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RIABiz

Articles written by Lisa Shidler


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Walt Bettinger is playing his crypto cards carefully.

Schwab's late entry into the 'crypto' game with a 'spaghetti' product just might be primo

With investors undeterred by crypto winter, the SEC offering wiggle room and Fidelity, a largely unopposed giant, threatening to run away with the market, CEO Walt Bettinger makes a bold leap from even two years ago.

August 3, 2022 – 1:59 AM

Walt Bettinger and Chuck Schwab co-hosted the virtual annual meeting last year and tweeted out this photo.

Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 – 12:41 AM

Ashley Arrington: 'I felt like I hit a ceiling, and I didn't see a path forward.'

Ashley Arrington is leaving Fidelity for one of its hottest RIA clients, but she'll have to start cold in Nashville to keep her and her boss in the giant's good graces

Boston 'big three' custodian's no-compete agreement will force her to leave behind clients, but it's a small price to pay for a new opportunity and equity in a top RIA.

July 29, 2022 – 2:28 AM

Marty Bicknell: This is a great solution for us long term.

Marty Bicknell suddenly has a giant LPL Financial (and mass affluent) future, just as David Canter leaves Fidelity, an executive he tried to forge a future with for mass market advice

By adding the $26-billion AUA 'hybrid' in Sacramento to his $60-billion RIA-classic, the Kansas CEO has a near $90-billion advice empire with Fidelity, Schwab and LPL vying for his patronage.

July 22, 2022 – 2:38 PM

Naureen Hassan is back on the 'digital' Wall Street brokerage track after a year as a bank executive.

UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 – 1:35 AM

Stuart Silverman: 'We've got a great relationship with Fidelity... I wouldn't say anything is malicious or intentional.'

The 48-hour mystery of David Canter's Fidelity departure gets solved when RIA custody client steps forward with claim to his future but the headhunter lost his job to the headhunted

Now we know that Bluespring sprang Canter from the Boston giant and that the rollup's co-founder, Stuart Silverman, was the protagonist in the high stakes hire, and the guy who needs to make room for Canter as day-to-day chief.

July 15, 2022 – 2:05 AM

David Canter was known for harmonious relations across the RIA business.

David Canter is the latest to leave Fidelity Investments amid the ongoing changing of the guard across the company, a 'huge loss,' says RIA CEO

Beloved by mega RIAs for high intelligence and low ego, the RIA custody chief and ex-Schwabie is moving on amid a wider company script of turnover, new job descriptions, ' and wild amounts of hiring

July 13, 2022 – 1:15 AM

Louis Harvey: 'Schwab could elevate its robo to be a true fiduciary.'

Charles Schwab & Co. will pay $187 million settlement after SEC drops its 'pre-set for business reasons' case

Federal regulators claimed Schwab pre-set client cash allocations without making proper disclosures to Schwab Intelligent Portfolios clients.

July 7, 2022 – 12:10 AM

Jason Roberts: 'We know where the administrative hot spots are.'

ERISA attorney co-founds venture to take advantage of DOL's liberal new pooled 401(k) plan guidelines, a boon for RIAs looking to break into the business

The new San Diego firm will be a TAMP-like unit that gives a way for small companies to get big-plan leverage while still letting RIAs handle the investment advice, says CEO Jason Roberts.

June 23, 2022 – 6:56 PM

Stephen Greco is taking on the RIA superpowers using mafia law to attempt to level the playing field.

Stephen Greco's six-year quest to prove Creative Planning, Schwab, Fidelity and TD Ameritrade engaged in a 'conspiracy' against his RIA has even the experts baffled

In his latest move, the Spotlight Asset Group founder files a 'RICO' civil suit in federal court that one defendant calls 'ludicrous.'

June 7, 2022 – 4:27 AM

Lauren Oschman: 'I never really bought this narrative that women are risk-averse.'

Lauren Oschman, 33, takes CEO reins at $500 million Nashville RIA, after being designated heir apparent at age 29 for her role building a practice laser-focused on doctors

The co-founder of Vestia Personal Wealth Advisors stood out day one for handholding young, debt-laden doctors and rejecting stereotypes about women being more risk averse than men.

June 3, 2022 – 11:23 PM

Scott Curtis says the new RIA channel has edge because classic RIAs are 'time-consuming'

Raymond James introduces channel No. 4, a user-friendly RIA model after its three current channels -- IBD, RIA and captive -- make negligible net recruiting advances

After modest gains in headcount, the St. Petersburg, Fla. broker dealer is adding a plug-and-play corporate RIA channel for advisors who don't want the headache of overhead.

May 20, 2022 – 3:33 AM

Chip Roame: Wow, that is a crazy lot of people!

Fidelity's strategy to own the financial advice business by owning 'a crazy lot of people' is heading for 28,000 hires in two years

Hiring 16,600 people last year just whetted the $11-trillion Boston company's appetite to make 12,000 more hires in a play to be a category killer in finance.

May 12, 2022 – 3:14 AM

Sen. Elizabeth Warren is speaking up for consumers, but some experts wonder if she really knows what investors want.

Elizabeth Warren taken to task by experts for 'misplaced,' 'misinformed' and ultimately toothless letter to Fidelity's Abby Johnson, criticizing firm's new Bitcoin-inclusive 401(k) menus

Fidelity CEO and Massachusetts Senator -- both powerful in their own realms -- are on a collision course amid the uncertainty surrounding cryptocurrency.

May 7, 2022 – 2:54 AM

David Gray: There is growing interest from plan sponsors for vehicles that enable them to provide their employees access to digital assets in defined contribution plans.

Fidelity shrewdly side-steps DOL 's 401(k) crypto guidance--and ERISA -- to pioneer profit center by adding Bitcoin to plan menus, knowing plan sponsors are game to shoulder the liability if need be

The $12-trillion Boston firm shocked everyone with the timing of the 'seminal' move, the Labor Dept.'s tut-tutting 'guidance' not withstanding, after concluding Bitcoin's volatile days are behind it.

April 29, 2022 – 2:08 AM

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