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News, Vision & Voice for the Advisory Community

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Brooke Southall

A native Mainer, Brooke founded RIABiz 13 years ago because he wanted to write for an editor demanding articles get past syrupy quotation, satanic jargon and the Wall Street framing of how financial advice gets sold. He spends his days now in California writing, editing and coaching writers. He lives on a houseboat, works in an office and juggles calls across the five time zones and four countries his small team works. He's out to prove an economic major can make a living as a journalist and that articles need not be a loss leader if they are written well and geared to an intelligent readership.

Articles written by Brooke Southall


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Stephen Caruso: Pershing then becomes a cost layer for these RIAs.
June 18, 2025 at 12:39 AM

Ralph Angelo:  When the LPL merger was announced, I started getting a litany of calls from LPL.

After merger shock, LPL staff apologized to Ralph Angelo for blindside, which he now gladly accepts as first major recruit under LPL-Commonwealth combo

The founder of $1.5 billion Angelo Planning Group (APG) found out LPL was acquiring Commonwealth the same day he joined Commonwealth -- a switch precipitated by Osaic's merger with American Portfolios

June 13, 2025 at 10:49 PM

Douglas Kim: Sales are left to the advisor, who is essentially the foot soldier.

Moody's downgrades Wall Street play to target retail clients as piggy bank to soak up trillions of dollars in illiquid investments

The New York City rating agency warns that the 'rapid deployment' of 'dry powder' into illiquid investments is recipe for systemic disaster.

June 13, 2025 at 1:24 AM

John Sturiale: Schwab is proud to be a leader in democratizing investing.

Schwab undercuts Vanguard (and BlackRock) again by slashing ETF fees up to 50% -- math that works when keeping RIAs is a priority

The $10 trillion discount broker cut its international ETF fee by 50%, a fee that is now 25% lower than that of the equivalent Vanguard ETF

June 10, 2025 at 11:18 PM

Mike Wunderli: I’ve seen how the industry’s top acquirers have evolved.

Fielding Miller calls on Mike Wunderli at 'inflection point' after CAPTRUST zoomed to $1 trillion but needs M&A energy injection to hit $2 trillion

The CAPTRUST CEO's firm dominated the 401(k) RIA rollup game for a decade, and LA dealmaker's hire comes as the market has changed to higher multiples and more determined rivals.

June 6, 2025 at 12:46 AM

Fred Fern: Finally selling after founding his firm in 1963.

Focus Financial breaks deal drought and kills off 'hub' talk by merging $10-billion West Coast acquisition with $175-billion Boston unit

Focus Wealth Partners is dominating M&A mojo, transition 'vernacular' and decentralization are out the window as Focus starts buying again with a vengeance.

June 4, 2025 at 11:11 PM

Brad Losson: ‘We want to create not just a path but a superhighway to independence.

Schwab's 'superhighway' project could supercharge RIA business, yet fees elicit sticker shock and its leap to RIA 'support' channel may test critical alliances

Schwab's 'ProDirect' is aimed at winning sub-$300-million stockbrokers, possibly from IBDs, but a whole world of symbiotic networks may feel the heat of competition from their RIA custodian

May 22, 2025 at 3:38 AM

Eric Poirier: Our focus has been on building a unified platform.

Addepar finally confirms massive 'G' raise months past closing, but with terms intact and previously unnamed PE firm as co-lead; analyst calls it 'positive sign'

The Mountain View, Calif. firm had the $230 million lined up in January, expected to announce late February, but broke the news today.

May 14, 2025 at 4:11 AM

Dan Sotiroff: It begs the question: What is Vanguard's role in the collaboration?

Vanguard's and Blackstone's plan to bring 'alts' to the masses revealed in SEC filing, but protagonists take passive role, leading analyst to brand the new fund a 'dud'

Industry analysts expected much more after Vanguard CEO Salim Ramji and Blackstone president and chief operating officer Jon Gray did a joint video, brimming with promise.

May 13, 2025 at 1:41 AM

Rich Steinmeier: We are still in the early innings of the retention effort.

LPL shares surge on earnings beat; Commonwealth deal, 'tracking towards 90% retention' keeps firm on path to be 'best in wealth management'

CEO Rich Steinmeier delivers first-quarter results -- good early signs on retaining Commonweath advisors -- that please Wall Street analysts and investors but he wants more. Much more.

May 9, 2025 at 1:31 AM

Philip Palaveev: Advisors whine about not finding talent.

Philip Palaveev brings hard math -- and his heart -- to topic of RIA staffer 'moms' ahead of Mother's Day with timely new study

The Ensemble Practice CEO shows just how much women with kids love being financial advisors and why it'd be wrong not to love them back, by giving them room to parent

May 8, 2025 at 1:42 AM

Alan Moore: This isn’t about replacing software – it’s about replacing spreadsheets.

AdvicePay, co-founded by Alan Moore and Michael Kitces, buys payroll software solution from LPL RIA owner that should ease a major headache for RIAs -- getting staff paid

AdvisorBOB, formerly RIAFees.com, is acquired from owner of Great Valley Advisor Group to replace clunky spreadsheets for RIAs with mad alluvial comp deals.

May 7, 2025 at 2:45 AM

Kevin Lyons: I don't think this is a race to the bottom.

The unbreakable 1% RIA fee looks vulnerable to new threats from young clients in skinny jeans, says Cerulli study, but falling fees are not a fait accompli, analysts counter

RIAs are willing to yield some ground to win chiseling millennials pressuring margins, but AI, supply and demand, and innovative pricing are all in the RIA's favor.

May 2, 2025 at 12:41 AM

Alex Blostein likes Schwab's return to normal growth -- and balance sheet solidity.

Goldman Sachs signals Charles Schwab Corp. is out of the woods with huge rating upgrade based on less debt, more cash and 'durable' organic growth

Analyst Alex Blostein pushed the target to $100 after the balance sheet looks healthiest since bank crisis, and TD Ameritrade customers are buying more Schwab products

April 26, 2025 at 4:55 AM

Adrienne Gurley: The new number will have to be a big enough number to have a meaningful change.

Top federal regulator floats putting 'mid-size' RIAs -- possibly up to $1 billion in AUM -- under sole state purview, and Adrienne Gurley provides insights in an RIABiz Q&A

Commissioner Mark Uyeda dropped the bomb on April 8 and Gurley, a former SEC senior counsel, offered to answer questions about serious practical ramifications.

April 24, 2025 at 1:46 AM

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