Articles published 11/2024
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CI Financial go-private deal removes Bain Capital's 14.5% PIK chokehold on Corient, CI's Miami-based RIA unit, but at the price of control
An Abu Dhabi sovereign fund will cash out Corient 'preferred' shares negotiated by Bain, in part on Abu Dhabi's behalf, but only by tossing in the cash-cow Toronto asset manager's parent firm
November 26, 2024 at 4:17 AM
RIA roll-ups sharpen knives for next $3 trillion RIA sellers after hitting $1.5 trillion, Cerulli says, propelled by new breed of RIAs likely to embrace the category
RIA serial buyers are projected to hit a collective $4.5 trillion in AUM by 2035 [in 2024 dollars] and become the No.5 'wirehouse' by offering broker-dealer scale and ease with 'better culture, better economics.'
November 23, 2024 at 2:40 AM
Jason Wenk sees light at the end of the Robinhood/TradePMR merger, but not before a dark tunnel that could see 40% of RIAs bolt
Robinhood will go through a disruptive, two- to three-year transition to develop a 'road map' before it can think about being a Schwab-killer, the Altruist CEO says in a much-discussed LinkedIn post
November 22, 2024 at 2:55 AM
Manish Khatta unapologetically lowers boom on remote-working staff and corrals them in a suburban Washington, D.C., office building to better manage skyrocketing growth
The TAMP CEO says that selling his company was the only other option to renting a big space, and risking offending staff
November 21, 2024 at 2:13 AM
TradePMR sale to Robinhood sends ripples through the RIA industry both for its potential to rival big custodians and for the discount broker's potential clash with fiduciary culture
Robinhood must overcome its history of regulatory pitfalls and win the confidence of TradePMR RIAs, or see them exit to other custodians, industry insiders say.
November 20, 2024 at 4:12 AM
A day ahead of IMPACT 2024, Envestnet and Schwab say they will kill off mutual RIA 'pain points' and pledge continued cooperation to co-served RIAs -- even as each edges onto the other's channel turf
The big San Francisco event begins tomorrow, and co-client RIAs may harbor questions about whether the long Schwab/Envestnet cooperation will continue, as giant leadership changes are scheduled to happen at both
November 19, 2024 at 4:03 AM
Morningstar takes sword to grade inflation, likely to slash 40,000 funds' 'medalist' ratings and leaves, for now, the five-star system intact
The Chicago fund tracker's reforms slam managers who merely hug benchmarks, rewards managers with a 36-month plan to outperform
November 16, 2024 at 6:28 AM
Pathstone reclaims by poach Schwab’s family office division unit head, Eddie Brown, weeks after the Lovell Minnick ultrahigh-net-worth roll-up snapped up a $50 billion RIA
Brown's hire is also something of a 'reunion', given his near 15 years at Pathstone, and through family office roles at both Fidelity and Schwab.
November 14, 2024 at 7:23 PM
'Displaced' John Thiel uses RIA and Fidelity-Advyzon back office to get back into game -- a road well traveled by multiple, ex-Merrill Lynch chiefs seeking second acts
Forget SPACs and board seats, the former head of Merrill Lynch Wealth Management follows the likes of Bob McCann and Sallie Krawcheck into easy-access RIA industry.
November 14, 2024 at 1:54 AM
DPL gets Envestnet to display its data in performance reports -- to complete Big Three that also includes Orion and Black Diamond, enabling RIAs to show -- and bill for -- annuities like asset funds
The Louisville, Ky.-based fee-based annuity distributor to 10,000 advisors from more than 3,500 RIA firms only had about 250 advisors that used Envestnet but the data may begin to grow that
November 13, 2024 at 4:27 AM
SoFi simultaneously Blackrock-izes robo-advisor and imposes first fee in seven-year history
The San Francisco digital bank hit $1.3 billion of AUM and will levy 25 basis points as Blackrock gets a role in model portfilos, ETF management -- but SoFi retains final say
November 12, 2024 at 2:04 PM
Fidelity Investments surges past $15 trillion, on its way to $16 trillion, after its CEO made one big, contrarian bet and two smaller plays that have the giant hopping
The Boston company grew $800 billion per quarter on average through nine months, and just keeps hiring to 'deepen relationships,' with crypto and digital engagement giving it an edge.
November 9, 2024 at 1:41 AM
Mike Durbin set to take CEO reins at Cetera to further Genstar's bold mission, with $1 trillion looming on the horizon and his eyes on the prize
Adam Antonaides, 59, is exiting the CEO role as the No. 2 IBD shifts into higher gear to compete with LPL and take on a more RIA future
November 7, 2024 at 11:11 PM
Clayton, Dubilier & Rice 'likely bumped up multiple by a few turns' on Focus Financial valuation with self-merging binge that's gathering steam with $6.6B AUM GYL deal
The esteemed New York City PE firm gave Michael Nathanson and Adam Birenbaum great powers to buy, and they are encountering little resistance -- and much unlocked value -- to wholesale restructuring
November 7, 2024 at 2:55 AM
Vise resets -- again -- with more executive firepower and fresh vision focused on RIA M&A and 'wellness,' but analysts say its solutions must stand apart to succeed
The New York City brat pack -- still loaded with VC cash -- is pivoting, again, but with a pitch that has convinced big hitters to join the firm as advisors and president, respectively.
November 6, 2024 at 5:06 AM
Vivek Ramaswamy $30-million venture launches wealth RIA --- just ahead of the election -- and dumps Columbus, Ohio for 'economic advantages' of Dallas
Serial entrepreneur and Trump surrogate secured an ADV for Strive Wealth Management as of Oct. 30 and will leave the rust belt.
November 5, 2024 at 2:18 AM
Facet Wealth (mostly) borrows $35 million after three years of sober cash rationing, but -- after self-curbing growth -- analysts see upsides
The Baltimore firm has now raised $245 million to get to 55 advisors serving subscriptions and 15,000 clientele, short of 24,000 target set in 2021, but advisor efficiency is up and cash burn down almost to zero.
November 2, 2024 at 1:38 AM
Rich Steinmeier turns big page on Dan Arnold era at LPL with 'pivot' promise to stop managerial dictating -- not long after LPL removed RIA hurdles to custody at Fidelity, Schwab and other rivals
LPL shares shoot skyward after the new CEO hints at revamped culture, spikes Wall Street meeting with jocularity and delivers the earnings goods.
November 1, 2024 at 1:57 AM
Charles Schwab & Co. is going to 24-hour trading, responsibly, it says, even as Fidelity abstains
Citing TD Ameritrade 'DNA,' Schwab's head of trading promises to indulge overnight trading to day traders 'in a responsible way' and add to Schwab's average of six million trades a day
