Articles published 7/2024
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With key tweaks, Charles Schwab is introducing its first ultra-short bond product in 13 years; last time it paid dearly to settle an SEC complaint over similar product, YieldPlus
Schwab, choosing its words carefully, will launch an ultra-short income ETF, its first active fixed-income ETF on or about Aug. 13.
July 31, 2024 at 2:37 AM
JD Vance joins MAGA backers, including mentor Peter Thiel, to raise $30 million for Vivek Ramaswamy's RIA rollup startup
The 39 year-old vice presidential candidate's investment into the anti-ESG ETF-maker Strive Asset Management draws him closer to its owner, Ramaswamy, 38.
July 30, 2024 at 12:40 AM
'Cash' backlash smacks RIA industry after custodians overreached, and investors -- and trial attorneys -- signal that a wink-wink on raking spread profits on loose cash got violated
Schwab, Morgan Stanley, LPL and Wells Fargo are among the firms feeling the heat and facing the conundrum around overreliance on a chief revenue source.
July 27, 2024 at 1:10 AM
Dynasty Financial rushes to boost internal goals after it grew 47% post-IPO withdrawal, and promotes ex-RayJay exec to CTO to engineer a big get-off-that-laptop deliverable
Leslie Dentinger Norman -- more of an RIA process expert than a coding wonk -- is ready to dial in the big Dynasty deliverable, a judicious admixture of bundles, unbundles and data usage based on firm needs
July 26, 2024 at 12:52 AM
Vanguard Group updates SEC disclosures to warn its sheer 'ownership' is a growing and serious investment risk because of what regulators are intimating
The Malvern, Pa., giant follows BlackRock warning that tracking indexes could lose precision or that the fixes -- derivatives or funds -- have their own downside... added expense.
July 25, 2024 at 1:37 AM
The true story behind paying a small fortune to the 'potomac.com' piper to strengthen our 40-year-old brand, and the thought process that led us to cough up the cash
Christopher Norton's burst of creativity came aboard a flight when he had nothing but time and the electronic ear of Manish Khatta, his Potomac Funds boss.
July 24, 2024 at 6:14 PM
Goldman Sachs RIA custody No.2 resigns, adding to an exodus at the unit, but insiders say this time the ship is showing signs of righting itself
Cooper Rey is the biggest loss to date, after handing in his notice Thursday morning, but Goldman also has good news after five recent custody wins.
July 23, 2024 at 1:40 PM
With AI (partly) to thank, Canoe Intelligence tripled in value in one year and raised $36 million, including from Goldman Sachs, despite one of its analysts warning much of AI is overhyped
The Series C raise for the company that does alts drudge work for 100 RIAs -- and others -- shows the tremendous private equity appetite for all things alts distribution -- even if alts themselves continue to lag
July 19, 2024 at 11:13 PM
Carson Group legal drama discovered by Omaha media with settlement still on table • DPL annuity sales top $3 billion milestone, two months ahead of schedule • Potomac gets serious about Seinfeld • SSGA raids Schwab for technology executive
Carson case develops • After taking 58 months to sell its first $1 billion of annuities, DPL did its third billion in six months • Potomac's Christopher Norton promises to show fun side of RIAs and thanks F-word (fiduciary) video ban • SSGA has a new COO.
July 19, 2024 at 4:34 AM
Wall Street hammers Charles Schwab Corp. shares and blasts management 'execution' after Tuesday's surprise unveiling of budding mega-outsource deal with its biggest shareholder, TD Bank
The Westlake, Texas giant's shares fell 5.4% today after plummeting 10% yesterday; analyst see the bank's risk retreat as a concession the March 2023 interest rate crisis has done 'permanent' damage.
July 18, 2024 at 1:43 AM
Charles Schwab touts new Fed stress test that shows its bank can weather a downturn, but it still remains vulnerable to upturn, analysts say
Morningstar calls Schwab's capital ratio increase from 2022 'great,' but test doesn't account for factors that sank Schwab stock during 2023 collapse of Silicon Valley and First Republic banks
July 16, 2024 at 10:54 PM
Jarrett Cohen broke away from Merrill Lynch in 2015; now he owns a $60 million financial services firm in New Orleans' historic Cotton Exchange Building, and Schwab just named him to an advisory board
Cohen just added four part-time hires to help shoulder growth at his firm, which has no account minimums and a mission to 'help everyone.'
July 15, 2024 at 10:07 PM
Farther exhales then reveals that it has poached 10 advisors from Goldman Sachs since September, not without trepidation about poking the squid
The VC-backed RIA stared down legal perils to grab United Capital defectors but is now in 'good shape,' its CEO says, revealing that it grabbed 32 advisors in the past three quarters bringing it to $3 billion AUM
July 12, 2024 at 10:22 PM
Envestnet lands $4.5-billion deal to go private-- including nixing $900 million in debt -- with Fidelity and BlackRock sweetening the pot by joining the future ownership group
Bain brought in Reverence, which owns Osaic, and a bunch of asset managers to fund the deal it controls, and will appoint a new CEO later this year
July 11, 2024 at 10:05 PM
The minor 20-year Fidelity and Envestnet collaboration just got major as FMAX begins to take off and the two companies seek to press the advantage
The Boston clearing and custody giant has been using the Berwyn, Pa., TAMP/SMA giant for managed accounts, but now Fidelity is making Envestnet a big software partner to make its own TAMP a 'category killer.'
July 11, 2024 at 12:09 AM
Salim Ramji takes Vanguard CEO helm with good vibes but the company's 50 million 'owners' may expect more privileges -- like better service, basic transparency and to know what, if any, rights they have
The ex-BlackRock exec began life yesterday at the mega RIA and asset manager knowing his mission is financial and ecumenical in nature, but with the calls for a turnaround centering more on the latter.
July 9, 2024 at 9:51 PM
Bain Capital may be set to buy Envestnet, Reuters reports; Sudden RIA industry mega PE player must find CEO, resolve Yodlee riddle to move forward
The famed Boston private equity firm already has big stakes in Carson Wealth and CI Financial and may be in the hunt for other acquisitions.
July 8, 2024 at 11:25 PM
SMArtX is loading up on Envestnet talent as re-peopling rolls on -- post Morningstar disruption -- with two hires from the Berwyn, Pa., TAMP
The West Palm Beach, Fla., TAMP is getting Courtney Robertiello and Jacqueline Burke, and their staggering 29 years of experience for 'growth and innovation,' the company says.
July 4, 2024 at 2:09 AM
CAIS memo about fee cuts raises hackles by citing other industry players' responsibilities for 'democratization' of alternative investments
Matt Brown, CEO of alts platform, promises to bring feeder-fund access fees down to five basis points in some cases -- but needs broader help.
July 2, 2024 at 11:26 PM
Natalie Wolfsen will restore Orion's 'standalone' RIA software strategy but also create a simpler bundle for smaller RIAs, and evolve the super-bundle
Eight months into her reign as CEO at the Omaha-based RIA software and investments powerhouse, Wolfsen is unleashing standalone rebalancing and risk software and tailoring pricing and service levels to match customer needs
