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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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Adrienne Gurley: The new number will have to be a big enough number to have a meaningful change.
April 24, 2025 at 1:46 AM

Shan Shan: Transforming the custodial layer of wealth management is no small feat.

Altruist wins 'unsolicited' $152-million raise, including capital from Salesforce, which is midstream 'very deep integration' signalling shift to $1-billion-plus RIAs

The Culver City custodian now has 20-plus $1-billion-plus RIAs and average size is 43% larger as integrations with Orion, Advyzon and Tamarac lay groundwork to tackle Schwab and Fidelity

April 23, 2025 at 2:06 AM

Rick Wurster: They'd love to work with a trusted brand.

Rick Wurster puts hard(er) date on Schwab spot bitcoin launch, after key hire and 400% surge in visits to its 'crypto site,' but isn't pulling down crypto red flags quite yet

The Schwab CEO expects house 'spot' trading by mid-April 2026, though Schwab's site starkly warns crypto has no 'inherent value.'

April 19, 2025 at 3:39 AM

Tim White: 'It's the year of the RFP.'

Charles Schwab Corp. buys stake in Wealth.com and became latest of Big Three to chase the $90-trillion-dollar asset hand-off

Aging high-net-worth investors starting to seek answers about last, big transfer hold lion's share of Westlake, Texas, brokerage's $10 trillion in assets -- a place where Vanguard and Fidelity have made recent moves, too

April 17, 2025 at 3:21 AM

Salim Ramji: Will bring long-term benefits of public and private markets to even more investors.

Vanguard and Blackstone disclose joint 'initiative' to bring alts to mass investors after private 'talks' leak months ahead of planned news release

The 'culture clash' collaboration of the kings of two different markets could be a good high-net-worth retail strategy for each -- but they have serious stuff to work out.

April 16, 2025 at 2:02 AM

[Left to right: Scott Bessent, Chuck Schwab and Donald Trump: Charles Schwab has been waiting for 40 years for what Trump did over the last month.

Chuck Schwab stands at Trump's side (literally) and wins President's praise for supporting policies amid tariff fallout, while Schwab's chief investment strategist raises red flags

Schwab co-chair intersects with Trump on policy, business [and golf,] while the company's chief investment officer Liz Ann Sonders has little good to say about government policies right now

April 12, 2025 at 12:55 AM

Jonathan Craig: Schwab serves more than a million multimillionaire investors.

Schwab finally launches alts to retail investors with $5 million, five years after initial iCapital deal, but just seven days before its CEO faces Wall Street

The Westlake, Texas brokerage expresses urgency because 66% of retail assets are now high-net-worth -- with more than a million millionaires.

April 11, 2025 at 1:33 AM

Christian Hoffmann: We’re still not out of the woods.

Never mind near 10% S&P 500 snapback, the Trump tariff war baked in 'enormous wealth destruction,' and it's hardly 'over,' asset managers say

Today is so much better than yesterday after stocks rallied on a tariff 'pause,' but it is still a very bad situation; the damage assessment is just starting.

April 10, 2025 at 2:34 AM

Herb Morgan: '“No Cantor owner, partner or employee has ever tried to influence my macro views of the world.”

Cantor Fitzgerald IA CIO sends midday letter to RIAs with take that reassures on tariffs, and he assures reporter that any aligment with Howard Lutnick is coincidental

The note arrived in email boxes after the market collapsed 5% today and explains tariffs were needed and negative effects should be 'very' short in duration

April 4, 2025 at 12:57 AM

Rich Steinmeier (left) and Wayne Bloom both need Commonwealth to succeed as a standalone brand.

Commonwealth and LPL CEOs are determined to share bright future after black swan HR event unlocked the opportunity

Wayne Bloom and Rich Steinmeier both faced hard math after Dan Arnold's shock firing as LPL CEO, but then the numbers started to add up

April 3, 2025 at 1:44 AM

Rich Steinmeier: Commonwealth is respected throughout our industry as a standard-bearer for service excellence.
April 1, 2025 at 12:55 AM

Shirl Penney: RIAs will use other Goldman Sachs services more immediately.

Goldman Sachs custody unit gets coveted foothold with Dynasty Financial, but no assets yet in a move that still threatens Schwab and Fidelity, recruiter says

Dynasty has 57 high-end RIAs and $100 billion-plus of AUA with sophisticated clients who can use the investment bank's services.

March 28, 2025 at 2:47 AM

Eliza De Pardo: PR firepower is essential now and over the coming decade.

AssetMark takes on 72% financial advisor flameout rate, which is both worse and not as bad as it sounds for RIA 'entrants,' says Eliza DePardo

The $116-billion TAMP has a new CEO, a new owner, bought Morningstar's turnkey assets and now will tackle a quasi-existential RIA concern.

March 25, 2025 at 1:35 AM

Eden Ovadia (center) with Victoria Toli (right) and Theodore Jansen: I see the proof in the pudding every day.

Ten month-old New York City startup uses artificial intelligence to gin up RIA leads and reel in immediate success

Eden Ovadia was a 25-year-old BCG consultant presented with a task that she turned into a rare, successful RIA artificial intelligence venture.

March 18, 2025 at 1:44 AM

Sumanth Sukumar: The market is ripe for disruption.

Fresh off layoffs, Altruist nabs Coinbase CTO and is hiring like crazy, driven and guided by fresh Robinhood-TradePMR threat, ex-Altruist staffer says

The Culver City, Calif., RIA custodian got Sumanth Sukumar, also formerly of Uber and Facebook, with an eye on supplanting Schwab in its former HQ city.

March 13, 2025 at 3:05 AM

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