Articles published 1/2025
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Charles Schwab Corp. ties brand to 'Trump,' after becoming 'custodian,' consultant and investment advisor to Trump Media discount brokerage startup
Such charged political ties were solely in the founder's domain, but Schwab custody gets $250 million in Trump Media & Technology Group cash; Schwab granddaughter lands Treasury job.
January 31, 2025 at 3:49 AM
McKinsey suddenly puts its secretive $23-billion RIA under 'strategic review' with M&A shop; a spin-off or sale a possible outcome; it follows Nov. 30 London newspaper exposé
The New York super-consultancy retained Ardea Partners, a 2017 Goldman Sachs breakaway, to suss out its options for the in-house wealth manager and hedge fund company.
January 30, 2025 at 4:05 AM
Panic selling on DeepSeek news crunches Nasdaq, but insiders say frightenly 'excellent advancement' is being misread -- and it's hardly new news
Firms like Meta, Google and Amazon should find DeepSeek news a 'definite positive' even if the the Chinese startup could curb demand for hyper-lucrative Nvidia chips -- but even that is unclear.
January 28, 2025 at 1:01 AM
BlackRock blows off deadline from regulator for third time in three months, leading FDIC to insist it won't tolerate a fourth snub; hogwash, says leading lawyer
The giant New York City asset manager is pushing back because it can, lawyer says, but the bank regulator says it will force the issue if BlackRock continues refusing to play ball.
January 25, 2025 at 2:42 AM
Briefs: Focus Financial gets second happy Hollywood ending in LA lawsuit • Orion closes deal in record 14 days • iCapital buys ID shop • VC milestones & raises • People moves at Apex, Dynasty & Wealthfront
A Hollywood RIA took on Focus and Goldman, and lost • Reed Colley is already in the house • The SEC dings Robinhood, Schwab and Vanguard Group, and FINRA dings Fidelity • Vanguard & Schwab launch ETFs • BlackRock plots mixing alts & annuities in a TDF • Dynasty adds golf exec in HR hire • iCapital buys 'AI' KYC shop • Larry Shumbres start-up off to the races • Wealthfront's media guru departs.
January 24, 2025 at 2:40 AM
Schwab shares spike but its new CEO mostly plays defense after analysts ask why its RIA clients hit net-new asset growth norms and Schwab retail is stuck at 3.5% growth
Rick Wurster says Schwab is still building 'trust' with legacy TD Ameritrade clients disoriented by the merger and 'getting them used to' a 'completely different experience.'
January 23, 2025 at 3:21 AM
New Envestnet CEO first reached out to his financial advisor before accepting Bain Capital's offer to take over one of the advisory industry's largest service providers
The Harvard-Yale-McKinsey alum got a 'level of specificity' from chatting with his advisor firm's CIO about Envestnet's 'importance' and 'how it could be better.'
January 22, 2025 at 2:43 AM
Charles Schwab will renew branch-building in retiree spots like Florida, relocate storefronts to 'high-traffic' areas, and dedicate staff to $10-million-plus accounts, new Schwab CEO says ahead of Tuesday earnings
Rick Wurster underscores that Robinhood has just 2% of Schwab assets, and his firm will direct more personnel toward $10-million-plus brokerage accounts
January 18, 2025 at 1:30 AM
RIAs can break through the performance torpor that besets mixed-philosophy partnerships without breaking the bond
'Lifestyle'- and 'growth'-minded partners often share ownership and become a slow-growing unit but discussions and openness to restructuring can happen to beneficial effect
January 16, 2025 at 10:00 PM
Wealthfront is booming after 2022 UBS sale went bust, with December's $2-billion valuation, a share buyback and $75 billion in total assets; now it's dusting off its direct-indexing with (maybe) disruptive changes
The Palo Alto, Calif., robo-advisor's assets exploded -- especially in its banking side hustle, causing the robo-investing side to ride the bank's trajectory.
January 16, 2025 at 1:34 AM
How RIAs -- overzealous to fulfill 'fiduciary duty' -- overdeliver to small clients, hurt their practices and end up with worse overall service levels
The 1940 Act does not require advisors to deliver lower-paying clients the same service as higher paying ones -- important to realize or client segmentation is nullified
January 14, 2025 at 3:32 AM
RIABlitz: Vanguard technology • Pontera rebounds • Ex-HiddenLever's exec success • BlackRock rocked • Vivek's crypto • WF dunks SF? • Betterment dry option• Vestwell poached
The RIA firehose of news is rife with tactical moves to shore up voids, play catchup and react to a new concept of political tailwinds
January 11, 2025 at 3:01 AM
Marty Bicknell leapfrogs super-RIAs [by one measure] with $292-billion AUA deal, in push for 'full-service financial' company -- while still pursuing 2027 goal of 5,000 advisors
The Mariner CEO and founder wants all expertise in-house because 'things come up' with the 2,500 business owners and 12,500 c-suite executives his firm currently serves.
January 10, 2025 at 4:08 AM
Despite lawsuits, Schwab slashes sweep yields 89% in five months, including two cuts in December -- raising risks for RIAs that don't sort cash, experts say
The Westlake, Texas brokerage was paying 0.45% as recently as last summer but in late December that was cut to five basis points, in 'calculated risk,' attorney says.
January 9, 2025 at 1:19 AM
Altruist lays off 10% of its staff, despite 300% revenue jump, to get 'best possible people' as 'aggressive' hiring continues, says CEO
The Culver City, Calif. RIA custodian let people go across spectrum of disciplines with hires focused on 'engineering, AI and go-to-market,' Jason Wenk explains
January 7, 2025 at 8:12 PM
2025 will be the year of 'Under New Management' in RIA business, after 2024 brought profusion of CEO-level fires, hires and deals
First seven CEOs were replaced, then myriad big HR dominoes fell as Vanguard, Schwab, Envestnet, InvestCloud, LPL, Cetera and Orion all switched out CEOs and presidents
