Articles tagged "Mike Durbin"
Mike Durbin boosts sluggish Cetera, again, this time getting the owner to re-up for the first time since 2018
The El Segundo, Calif., broker-dealer has grown tepidly since 2018 when Genstar stepped in; it added 1,000 brokers but only 700 staff, falling farther behind LPL Financial.
October 5, 2023 at 3:04 AM
Michael Durbin wastes no time building $1.2-billion bridge back to Fidelity from Cetera by taking private IBD to get past Pershing exclusivity and expand 'addressable market'
Poached from Fidelity to serve as Cetera CEO -- to seek inorganic growth with Genstar cash -- Durbin is buying the old H.D. Vest-Blucora tax-preparer IBD for $1.2 billion, after it went for about $600 million in 2015 and got overhauls
September 11, 2023 at 10:14 PM
Cetera acquisition of $1.4 billion RIA clarifies urgent hire of Mike Durbin, both acquired to address 'trail revenue stream poison pill' that otherwise discourages advisors from dumping FINRA, exec says
With FINRA writing on wall, aging reps and a zero commissions trend, the Los Angeles IBD just joined Advisor Group and LPL, shifting its affiliation axis toward "corporate RIA," as economics look better than old IBD hub.
June 14, 2023 at 1:18 AM
Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies
The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.
May 18, 2023 at 1:46 AM
Ed O'Brien recalled to Fidelity's mothership, bestowing him with power perhaps second only to 'Abby,' a key observer says, though at a huge cost--the sudden decapitation of eMoney
The suddenness of the move caught O'Brien off-guard, but Mike Durbin has consistently said his goal is to infuse investment management with wealth management and eMoney, which O'Brien calls home, sits at that intersection.
March 10, 2022 at 2:27 AM
Fidelity Institutional makes biggest hire in years -- a very familiar face in RIA technology -- in a play for software and data 'interoperability,' something Salesforce 'got right' before it lost its RIA mojo
The $4.2 trillion Boston unit for 13,500 third party wealth managers got Rohit Mahna who was the financial CRM guy at the San Francisco giant
December 15, 2021 at 4:02 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
Mike Durbin says Fidelity Institutional has heightened 'strategic anxiety' softened by its best asset growth ever
His $2.6-trillion unit's 2017 asset growth includes big adds from AssetMark, Sepio, Carson Group and Principal Securities
March 23, 2018 at 3:19 AM
How Lori Hardwick's startup -- funded to the gills -- may co-opt the advisor desktop by creating an overarching open architecture
The co-founder's AI Labs is a portal-of-portals software that means to create -- and just may -- a virtual mono-custodian, mono-software platform
March 15, 2018 at 1:53 AM
'New Moves in the Biz' section rises as human assets in RIA business flow
The RIABiz micro-stories are diverse. A robo startup star migrates to legacy-land, Sallie Krawcheck hires a CMO, an ex-NBA player bounces out of Goldman and an advisor moves back to Cleveland to put the '& son' in his father's RIA
January 3, 2018 at 7:28 PM
'No BS' Mike Durbin leapfrogs up the Fidelity Investments ladder but can he serve RIAs, eMoney and Abby?
RIAs run out of superlatives for the eight-year exec's ability to 'get it' at both the intrapreneurial and entrepreneurial level as he ascends to president of $2.3-trillion Fidelity Institutional
October 6, 2017 at 8:06 PM
Fidelity begins search for new RIA national sales manager as Bob Oros goes millennial, vacating a prized position
The kids pioneered the mindset but now the Oroses of the world grab quality-of-work, make-a-difference opportunities that their experience allows them to command
January 14, 2017 at 1:51 AM
Mike Durbin takes new RIA+ job at Fidelity after an unlooked-for two-year eMoney mission concludes
After Abby Johnson had former RIA chief troubleshoot $250-million purchase, he comes back to stock shelves with robo and alt goodies
December 8, 2016 at 12:08 AM
As Ed O'Brien packs his bags for Philly to take eMoney CEO reins, Mike Durbin resumes his job modifying Fidelity's future from finance to software
Fidelity is piloting eMoney in its own private client business as Thomas McCarthy fills O'Brien's shoes and Durbin eyes more acquisitions