Articles written by Brooke Southall


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The very millennial reason Shirl Penney snagged Merrill Lynch's 34 year-old Ayco-killer and his $1B team and why Focus Financial lost out

The Dynasty CEO meshed on Michael Henley's 30-year business plan, which included building equity over decades and a big succession plan

July 31, 2018 — 11:27 PM UTC

Focus Financial IPO pays off for KKR and Stone Point, after all, by hitting price mark, plus an investor 'pop.' Now, on to the less glamorous task of paying down debt

Roll-up's day-one shares opened at $35, traded briskly and closed with a tidy 13.79% gain from the $33 base

July 28, 2018 — 2:51 AM UTC

'Oversubscribed' Focus Financial lowers asking price as IPO-eve share demand wanes, raising prospect of a $100 million offering haircut

After push for $39 falters, the New York-based roll-up targets a $33 share price, which trims nearly $100 million off the take, but is far from shabby

July 26, 2018 — 2:46 AM UTC

Focus Financial conscripts Fidelity to bombard RIA principal/prospective clients with IPO solicitations while one research shop waves a yellow flag

RIAs can buy Focus shares at 'first-tick' price from the Boston-based giant through tomorrow as part of a 'directed' program that may also encourage RIAs to sell to Focus down the road

July 24, 2018 — 1:53 AM UTC

In another go-go sign, Focus Financial moves up IPO trade date to as early as Monday

After New York roll-up CEO Rudy Adolf completes bang-up road show that emboldened share-price leap, time is of the essence

July 20, 2018 — 9:58 PM UTC

Focus Financial IPO is on at $39 per share as KKR pushes giant share premium, with an eye on raking off an extra $532 million

The New York-based roll-up's CEO Rudy Adolf wraps up his road show fraught with perils for slapping a higher -- much higher price -- on shares

July 16, 2018 — 8:35 PM UTC

A $2.7 billion RIA makes Allison Felix, 40, its president. She started as an executive assistant out of college.

CEO Steve Cassaday also sold her a minority stake in the firm and paid for half of an MBA as part of her grooming

July 13, 2018 — 7:49 PM UTC

Why Financial Engines undid its IPO, and what it says about the succession-phobia still paralyzing the RIA business

DeVoe & Co.'s annual event in San Francisco featured RIA-merger rock stars-- Mercer, CAPTRUST and Financial Engines -- whose comments revealed not a note of gloat

July 2, 2018 — 2:47 AM UTC

Jodi Perry takes over as head of independent advisors at Raymond James in giant reshuffle that still leaves Van Law's RIA position vacant

The former Southeast director is now in the position vacated by Scott Curtis as he ascends the ladder -- and oversees Perry

June 28, 2018 — 10:44 PM UTC

Calm, thoughtful demeanor led Commonwealth Financial Network to make a 10-year LPL exec its new president and COO; IPO anyone?

Since being poached in 2015, Trap Kloman quickly earned Wayne Bloom's trust and current president, Rich Hunter, is ready to step back

June 27, 2018 — 6:59 PM UTC

As era ends, Bill Morrissey steps down to make way for younger exec who leaves job as UBS's digital guru

Nobody sold more advisors to join a broker-dealer than Morrissey but the post-Mark Casady game has changed, making Rick Steinmeier's hire timely for LPL CEO Dan Arnold

June 25, 2018 — 4:48 PM UTC

A year after Acorns gets outed, Betterment faces its juvenile past with 2018 FINRA settlement over 2014 infraction

The $14B robo's ADV will remain clean but it'll live -- like Acorns before it -- with a BrokerCheck violation based on how it managed cash when it was a $608-million firm with a smaller compliance staff

June 22, 2018 — 8:17 PM UTC

What exactly is it about SmartAsset's Zillow-for-RIAs play that converted Focus Financial from funding seeker to a VC backer of $28-million round?

The Manhattan-based startup uses Yahoo!, CNN and other mega-sites to generate 45-million monthly visitors then sells leads to RIAs at $190 per high net worth lead

June 21, 2018 — 6:26 PM UTC

'Capacity constrained' SigFig suddenly raises unsought $50 million after major VC steps forward

General Atlantic's funding largess comes after $67 million carried the San Francisco robo its first 11 years

June 19, 2018 — 12:41 PM UTC

Why Eric Clarke is pressing to give Orion's 1,500 RIAs first crack at BlackRock's Aladdin -- including two that already have feeds

The Orion Advisor Services CEO is working with a $5-trillion AUM asset manager but it boils down to his personal relationship with BlackRock's Brad Stanger

June 15, 2018 — 7:58 PM UTC