News, Vision & Voice for the Advisory Community


Articles published 7/2023


Publish date

Mihir Shah: The differentiation will be in combining first-party data with public data.
July 28, 2023 at 9:38 PM

Althea Brown: It’s inspiring to see the firm’s dedication and commitment.

LPL makes 'Sixth Sigma black belt' ex-wirehouse counsel its chief legal officer, right after purchasing another full service broker. LPL says there is 'no connection,' and she was poached from Google

The Fort Mill S.C. broker dealer added Crown Capital Securities' captive brokers in Orange County, and is hiring Althea Brown, fresh off 11 years at Google

July 28, 2023 at 3:11 AM

Alex Sauickie: I am committed to building upon the strong foundation established by Alan and Michael.

Biz Briefs: AdvicePay waives key hiring requirement to land its next CEO • ESG firms may get OK in Oklahoma • eMoney adds new chiefs • CFP Board names new chair-elect • Robinhood cuts more staff

Alan Moore replaces himself with another guy with two respectable titles • eMoney promotes two • Moisand's third in line now known • Robinhood sacks 173 in year-to-date.

July 26, 2023 at 2:34 AM

Peter Mallouk: Our potential to move the [Goldman Sachs] needle is real.

Peter Mallouk grants Goldman Sachs a 'multi-billion dollar' RIA custody opportunity but only after meeting his co-equal president in the Goldman c-suite

The Creative Planning founder, president and CEO spent time with John Waldron, president and chief operating officer of the Goldman Sachs mothership, before putting its custody service on the menu for his advisors and clients

July 25, 2023 at 3:25 AM

Louis Diamond: This clearly proves out the breakaway movement is alive and well.

'Schwabitrade' RIA assets leap $107 billion in NNA to $3.75 trillion in first half of 2023, and just 20% of TD Ameritrade RIAs have yet to 'credentialize'

The RIA assets of TD Ameritrade Institutional and Schwab Advisor Services grew an incredible $514 billion for the 12 months ended June 30, but the real conversion looms on Labor Day.

July 22, 2023 at 1:38 AM

Jay C. Horgen, CEO of AMG: We supported this successful outcome for all stakeholders.

AMG unloads $17B Veritable after 11 years of metric stagnancy, which may explain the bargain price Pathstone is paying -- and the wholesale rollovers of principals

The $668-billion asset manager rollup in West Palm Beach, Fla. is dumping a remnant of its RIA rollup -- with cash proceeds of just $294 million

July 20, 2023 at 3:49 AM

Walt Bettinger: As we all know, the fog clouding Treasure Island ultimately lifts, and the beauty of Treasure Island becomes clear.

Walt Bettinger pulls $500 million rabbit from hat based on projected cuts to Schwab 'headcount' and 'real estate savings' -- assuring analysts it wasn't previously 'baked in'

The Schwab CEO says the stubborn 'fog' is 'lifting' on 'Treasure Island' and reveals a chest of bullion in the form of rosy revenue prospects and some easy cuts to jack up margins

July 19, 2023 at 1:44 AM

Sonya Dreizler: 'Pay transparency can sound odd in finance.'

Edelman Financial Engines faces discrimination lawsuit despite fast rise of ex-employee's career and pay; she points to 'hostility' and 'retaliation' after asking about her pay

The Santa Clara, Calif. RIA managing $241 billion-plus might have avoided the suit, experts say, with greater openness about pay criteria

July 18, 2023 at 3:39 AM

William Cerynik: We took a gamble ... [but Goldman is doing] what TD Ameritrade did, but for a different segment.

An RIA 'gambled' on Goldman Sachs to custody client assets because he saw folksy TD Ameritrade-like service wrapped inside a gold standard brand -- with no lane swerves

Ashton Thomas, which manages $2 billion, has tried every custodian, and finds Goldman, ironically, may have the least channel conflict for RIAs because they 'know their lane'

July 15, 2023 at 1:40 AM

Schwab office closing include this big TD Ameritrade space in St. Louis that once contained Scottrade headquarters.

In apparent reversal, Charles Schwab Corp. is telling thousands of staffers in five cities to work from home -- six more cities, including its old San Francisco headquarters, are on the chopping block

The Westlake, Texas, company broke the news to staff in a memo obtained by RIABiz, announcing a mass downsizing of office space that could slash overhead

July 13, 2023 at 1:31 AM

Evan Rapoport: This is an offering at no cost like nothing the street has ever seen.

SMArtX goes to Plan B -- freemium -- after phenomenal asset growth slows dramatically, but 'free' comes at a price, analyst says

The West Palm Beach, Fla., TAMP launches new strategy after it riveted the industry by adding $25 billion in two years before coming back to earth.

July 11, 2023 at 9:51 PM

Jay Shah: We have an incredible opportunity to deliver... financial planning experiences.
July 11, 2023 at 2:46 AM

Jeremy Holly is an LPL M&A exec, again – backed by Dan Arnold mandated capital.

Rich Steinmeier power poaches Jeremy Holly, who returns to LPL as EVP to head Dan Arnold-directed 'liquidity' project to buy -- but not hold -- LPL firms

Holly had bolted LPL for SageView with fanfare but he retained a fanbase back in San Diego which dreamed up a dream job for him

July 7, 2023 at 9:36 PM

Eduardo Repetto: We really want people to know what they are buying.
July 6, 2023 at 2:44 AM

Max Schatzow: I have hardly any doubt that this was a targeted investigation based on his prior actions.
July 1, 2023 at 3:13 AM

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