News, Vision & Voice for the Advisory Community


Articles published 8/2023


Publish date

Craig Salm: At Grayscale, we believe... all spot Bitcoin ETF applications should be approved simultaneously.

The RIA business can heave a sigh of relief as Grayscale beats the SEC in court and its GBTC fund soars in value

Firms like Charles Schwab & Co. and iCapital largely banked on Grayscale managers and mutual funds as a bridge solution only to get burned as discount to assets ballooned and Bitcoin plummeted in value -- a reversal that could continue to unwind

August 30, 2023 at 3:54 AM

Marc Nachmann: It is margin accretive

After false start, Goldman Sachs unloads high net worth unit to high-flying Peter Mallouk whose wide-spectrum offer won 'United Capital' in eight days

The Creative Planning CEO only paid a 'not material' price to Goldman Sachs to make a potentially quantum leap ahead toward dominance in the 'national RIA' race

August 29, 2023 at 4:32 AM

Schwab Network promise of politics-free business news may be a knock on FoxBusiness and Bloomberg.

Charles Schwab Corp. pulls a complete rebrand (almost) of TD Amertrade's web news site, a CNBC-look-alike popular with RIAs now called 'Schwab Network'

The Westlake, Texas firm's network joined Bloomberg, CNBC and FoxBusiness with live market coverage at all hours during the COVID lockdown

August 26, 2023 at 2:39 AM

David Canter: Job change will help focus more strategically.

David Canter accepts demotion at Bluespring after zero closed deals in 2023, but only 14 months on the job is hardly a 'fair testing period,' M&A expert says

Stuart Silverman is replacing Canter on an interim basis after Canter replaced him as president 14 months ago; Canter accepted a 'senior advisor' job to hire his permanent replacement

August 25, 2023 at 3:18 AM

Casey Harrison has a reputation for 'seamlessly' integrating advisors in an RIA.

Modern Wealth Management hires a Goldman Sachs RIA integration whisperer and is emerging as dark horse to reap 'United Capital' baubles as bidding war for the Goldman Sachs RIA unit takes another lap

The Monterey, Calif., rollup nabbed Goldman's Casey Harrison, veteran of 50 transitions, and has been fashioning a landing pad for nine months for three impressive hires today.

August 24, 2023 at 4:33 AM

Schwab is pulling the big levers as its TD Ameritrade merger nears key milestone. (Photo: Courtesy Commercial Edge)

No sooner does Schwab disclose need for (up to) $500 million than it files with SEC for $2.35 billion cash injection by debt issuance and shares tumble 4.95%

Charles Schwab Corp. is seeking of $2.35 billion, report says -- shares give ground for 11th straight day after news triggers PTSD of the Spring swoon and giant write-downs on previous debts, analyst suggests

August 23, 2023 at 1:46 AM

Peter Crawford: Most costs related to position eliminations will be incurred in the second half of 2023.

Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond

The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30

August 22, 2023 at 12:46 AM

David Solomon is extracting Goldman Sachs from middle-brow asset management.

Source: Goldman Sachs expected to announce sale of 'United Capital' on Monday or Tuesday, which tells more about the Wall Street bank's dysfunction than Joe Duran's old rollup

The New York City investment bank is 'at war with itself,' the Wall Street Journal says, in part, because ex-CEO Lloyd Blankfein's hare-brained ideas about extending its B2B brand were made worse by current CEO David Salomon..

August 19, 2023 at 2:47 AM

Karl Heckenberg is out to prove he can run an LBO shop without a friendly billionaire.

Karl Heckenberg files with SEC to raise a staggering $1 billion, (presumably) to buy, buy, buy RIA stakes in a 'crowded' market

The former CEO and president of Emigrant Partners has launched the Constellation Wealth Capital Fund with a ten-figure funding target.

August 18, 2023 at 3:56 AM

Evan Rapoport: You have not heard the last from me.

Chafing at new 'governance,' Evan Rapoport resigns as SMArtX CEO, 15 months after Morningstar became its largest PE investor and giant customer -- and weeks after pivot toward 'freemium' strategy

The West Palm Beach entrepreneur 'endorses' the stictures that hastened his exit, but he's looking foward to green pastures unfettered by rules that more mature companies employ.

August 17, 2023 at 2:37 AM

Peter Crawford: We have elected to proactively resign from certain atypical custodial relationships.

Schwab 'proactively resigns' TD Ameritrade RIA custody clients, which accounts in part for July's $20-billion net new asset [from June] hiccup

The Westalke, Texas company's chief financial officer said his firm took the action on the 'atypical custodial relationships' to stay 'consistent'

August 15, 2023 at 2:04 AM

Brooke Southall: We'll need to rock on as the novelty wears off by looking at our business with fresh eyes.

RIABiz quietly records its 14th year and stays with its serious mission -- not without fun -- to provide the 'news, vision and voice for the advisory community'

Our far-flung editorial, business, advertising and engineering staff continue to grow, look forward and enjoy the daily surprises in an advice industry constantly re-inventing itself

August 12, 2023 at 1:41 AM

Bill Crager: We have exited the investment cycle … [and] are focused on managing our bottom line and driving margin expansion.

Bill Crager signals comity with Lauren Taylor Wolfe and Envestnet also has a Sipp secret weapon, analyst says

The Envestnet CEO says he has 'constructive alignment and full support' of Wolfe and his board and has pivoted to a focus on 25% profit margins -- and no extra cash flow burn for reinvestment

August 11, 2023 at 12:36 AM

Rudy Adolf is known as a genius-level financial engineer and he may be on the verge of proving it

Maybe only Hollywood stands between Rudy Adolf and a $320-million golden parachute | FutureProof has a bit of SALT glitz | New wave of robo-advisors includes participants like Adam Nash, Kevin Durant and Barry Ritholtz

Josh Brown's FutureProof is a big tent party; Roll-up pioneer/Focus CEO engineers soft landing; The dream of the absentee-owner robo-advisor never dies to VC investors -- even if retail investors do nothing to lead them on

August 10, 2023 at 2:29 AM

Jason Wenk:  The obvious question is why make a change? We are pursuing an ambitious vision.

Jason Wenk makes RTO decision for Altruist staff -- unpopular with some -- that will result in departures; he also plans contrarian move of opening San Francisco office

The Altruist founder and CEO essentially wants certain key staff working at least three days a week under the same roof but 100 workers will remain remote

August 9, 2023 at 1:41 AM

Rick Wurster: When the lending environment improves, we're going to be there.

Charles Schwab Corp. goes back on offense in banking -- promising to pump out discount loans with RIA help -- after rapid Fed rate hikes exposed extreme vulnerability in bank's asset base

After dodging classic rate squeeze, the discount broker will use its 10,000 RIA custody clients to put cash to work as equity loans against client portfolios

August 8, 2023 at 1:17 AM

Pat McClain and Scott Hanson surprised the industry, not for the first time.

Scott Hanson and Pat McClain throw off 'death grip' of 'cognitive dissonance' by stepping down from co-CEO positions, which one attests could 'suck the life' from him

The radio-star serial co-founders of an $18-billion RIA growth machine in Folsom, Calif., aren't apologizing and shouldn't, experts say -- rather they probably should take a bow for decisive action.

August 4, 2023 at 12:14 AM

Kurt MacAlpine: 'The new name better reflects... our vision.'

With Bain deal ticking, CI Financial has to 'do something' with sprawling $147-billion U.S. RIA business under dozens of brand names' so it kills all the brands, except Corient

The valuation proposition of the Miami, Fla. rollup rests on unity in form and function and will now rely on a brand invented during a Merrill Lynch team's Dynasty breakaway

August 3, 2023 at 3:20 AM

Heather Bellini: I look forward to building on everything the team has accomplished.

InvestCloud hires a Goldman Sachs IPO expert as president while CEO search goes on, as does the search for a 'vision' and 'way forward' after purge of seven top execs in April

With $6.5 trillion of AUA, but only $360 million of revenues, the PE owners, with $2.5 billion invested, are dismantling InvestCloud and putting it back together -- with eye on resale to the public.

August 1, 2023 at 9:53 PM

Jay Horgen: That was one of those exceptions, but I do think it’s an exception.

Affiliated Managers Group, with an estimated $49 billion of RIA AUM, will buy RIAs again but typically a 20% to 50% stake to sidestep PE-backed buyers that have 'driven up prices'

The West Palm Beach, Fla., rollup boasts of a 'wealth' pipeline and says Veritable sale, with EBITDA of $17 million last year, was a rare deal but will boost revenues 2% plus.

August 1, 2023 at 1:39 AM

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