Articles published 5/2023
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After big Memorial Day systems merger, Charles Schwab & Co. gets an earful from TD Ameritrade investors -- and one RIA son-in-law -- over snafus, mobile app letdown and agonizing call center experiences
Vocal Twitter-using TDA investors don't hold back their dismay about how much got allegedly lost in translation for data and access
May 31, 2023 at 2:26 AM
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
Nantucket restaurant startup gets Charles 'Chuck' Schwab in its court after Franklin Templeton scion sues it in court; FDIC sticks it to the too-big-to-fail crowd as smallest banks skate; Peter Mallouk liked his 'base case' for re-homing $15.9 billion 'Boston Private' assets but never got to make it
Fight San Francisco billionaires with SF billionaires; FDIC decides who pays for SVB debacle; Creative Planning CEO was willing to get lucky
May 26, 2023 at 1:41 AM
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
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
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
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
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
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
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
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
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 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
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
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
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 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
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.
