Articles published 9/2023
Aaron Schumm unveils expanded Vestwell vision -- and M&A plan -- and hires Danya Dumbrill to detail it as a 'strategy' to 'lead the savings industry' -- a leap from the 'grueling affair' of recordkeeping micro 401(k) plans
The Vestwell CEO hired the ex-Goldman Sachs executive as 'chief strategy officer' but with a budget and mandate to start buying up and stitching together 'savings' companies.
September 14, 2023 at 2:59 AM
Peter Mallouk has now signed on 30 Goldman Sachs advisory offices, he says, by improvising a fourth option after advisers gave the side-eye to three others
The Creative Planning CEO says he is developing 'United Capital 2.0' on the fly to combat distrust and his Zoom ofensive is netting results
September 12, 2023 at 9:27 PM
Michael Durbin wastes no time building $1.2-billion bridge back to Fidelity from Cetera by taking private IBD to get past Pershing exclusivity and expand 'addressable market'
Poached from Fidelity to serve as Cetera CEO -- to seek inorganic growth with Genstar cash -- Durbin is buying the old H.D. Vest-Blucora tax-preparer IBD for $1.2 billion, after it went for about $600 million in 2015 and got overhauls
September 11, 2023 at 10:14 PM
Orion names 'left-brained' Natalie Wolfsen as CEO to replace Eric Clarke, and AssetMark, which synchronized its announcement, hires Michael Kim as her replacement
Orion Chairman Charles Goldman again lures his protege to self-replace, while Michael Kim was 'integral to AssetMark’s record financial performance over the past several years'
September 8, 2023 at 11:58 PM
Seven 'RIA' chief executives are stepping aside for CEO 'operators' as PE backers get 'trigger' happy in adverse market; here are their stories
Whether it's Edelman Financial Engines, SMArtX, Allworth or InvestCloud, the re-CEO-ing process follows a fat 2020 capital raise and thinner results in stormy financial markets.
September 7, 2023 at 9:46 PM
Amid 401(k) headwinds and assets stalled at $170 billion, Randy Long offloads CEO duties 'to fully focus on strategy' -- new blueprint and business model needed, experts say
In the wake of the '90s-era 401(k) bonanza, new CEO John Longley is tapped to devise a 40-year plan to counter boomers, who are rolling over and spending down 401(k) balances.
September 7, 2023 at 2:18 AM
Schwab's high-wire, low-glitch TD Ameritrade RIA custody transition commenced with an improbable hire -- Tom Bradley Jr. -- sources say the two are not coincidental
Schwab Advisor Services was able to 'herd the cats,' who chose TD Ameritrade, often to avoid Schwab; it's used judicious planning, patience, tech savvy but also good communications and an inimitable Tom Bradley-brand of RIA politics.
September 6, 2023 at 12:28 AM
Schwab's agonizingly long, methodical process to absorb near 8,000 TD Ameritrade RIA custody accounts into its own system is odds-on to yield a sweet result over Labor Day
Schwab Advisor Services still faces the stiff challenge of cultural assimilation but would-be detractors (like trade publications and even competitors) see little possibility it'll bungle Labor Day's switchover and its worst-case scenario on RIA attrition of 5% seems like a 'major win'