Brooke Southall
Articles written by Brooke Southall
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LPL CEO claims 'prize' 'anti-LPL' Commonwealth for just $2.7 billion, but the price will rise, experts say, to retain its advisors conditioned to know LPL as a place with subpar service, culture
Only about four months into his job, Rich Steinmeier pulled off a coup, but poachers may smell blood, too.
April 1, 2025 at 12:55 AM
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
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
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
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
Matt Middleton co-founds 'Mint,' which starts virtually as his Future Proof event ends in LA, using the festival set-up, taking the same playbook and getting Anthony Scaramucci to keynote
The crypto and blockchain trade show piggybacks on Huntington Beach city contracts, hotel arrangements and outside shelters -- to establish a cryptocurrency mega-event starting four days later with a 'proven' outdoor concept.
March 12, 2025 at 4:59 AM
LPL will go 'toe-to-toe' with Morgan Stanley, 'launch a brand campaign,' to boost 'LPL' brand, after filing S-3 to rapidly raise up to $4 billion as needed
CEO Rich Steinmeier confides to Louis Diamond on a podcast he will upgrade banking, subject matter expertise and UHNW products -- namely alts, and admits envy toward Commonwealth and Morgan Stanley.
March 11, 2025 at 1:56 AM
BlackRock, Goldman Sachs will curtail DEI HR outreach to comport with new Trump executive order, but neither signals they want to abandon diverse workforce
The world's larget asset manager will subtract racial and gender targets for job interviews but will find new ways to hire candidates that head off 'groupthink.'
March 5, 2025 at 3:20 AM
LPL Financial files S-3 to raise $4 billion after new CEO takes reins with 'bold aspiration' to lead the 'advisor marketplace' across 'all of wealth management'
New CEO Rich Steinmeier needs capital to move upmarket but promises 'organic' emphasis as shares in company hold steady in market downturn.
March 4, 2025 at 2:44 AM
State Street -- under protest -- caves to SEC pressure to nix 'misleading' 'Apollo' name from its freshly minted alts ETF, among many issues cited in stern regulatory letter
Morningstar, Micah Hauptman, industry executives and attorneys all said in October that State Street and Apollo didn't seem to have basic boxes checked -- and the SEC dropped the hammer
March 1, 2025 at 3:19 AM
Robinhood closes TradePMR deal and calls it 'accretive' and cites cash allocation to build RIA referral network
The Menlo Park, Calif. online broker paid $300 million for custody unit that gives it immediate cash flow and market position.
February 27, 2025 at 12:01 AM
Charles Schwab Corp. names 'head of digital assets' with no cryptocurrency chops but entrusted by inner circle to make big, critical decisions, fast
Joseph Vietri needs to in-source critical 'human capital,' then determine whether to private-label 'Coinbase' or 'go big' with in-house custody, and other picks and shovels of direct bitcoin ownership and performance reporting.
February 20, 2025 at 2:37 AM
ETF assets hit record $10.73 trillion after $90 billion net-new inflow last month; Vanguard accounts for 40% of total, clobbering iShares and bruising State Street -- with RIAs a clear catalyst
Active ETFs attracted net inflows of $44 billion, 110% better than January 2024, but giants with razor-thin margins still dominate a commodity market.
February 15, 2025 at 5:03 AM
'RIA Reflections' went live today under ex-IN reporter Ryan Neal, who oversees the 'story-sharing platform' for Robinhood's RIA custody acquiree TradePMR
The new website will shun 'news' in favor of first-person essays from advisors to build a community through shared experiences.
February 13, 2025 at 3:04 AM
Bob Oros is out at Hightower -- for real this time -- with poached Ayco CEO, a Goldman Sachs partner, replacing him
Larry Restieri will become the Chicago rollup's next CEO after decades in Goldman Sachs' world and after Oros did 50 M&A deals.
