Articles tagged "Bernie Clark"
Schwab's high-wire, low-glitch TD Ameritrade RIA custody transition commenced with an improbable hire -- Tom Bradley Jr. -- sources say the two are not coincidental
Schwab Advisor Services was able to 'herd the cats,' who chose TD Ameritrade, often to avoid Schwab; it's used judicious planning, patience, tech savvy but also good communications and an inimitable Tom Bradley-brand of RIA politics.
September 6, 2023 at 12:28 AM
Schwab's agonizingly long, methodical process to absorb near 8,000 TD Ameritrade RIA custody accounts into its own system is odds-on to yield a sweet result over Labor Day
Schwab Advisor Services still faces the stiff challenge of cultural assimilation but would-be detractors (like trade publications and even competitors) see little possibility it'll bungle Labor Day's switchover and its worst-case scenario on RIA attrition of 5% seems like a 'major win'
September 1, 2023 at 2:23 AM
In rare form, Schwab's Bernie Clark calls out rivals -- not least Fidelity, Goldman Sachs and LPL -- by name and warns them about challenging Schwab's prohibitive custody business domination
The head of RIA custody says 85% of RIA firms work with his unit, but rival custodians have knives drawn to poach advisors when TD Ameritrade merger wraps.
January 28, 2023 at 2:50 AM
Shirl Penney lands hot cash in cold market, raising $100 million (says source) to 'charge onto the offensive' as competitors 'hunker down' under debt
The CEO and co-founder of Dynasty Financial Partners salves IPO pain by cobbling cash from existing backers, a Boston private equity firm, Abry, and even RIA custody partner, Schwab, at valuation near $500 million.
December 20, 2022 at 2:37 AM
Michael Kitces' debate with two top RIA custodians may have vaporized--causing him to pivot to a 'discussion'--but he still made his point--more transparency, now!
The serial 'Nerd's Eye' RIA entrepreneur didn't give an inch against LPL RIA chief, Marc Cohen, who insisted custody is about value, not fees.
March 18, 2022 at 2:00 AM
The 'Great Debate'--pitting Bernie Clark and David Canter against Michael Kitces--collapses after the Schwab and Fidelity custody chiefs have second thoughts
In October, Canter laid down the challenge, Clark sided with him and the Nerd's Eye View publisher and RIA advocate called their bluff.
March 14, 2022 at 2:57 AM
Charles Schwab & Co. sets in motion monetization play for the ages to nudge zero-fee trading assets into fee-based accounts, a 'blurring' of lines between self-directed and advised assets
CEO Walt Bettinger has repeatedly trumpeted next year's rollout of proprietary direct indexing as a sort of killer app that wins index and DIY assets alike
November 4, 2021 at 2:30 AM
Rival RIA custody chiefs Bernie Clark and David Canter, who oversee a combined $4.5 trillion, may lock arms to debate Michael Kitces on custody fee transparency -- for a very good reason
The head of Schwab Advisors Services and the head of the RIA unit of Fidelity Institutional are caught in an existential debate to preserve their right to play favorites based on economics, observers say.
October 20, 2021 at 10:48 PM
How Schwab Advisor Services managed to keep (the better part of) Edelman Financial Engines' $30-billion RIA account after sweating out an RFP
The Westlake, Texas company convinced Edelman CEO Larry Raffone that size matters -- bolstered by service agreements, happy fees and promises to keep up on technology.
February 3, 2021 at 3:23 AM
Fidelity, others pounce on TD RIAs with a vengeance following Schwab merger, but Schwab finds a white knight to defend its new Texas fort, and, suddenly, Tom Nally's future seems clouded at 'Schwabitrade'
Former TD Ameritrade RIA chief and retail chief Tom Bradley will assist Bernie Clark in instilling trust and applying 'modern' service to the under$100-million crowd during an age of anxiety at both firms
December 10, 2019 at 2:05 AM
In a summer swelter, In|Vest's feisty crowd throws punches at Schwab; Bernie Clark counters and debate erupts over whether 'digital' makes a difference
The New York City event drew heavyweights. Edmond Walters, Barry Ritholtz, Martin Small, Lauren Radcliffe were among those who skipped the BS
July 19, 2019 at 11:04 PM
Bernie Clark gets an A-level exec to help him futurize Schwab's RIA platform
After Lightyear's Advisor Group nabbed Ed Obuchowski, Schwab went big in replacing him with Andrew Salesky
June 6, 2018 at 3:21 AM
Bernie Clark uses Schwab IMPACT 2017 as pulpit to preach Schwab scale as firewall to blaze of dystopian big-data future
With no RIA deliverable to pitch, Charles Schwab & Co. execs presented their go-big, 'no goals' vision for managing accelerating external change
November 17, 2017 at 10:45 PM
Eight years after historic Schwab-RIA rift, Jim McCool, the controversial former RIA chief and original Bettinger partner, exits
After McCool hastily axed alternative investments from Schwab RIA platform, Bernie Clark took the chief custody role as part of the healing process
July 6, 2017 at 11:07 PM
As Bernie Clark and Walt Bettinger go on offense, LPL and Wells Fargo names get named and a B2C robo dry-up gets foretold at Schwab IMPACT in San Diego
The Schwab CEO, buoyed by his robo, robust quarterly results and DOL fallout at competitors is on offense -- a state of being RIAs can relate to