RIABiz

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RIABiz

Articles written by Sanders Wommack


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Jim Putnam: We have great confidence in our ability to thrive as an independent public company.

Incredulity hovers over LPL's retro -- or is it inspired? -- choice of original 1983 employee Jim Putnam as chairman

As the 14,000-rep broker-dealer gropes for a post-DOL, post-digital future, it'll rely on the old-school standard bearer to shepherd new CEO Dan Arnold

March 10, 2017 – 8:05 PM

Howard Present (four years ago on Bloomberg TV): It totally makes zero sense to me.

How promise to wife looms large for ex-F-Squared chief as SEC seeks to deny him court date

Docket filings tell dramatic tale of how Howard Present allegedly looked the other way on inflated backtest returns while laboring under duress of losing his dream

February 1, 2017 – 7:34 PM

Opposed by hedge fund stakeholders, James Riepe is supported by The Vanguard Group, BlackRock, State Street, Fidelity Investments and Invesco.

How LPL's wolf pack of hedge funds only added to its stake, even as a mini-faction of non-hedge directors tried to hold them in check

As the Boston IBD's annus horribilis continues unabated, PE-friendly directors are joining the board with little opposition

September 7, 2016 – 8:54 PM

Dawn Bennett: We weren't an RIA and weren't running our books like an RIA. We were an independent B-D and were doing it correctly that way.

In exclusive RIABiz interview, Dawn Bennett tells how she's striking back at SEC after a $4-million legal drubbing has left her 30-year career in shambles

The advisor and popular radio host has hired the 'London Whale' attorney to prove she and her firm were victims of a regulatory witch hunt

August 1, 2016 – 4:52 PM

JB Sullivan: They never talk about 'volatility' when there are wild swings to the upside.

How RIAs took one approach to Brexit and asset managers another -- and why only the latter group has egg on its face

With the markets virtually even with a week ago, asset managers now need to contend with all those already shopworn webinar ideas that followed their inability to predict the Leave vote

June 30, 2016 – 8:09 PM

Jon Stein: I really don't know about the ... presti-i-i-ige ... of a wirehouse.

The inverted reverence dynamic at The In|Vest event and why Bill Crager is so over it

Tomorrow is here: Wirehouse execs and IBM types play groupies as robo-founders leaned back in their chairs

June 23, 2016 – 6:19 PM

Neesha Hathi was coy about whether the 500 RIAs using Schwab's robo have contributed to the 'well over'  $7 billion of assets attributed to it.

What Neesha Hathi told the In|Vest 2016 in NYC crowd in her debut as Schwab robo chief -- and how she elicited one gasp from the crowd

Though declining to offer a glimpse of the future, Hathi surprised with stats showing Schwab is succeeding against the upstart robos with older, less web-savvy customers

June 17, 2016 – 8:58 PM

Lorenzo Esparza was not interested in a 'faux-nership' roll-up model, which he says pretends to offer independence but provides little more than a subsidiary existence under a larger RIA platform.

Lorenzo Esparza leaves JP Morgan in LA to start Manhattan West with tutelage from Schwab

Honoring his immigrant parents' wish, he toiled for 10 years as a lawyer at Paramount before staking out ground in a market with few Hispanics

June 14, 2016 – 8:29 PM

Paul Pagnato: Elliot and Michael did the right thing.

After chats with Phyllis Borzi, a flagship HighTower team executes a 'deliberate' breakaway to form a $2.5-billion RIA

Citing post-DOL-rule concerns about serving their super-rich clientle and hungering for more alternative alternatives, Paul Pagnato and David Karp have ankled the captive brokerage world but are keeping ties to the Chicago roll-up

June 1, 2016 – 9:00 PM

Ryan Parker: I want to say in the clearest way possible that there's nothing driving me away from LPL

Edelman Financial gets its CEO from LPL but the chief executive's job description isn't exactly what the old one was

The $16-billion-AUM RIA's poach of Ryan Parker gives Ric Edelman the bandwidth to exert more of his people power

May 31, 2016 – 8:47 PM

Sallie Krawcheck: When we took away the jargon and put it into plain English, all of a sudden she said, 'you know what? I can do this.'

As a self-aware Sallie Krawcheck launches at TechCrunch Disrupt, Ellevest embraces the peril of selling algorithms to women

Automation is hard enough but the ex-Merrill chief is resolved to deliver to women what they want even if its means giving them what they don't think they want

May 20, 2016 – 5:35 PM

James Mendelsohn's expertise in digital marketing is a relatively untapped vein at Edelman Financial

Ric Edelman hires former what's-in-your-wallet Capital One CMO to replace former Verizon can-you-hear-me-now? guy

James Mendelsohn aims to realize the 'potential energy' of the growth-stalled RIA empire Edelman Financial by exercising branding and marketing skills

May 16, 2016 – 8:20 PM

What started with Aequitas in this building in the Oregon woods has spread.

TD Ameritrade threatens to cut loose Aequitas-tainted RIAs as the bad-college debt-fueled conflagration continues to burn

The Aequitas Ponzi revelation in February -- that 1,500 investors were owed for more than $300 million in alternative asset notes -- did not begin to realize the depth of ties between the bilkers and bilkees

May 10, 2016 – 11:03 PM

Schwab teamed with AmEx months after rival Fidelity switched from AmEx to Visa

As Fidelity divorces American Express, Schwab steps in to launch AmEx cards -- with help from RIAs -- as part of broader effort

Fidelity says the average user got $1,500 in cash back last year, suggesting the average annual card-holder spend is around $75,000

May 2, 2016 – 6:37 PM

Greg Sullivan: Now we have more latitude and can act more quickly when we want to hire someone or give people raises.

Why a $2.8 billion RIA spun away from a Canadian bank despite a 'really good relationship' spanning 13 years

Sullivan Bruyette Speros & Blayney principals want to ramp up growth but BMO Harris banker body language said: Not so fast

April 26, 2016 – 8:33 PM

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