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New Moves in the Biz


Featured
Antonio Gracias: The idea of a common language and a truly universal data platform for the financial services world is something Wall Street 10 years ago could never have imagined.

Addepar raises $140 million, unveils a very Tesla board member and seeks RIA data utopia

The 'D-round' VC raise led by Valor is a 100%-plus jump from the $65.8 million invested to date

June 8, 2017 — 1:31 PM UTC by Brooke Southall

Brooke's Note: I believe it is still fair to ask whether Addepar is the second coming of financial software and data or an overbuilt RIA performance reporting application. What is not in doubt is that people who are proven uber-successes in Silicon Valley see the ...

6 Comments
Featured
Richard Davey: In the eyes of clients and prospects we meet, the CPA license carries more weight than anything else, MBA, CFA, or CFP included.

How number-crunching millennials launched an RIA and where a 72 year-old RIA comes in

Fiduciary Financial got going with a breakaway, a succession deal, a marketing approach and a Glass Door

June 5, 2017 — 5:08 PM UTC by Sarah O’Brien

Brooke's Note: When I first talked to these guys last month I was impressed to hear that they were a crew of young CPAs who made certain not to offer tax advice. Steeped in that training, they knew that tax law is so complex and ...

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May 10, 2017 — 3:09 PM UTC by RIABiz

Fiduciary Trust Co. expanded its client service team by hiring James Cosentino as vice president and investment officer. 

Before joining the Boston-based privately owned wealth management firm, Cosentino most recently served as senior vice president and senior portfolio manager at U.S. Trust, where he created and ...

May 10, 2017 — 3:06 PM UTC by RIABiz

Kelly Guarino has joined Boston-based Fidelity Trust Co. and will provide trust administration and estate planning advice for clients in collaboration with Fiduciary’s investment officers and clients’ outside estate planning counsel.  She will also assist with estate settlement matters and issues related to private foundations and ...

May 10, 2017 — 2:51 PM UTC by RIABiz

Fidelity Trust Co. announced the hire of Neal Hegge as a vice president and investment officer as part of the Boston firm's expansion of its service team.

Prior to joining Fiduciary Trust, Hegge was a director of high-yield sales at Credit Suisse in London, where he advised leveraged ...

Featured
Noah Kerner: We respect what Wealthfront has created but Acorns has a very different customer and product roadmap.

As Acorns grapples with monetizing 1.1 million micro-accounts, the laid-back LA robo-advisor brings Wealthfront’s former chief exec onto its board

After this week's $1.3-billion Robinhood valuation, the sheer quantity of Acorn accounts may count for plenty in VC estimations

April 28, 2017 — 9:50 PM UTC by Janice Kirkel

Brooke's Note: Eight years into the whole robo-advice adventure it sometimes feels like providing financial advice to millennials has advanced exactly ... nowhere. Business models are pivoting left, right and often end up where they started. But a handful of ventures, by putting millennial participation ahead of ...

3 Comments
Featured

The serially successful wrap-program pioneer convinced CEO Mike Sha that he was the right guy to demystify the legacy-robo tech divide to employees -- and close deals

April 26, 2017 — 5:41 PM UTC by Brooke Southall

Brooke's Note: They say one key to success is a willingness to get lucky. Maybe Mike Sha just did. The young CEO of SigFig has a silver tongue that won him the accounts of Yahoo! and CNN in his startup's early days. But ...

1 Comment
Featured

Former TD retail chief's rise shows what Larry Raffone has in mind for old Mutual Fund Store machinery as Raffone works to make his mark at Financial Engines

April 20, 2017 — 10:43 PM UTC by Brooke Southall

Brooke's Note: The grass is always greener on the other side of the human-robo equation. While traditional RIAs struggle to stay digitally relevant, robo-advisors are striving to keep and/or cultivate that human touch. Robo execs are so over algorithms and guys like John ...

1 Comment
Featured
Kevin Knull: Despite frigid temperatures, an old sports injury, and fluid in my lungs from acute mountain sickness, we made it to the summit in 6 hours and 9 minutes.

Talent exodus at MoneyGuidePro revealed by posting from Mount Kilimanjaro includes two Knulls

The big execu-shuffle may reflect influx of power players into the business of financial planning software -- perhaps hottest of RIA technology categories

April 7, 2017 — 8:03 PM UTC by Janice Kirkel

Brooke's Note: The RIA channel combines two enormous advantages before ever getting into squishy issues like ethics and morals. Like ETFs and robo-asset management, it outgrows other channels virtually every year. But unlike other rapidly growing aspects of the advice business, it retains some of ...

1 Comment
Featured

Eli Broverman leaves the table 14 years after meeting Jon Stein over a poker game

April 10, 2017 — 10:24 PM UTC by Brooke Southall

Brooke's Note: Jon Stein is perhaps the best known name in robo-advice. Not only is he the founder of the largest standalone robo but he seems to be everywhere -- on panels, in articles and on TV both as an expert and a pitchman. As Betterment ...

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Featured

Elliot Weissbluth's gun-slinging No. 2, Mike Papedis, moves on after HighTower's assets declined, deals waned and the once-loud company took on an indoor voice

March 21, 2017 — 9:53 PM UTC by By Lisa Shidler

Brooke's Note: The RIA roll-up business has never been about the art of the deal. It is about the art of making a whole series of deals followed by the frustrating management challenge of cobbling them all together. The first stage is easier than the ...

2 Comments
Featured
Mukesh Mehta and Charles Goldman are friends who have made a point of having dinner together a few times a year.

In poaching coup, Charles Goldman hires open-API wizard Mukesh Mehta to AssetMark from Cetera

The legendary chief information officer headed Schwab Institutional's efforts before shepherding in TD Ameritrade's legendary open API

March 15, 2017 — 8:09 PM UTC by Brooke Southall

Brooke's Note: In the idyllic world of P.G. Wodehouse, the unkindest cut one member of the landed gentry can inflict on another is to steal their Anatole -- in other words, their French chef. Back to boiled cabbage and corned beef for Aunt Dahlia and ...

1 Comment
Featured
When Dave DeVoe (l.) started DeVoe & Co., Tim Kochis was on hand to advise. Now Kochis is managing director.

After sticking his own succession landing, Tim Kochis bags 'retirement' and joins forces with DeVoe & Co. to help other RIAs do same

Tim Kochis helped David DeVoe with his business plan and may become a shareholder as soon as next year

March 13, 2017 — 6:09 PM UTC by Sarah O’Brien

Brooke's Note: RIAs never leave the business -- they just take a break. That has proven to be the case with Tim Kochis, who was absent with leave from the RIA ranks for three years and who has now returned to the ranks. What's particularly ...

1 Comment
Featured

CEO Shirl Penney installs a Wall Street-weaponized Joseph Rizzo equipped with M&A expertise as Dynasty attempts the shift from critical mass to critical force

March 9, 2017 — 7:25 PM UTC by Sarah O’Brien

Brooke's Note: If you think of the RIA business as a giant laboratory of business models, a signal invention is Dynasty Financial, which, defying ready categorization, is an audacious hybrid of outsourcer, study group, roll-up, TAMP and a place where Morgan Stanley Smith Barney alumni can transition away ...

2 Comments
Featured

The Schwab alum and long-time sidekick to Bob Oros and Mike Durbin is a lawyer, consulting expert and is 'over the moon' about his new role

March 6, 2017 — 10:56 PM UTC by Brooke Southall

Brooke's Note: David Canter is one of the more approachable people in the RIA business -- even though he's a lawyer. But he's no back-slapping salesman and he is taking over some of the biggest sales responsibilities in the RIA realm. Fidelity's ...

0 Comments