's 'nine basis point' claims, though Envestnet will likely need to hand over as much as half the take to FNZ, a competitor says

May 13, 2023 at 1:03 AM

Kurt MacAlpine: We believed our share price did not reflect the value we had created for our shareholders.

CI Financial got just the $1 billion face value it wanted for a 20% RIA rollup stake but at a 14.5% PIK, experts warn the deal's terms are brutal

The Toronto owner of the US$140-billion AUM RIA rollup saw its IPO fizzle, but replaced it with a Bain-led deal with valuation sizzle but the new owners' risk is low and upside is exceptionally good, experts say

May 12, 2023 at 3:10 AM

Alan Moore: The candidate quality (and quantity) was much higher than we expected.

Briefs: Focus Financial misses on earnings and debt ratio, but white knight makes stumble moot; Bill Winterberg is out at AdvicePay; Ric Edelman promotes RIA self-custody -- of crypto; Redtail employs GPTChat -with a kill button for people it annoys

The New York rollup's market cap is pegged at $4 billion, hence a free pass on bad news; Alan Moore updates hiring; Brian McLaughlin make rote texting more optional; Blockchain might rewrite custody?

May 11, 2023 at 1:22 AM

Aaron Klein:  We're not going to ask you for a piece of your basis points.'

Aaron Klein fuels up with a 'jarring' new moniker, Nitrogen, and explains in a new Q&A: He knows his lane and won't let sentimentality slow his quest for unicorn status

The Nitrogen CEO and master showman wants RIAs to know they can grow like hothouse tomatoes, that TAMPs won't have to fear his fearless advance and that local signmakers have a place on his rising tide

May 9, 2023 at 8:37 PM

Betsy Jazynka: The website and our upcoming marketing cast advisors as heroes of their own stories

Biz Briefs: SmartAsset makes deal to dumb down selling for unsalesy RIAs • Vanguard re-explains conflicting ESG signals • Alex I jabs Alex II at Citywire in bare knuckle exit [to Goldman Sachs] Q&A • BlackRock has clear path to $15 trillion by 2028 says mega-client

SmartAsset uses M&A to rewire RIAs • Vanguard has made its first statement on climate since it left a climate lobby group • BlackRock gets Morgan Stanley praise • CRM giant RedTail increases ties with a New York cash sifter, Flourish • Orion gets into online education.

May 9, 2023 at 2:16 AM

Gabriel Garcia: We’re focused on getting loud in the RIA space.

With a 'loud' RIA custody outburst under ex-Schwabbie, SEI piles onto a mob effort to break Schwab/TDA RIA custody stranglehold

Gabe Garcia is not alone seeing Schwab's ballooning scale as something to pop-- with Envestnet, Altruist, Goldman, LPL, TradePMR and AssetMark all working on new delivery models.

May 5, 2023 at 3:44 AM

Liz Nesvold's latest deal for her services was a big deal for RIA M&A.

Dynasty Financial now has a serious 'investment bank' for RIA deals but only after Liz Nesvold officially and indefinitely got pre-occupied as a one-shop buyer

The St. Peterburg, Fla. RIA co-op will need to dodge 'glaring' conflicts but the RIA M&A 'middle market' may have room, and fees often start at $3 million

May 4, 2023 at 3:02 AM

Rob Foregger: MarketGrader may contemplate doing a growth round over the next 12 to 18 months.

Rob Foregger sold his big co-founder stakes in Personal Capital and NextCapital and now he's putting the money to work -- and trying not to get worked up

The Stowe, Vt. entrepreneur is makng a 12-18 month push for MarketGrader as he upshifts as part of a bigger professed downshift

May 3, 2023 at 5:15 AM

Tony Mazzali: Schwab expected his clients to pay fees they hadn’t paid "in 20 years?"

A $3 billion TD Ameritrade RIA pulls assets out of Schwab --after it cut services for TDA RIAs, and got sticker shock -- ahead of merger date

Anthony "Tony" J. Mazzali, CEO of CG Advisory Services, is shifting the bulk of its assets to LPL Financial to curb the assymetric power in his custody relationship with Schwab.

May 2, 2023 at 3:26 AM

RIABiz Archives


RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

Add Your Listing

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.