Brooke Southall
Articles written by Brooke Southall
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Charlesbank bets bank on Joe Duran -- 'very risky' by private equity standards -- but the 'Rise' model, capital amid scarcity and a 'Joe' factor have observers high on its prospects
The Boston- and New York-based blue-chip 'middle market' player stakes the Duran 'accelerator' venture $250 million with a view to a killing in a market starved for get-over-the-hump expertise and financing
February 1, 2024 at 4:41 PM
Charles Schwab filed in November under New Jersey WARN laws for October layoffs in Jersey City -- the former TD Ameritrade RIA custody headquarters; the layoffs become official Feb. 5 under NJ labor laws
The Westlake, Texas company disclosed the planned February cuts in a state filing and their relation to big cuts first reported in July, and executed in October
January 31, 2024 at 2:14 AM
Schwab IMPACT is back in San Francisco -- its old stomping grounds -- a boost for the city after Schwab dumped it, and it struggled post-COVID
Pushed to perhaps its latest date ever, Nov. 19-21, the 2024 event will swing from Right Coast Philadelphia to Left Coast 'Frisco, at a venue yet to be announced.
January 30, 2024 at 3:17 AM
Familiar faces -- Bill, Eric, Oleg and Joel -- dominate Day One at T3 but Syntax Data and SoraFinance get their moment -- and Oleg brandishes app marvel
The big companies like Orion, Envestnet and Invent cement the 20th anniversary of the Joel Bruckenstein event with bundle-ism, but green sprouts of new firms are everywhere; the kids get AI
January 24, 2024 at 6:27 AM
RightCapital conversions from MoneyGuidePro are a catalyst for Commonwealth's move to put paraplanners at advisor fingertips
The Waltham, Mass., IBD with 2,200 reps is latest, after LPL, to create a paraplanner bank of people for advisors to use -- and pay for -- as they go, and switch software vendors smoothly
January 20, 2024 at 3:03 AM
Goldman Sachs salvages $349-million 'gain' from its United Capital misadventure that may also be a $400-million haircut
The New York City investment bank managed a sale and jailbreak of its in-house mass-affluent RIA but was able to get enough assets transitioned to Peter Mallouk's Creative Planning for the accounting win
January 19, 2024 at 1:45 AM
The classic RIA era is sputtering and firms must 'decentralize,' hiring non-advisors to specialize, new Cerulli report shows, or RIAs will 'limp along,' a second consultant says
RIA principals have killed Wall Street with semi-solo shops -- only 35% have 'specialized staff' -- but the comfort zone must evolve for growth
January 13, 2024 at 2:24 AM
Reed Colley reports $20-billion AUA RIA win -- a legacy Envestnet-Tamarac shop -- as proof point Summit Wealth software is ascendant
The San Francisco-based Black Diamond founder has Summit Wealth playing hardball among elite RIAs with Brighton Jones as pioneer.
January 12, 2024 at 3:23 AM
Gary Gensler post-exchange listing approval for Bitcoin ETF includes a stark '1940 Act' warning to RIAs not to read too much tolerance into it
The SEC head bent to the will of the Stamford, Conn, fund firm's lawsuit and rivals -- BlackRock, Fidelity and eight others -- piled on for the ride, but ETF price spreads are wide and likely headed for a shakeout.
January 11, 2024 at 3:35 AM
After many beta tests, Vanguard finally launches bank cash product for non-Vanguard investors, a U-turn but also likely thorn in the side of Schwab, Fidelity
High-yield but low frills, the Malvern, Pa., giant's long tip-toe back to cash makes it a me-too filler product but perhaps effective.
January 10, 2024 at 3:11 AM
Fisher Investments is again part of a public firestorm after media heavyweights report it has entered sale talks; Fisher fires off heated denial, but one analyst still sees smoke on the horizon
The Plano, Texas RIA with $236 billion of AUM -- worth perhaps $10 billion -- flamed The Wall Street Journal for anonymously sourced report, without checking with firm, but did not condemn nearly identical Bloomberg report.
January 4, 2024 at 2:37 AM
RIAs remain wirehouse kryptonite in 2024, and by 2027, JP Morgan, Merrill, Wells and UBS will see market share tailspin -- RIAs the obvious culprits, Cerulli data shows
'RIAs' will control nearly one-third of advised assets by 2027, up from 27% today, virtually switching spots with wirehouses in a statistically zero-sum battle for market dominance, Cerulli projects.
January 3, 2024 at 1:21 AM
2023 was great RIA year and nobody really noticed, setting up 2024 for a more visceral reap
Pushing toward $10 trillion on multiple rising tides -- and with much creative destruction sorted out -- the RIA channel, ethos and movement are succeeding quietly in plain sight
December 30, 2023 at 1:39 AM
Huatei Securities is ready to cash out of AssetMark, after it hits $100-billion of AUM and $2-billion in market cap, according to reports
The Chinese financial conglomerate may unload all of the $1.4-billion stake it bought for $768 million in 2016
December 21, 2023 at 4:18 AM
Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units
At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask