News, Vision & Voice for the Advisory Community


Articles published 3/2024


Publish date

Tom Moore: Adding mutual funds has long been advisors' top request.
March 30, 2024 at 2:19 AM

Baiju Bhatt: 'Robinhood has been my life.'

In 'forced-evolution,' Robinhood subtracts a co-founder and pivots to credit cards to create captive sales that dried up after its phone-app trading platform and zero-commission novelty act imploded

Co-founder Baiju Bhatt exits management, but Deepak Rao is just getting started as CEO Vlad Tenev goes all in on making Robinhood a credit card company.

March 29, 2024 at 5:02 AM

Adam Grealish: As we are near the end of the rate cycle, we need to offer a very attractive rate.

Altruist ups its game with new 5.1%, FDIC-backed cash accounts to lure RIAs, but the digital custodian is still a couple clicks shy of cash management disruption

Near to break even, the young LA custodian will sacrifice some revenue to compete and 'stand out,' but sweep accounts will remain cash cows.

March 28, 2024 at 2:00 AM

Clara Shih:  I do have a healthy level of concern about [AI].

Clara Shih lands new Salesforce AI power title, with 'healthy' trepidation • Skience patents onboarding auto-fill for RIAs • Another Brit invasion [attempt] meets its Breed's Hill • Defusing an RIA time bomb

If Salesforce gets winning [and safe] AI strategy, thank Hearsay founder • Salesforce reseller patently harvests data to onboard assets • Kingswood thoughts IBDs were US trash but Brit treasure

March 27, 2024 at 1:47 AM

Todd Cipperman:  I hate it when bad facts ... give rise to an ugly slur

Two RIAs made misleading artificial intelligence marketing claims; that's not good, but neither was the SEC's decision to tar them for 'AI-washing'

AI is real and a very likely a boon to financial advice and discouraging anybody from marketing artificial intelligence solutions is an overreach

March 26, 2024 at 12:31 AM

Jeff Schmitt: Schwab awaits potential changes that could increase bank capital requirements.

Briefs: Schwab shares soar past $71 as two negatives get more positive • Yodlee upgrades after writedown • eMoney's new dashing portal lands • Ritholtz drops freebie

Schwab pares short-term borrowing costs • Yodlee hires document-scraper • eMoney adds portal customization • Ritholtz settles into middle-age with fatter fees.

March 22, 2024 at 12:33 AM

Stephanie Cohen (pictured) has left Goldman Sachs after 25-years, following its failed retail banking bid.

Breen Blitz: Mercer seals Vanguard OCIO buy • Goldman[Sachs] & Cohen split • PIMCO joins ETF shift • AdvisorEngine-Schwab bond grows • Ellevest milestone • Lonsdale nets new chief • Fidelity leaks data & staff move • Collation wins RIAs • Justin Wisz returns as investor • LPL nets CMO & Tifin a CEO

OCIO sale to Mercer may be Buckley's last act • Goldman's retail lead departs • PIMCO latest to convert mutual funds • Software firm upgrades Schwab data • Krawcheck preaches wisdom of naps • Fidelity hit by data snafu, but D&I on track • New Lonsdale tech shop imminent • Vestorly founder now funding start-ups • Eight month wait for CMO ends at LPL.

March 21, 2024 at 4:41 AM

Gary Gensler: When new technologies come along, they can create buzz from investors as well as false claims.

Two 'RIAs' that allegedly falsely advertised using 'artificial intelligence' to aid investment decisions cough up real SEC settlements and censure

Accused of 'AI washing,' Delphia and Global Predictions are liable for $225k and $175k, respectively, after leading investors to believe that AI machines were madly carrying out valuable processes.

March 20, 2024 at 3:53 AM

Dani Fava: I've thoughtfully selected my next home at a company well-placed to capitalize on emerging industry trends.

Dani Fava is out at Envestnet -- to capitalize on AI revolution at a new firm, she hints

The ex-TD Ameritrade talent was hired by CEO Bill Crager in 2020 to harmonize acquisitions -- not least MoneyGuidePro and Yodlee that the company still grapples with

March 20, 2024 at 1:25 AM

Michael Carvin: The vision is to offer 'a wide range of referral generation...'

SmartAsset bars new RIA clients from buying referral milk without renting the whole lead-generating cow for $25K a year -- a smart move, analysts say

The New York City referral generator is countering rival Zoe with broader offer, but it may now encounter out-of-niche providers like SS&G, FMG, or Hearsay.

March 19, 2024 at 1:30 AM

Jeff Yabuki is even putting 'brand identity' under the McKinsey microscope.

Jeff Yabuki puts InvestCloud 'brand identity' under McKinsey & Co. review and signals that no job is safe as Pete Hess exits: report

The 64-year-old InvestCloud CEO got dragged out of the Motive boardroom to reclaim control of the private equity firm's ROI -- and he's proving that nothing is sacred.

March 15, 2024 at 11:34 PM

Jessica Thayer: “Most of these advisors will make callbacks if they get an email."

Fraudulent-'wire' claims bedevil RIAs and their E&O insurers in 2023 -- and investors also asked for RIAs to compensate them for reliance on bonds as 'safe' asset

Some insurers saw a spike in 2022 claims although exerience varied, and impact was mitigated by shared risk.

March 14, 2024 at 3:38 AM

Rob Harvey: It’s a new approach that fits the new vehicle.

DFA undergoes a sea change -- literally -- with a fancy yacht soirée, cigars and champagne as it attempts to sail away from its mutual fund image into the world of ETFs

Having just about staunched net outflows with its embrace of ETFs, DFA is embarking on a cultural shift as it tries to figure out how to sell more, even though it's less unique than it used to be.

March 13, 2024 at 1:46 AM

Fidelity is 'still hiring talent in critical business areas with nearly 2,000 open roles.'

Fidelity lays off 700 -- not for costs or [bad] performance -- but to shift headcount and hire more client-facing and tech staff, touching off 'panic posting' on job board

The $12.6 trillion Boston investments eyes 2,000 new hires to speak directly to clients or develop more tech products, but lack of clarity jars some staffers

March 12, 2024 at 1:08 AM

Alan Moore is stepping back into his role as AdvicePay CEO for the foreseeable future.

Alan Moore can't catch a break; AdvicePay CEO exits after seven months, adding job he hoped to escape back on top of XYPN role; search on for new AdvicePay president

The job will be step below CEO, and new hire must have affinity for both touchy-feely culture and aggressive growth in Montana's wide open expanses

March 9, 2024 at 2:58 AM

Shannon Spotswood: 'We are committed to basically a C-suite of A players.'

High wattage Shannon Spotswood starts spending Long Ridge capital on three big talents, including Abby Salameh, a 25-year veteran executive who pioneered marketing and advisor outreach

The president of the little-known Birmingham, Ala., advisory with $4.8 billion of AUA is using freshly raised funds to bring A-listers to the staff

March 8, 2024 at 1:25 AM

Kartik Srinivasan: It’s more of like a brand-new business -  everything from product and sales, marketing, to go to market, all of that.

Kartik Srinivasan bounces back from highly publicized Schwab layoff to work with a Morningstar 'mafia' of old colleagues at Advyzon to supercharge software offerings

The Morningstar mafia reintegrated one of its own into the brotherhood with new weapons, a Big Five mandate and every incentive to succeed.

March 6, 2024 at 11:53 PM

Richard Lofgren: 'I see enthusiasm and optimism every day.'

Inside Goldman Sachs' on-again, off-again custody play; a cacophony of false starts, pauses, delays, staff departures, technology glitches and morale issues bedevil RIA custody unit, RIABiz learns

Four years after buying Folio Financial, Goldman Sachs is testing the patience of RIAs, and maybe its own partners according to analysts and sources inside and outside the firm; but Goldman is preaching a new "optimism" and pledging lessons learned.

March 5, 2024 at 4:52 AM

Brian McLaughlin: We do not want to disrupt service quality..

Orion surprises RIAs with 8.9% price jump, effective April 1 (no joke!); blames 'extreme inflation' -- a possible boon for upstart competitors

Orion President Brian McLaughlin used snail mail to break the news and explain necessity; Omaha, Neb., firm is sharing in the pain of data price increases.

March 2, 2024 at 12:28 AM

Tim Buckley: It’s time for others now.

Tim Buckley sends shockwaves by retiring as Vanguard CEO after adding $750 billion per year during his stay in the executive suite

The 54 year-old lasted just over six years in the job, delivered on targets, but he also made head-scratching decisions and never solved its technology woes

March 1, 2024 at 3:35 AM

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