People Moves

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Skip Schweiss is out of the game, for now, but can 'write his ticket,' peers agree.

Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment

TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA

August 5, 2020 — 9:33 PM by Lisa Shidler

Brooke's Note: The sense of loss is real when a well-known and respected RIA executive leaves. They are a reassuring part of the fabric of our village. But what we have come to see in this burgeoning sector of the financial services world is that the ...

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Eduardo Repetto means to inculcate an all-hands-on-deck service mentality across Avantis that extends to the platinum-credentialed money managers. ​

Avantis Investors rakes in another top-tier PIMCO talent who can do a very un-asset managerial task --talk to RIAs directly

Ex-DFA co-CEO Eduardo Repetto gets Hozef Arif to fill another key seat at the 60-person suite in Little Tokyo (LA) after he checks all the boxes

July 25, 2020 — 1:20 AM by Brooke Southall

Brooke's Note: How does a small, young company with modest revenues hire one top-tier talent after another from DFA and PIMCO? The no-duh answer is that it's able to convince the people who apply that it will grow to be the best place to build ...

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At Goldman Sachs, Emily Schlosser was 'head of change' for its global markets division.

Pershing poaches a chief operating officer from Goldman Sachs, citing her experience doing client-onboarding revamps as a key

The Jersey City, N.J., clearing and custody company hired Emily Schlosser to fill the talent gap when Lori Hardwick left in 2017

July 23, 2020 — 11:19 PM by Brooke Southall

Brooke's Note: The stars seem to be aligned at Pershing. The RIA business wants another big choice of custodian to step up not named Schwab or Fidelity. Pershing, it seems, is primed for that role. It has both a refreshed mission to tackle the whole RIA ...

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Dani Fava: I have been able to get to know Envestnet's unified technology platform through our deep integrations over the years.

Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product

The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.

July 23, 2020 — 1:42 AM by Brooke Southall

Brooke's Note: Dani Fava is known in the industry for bringing good vibes and good vision to the RIA business in equal measure. That said, she seems well-suited for her new role at Envestnet where each of her strengths can have maximum impact. The Chicago ...

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Edward Jones will reverse engineer 14,000 branches into banks, if Utah cooperates.

Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up

Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.

July 3, 2020 — 1:12 AM by Oisin Breen

After 12 years making 'democratization' of financial advice its mission, Wealthfront is now all about dismantling "institutions" by becoming much more of a bank, albeit one that acts less institutionally.

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​ Maggie Serravalli is Fidelity's new chief financial officer is a presumed multi-tasker.

A last lion of the Ned Johnson era, Gerry McGraw, vacates the Fidelity CFO spot for Maggie Serravalli, and makes evident Abby Johnson's 'phenomenal' women strategy

McGraw was credited with steely leadership during the 2008-2009 financial crisis but also bridged the management revamp toward a big bet on what women can do better in the next decade.

June 12, 2020 — 3:52 AM by Oisin Breen

Gerald McGraw has stepped aside as chief financial officer to give the No. 2 C-Suite job at Fidelity Investments to Maggie Serravalli, a move that establishes the most decidedly feminine, big-corporate cockpit in the RIA business.

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Jonathan Pincus is a Northern Trust ringer with a track record.

With $4 million VC raise fresh in hand, SMArtX takes next step to shed Black Diamond shadow by hiring a president/COO who casts his own

.Jonathan Pincus took overseen assets at Northern Trust from $3 billion to $70 billion at his Chicago firm and learned about SMartX after in his old role

May 22, 2020 — 9:36 PM by Oisin Breen

Brooke's Note: Again and again we see it. The investment management business isn't dead. It just needs to be sold with more aids to financial advice baked in. SMArtX smartly learned from RIAs and now it'll take its game -- with new software and now a ...

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Bill Morrissey was hired last fall and may be engineering a turnaround at little-known Park Avenue Securities.

Bill Morrissey lands as president of Park Avenue Securities signalling parent Guardian Life Insurance may roll the dice on expansion and evolution

The LPL recruiting and development legend may get a mandate to charge up the insurer's middlebrow broker-dealer

May 22, 2020 — 1:13 AM by Brooke Southall

Brooke's Note: Can a former star from an A-level broker-dealer take over a B- or C-level broker-dealer and move it up a class? It's a really hard thing to do. That said, Bill Morrissey is somebody who could pull it off. He knows the business ...

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Stan Gregor: 'Ed is a thoroughbred and was brought in to help us expand'

Drawn out of his own startup, Ed Friedman lands at Summit Financial, tasked with raising the Merchant Investment-backed RIA's national profile

The ex-Hightower, ex-Dynasty recruiter joins Stan Gregor's early-stage RIA roll-up, with mighty backing and good momentum

May 15, 2020 — 10:18 PM by Charles Paikert

Brooke's Note: It's useful to have a pile of capital to invest in buying RIAs if an aggregator wants inorganic growth. But the capital won't yield a return unless said roll-up also has people who know which firms to buy, where to find them and how to ...

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Bill Crager (left with Jud Bergman) finally replaces his dear friend as CEO, but filling the chairman spot had its own complexities.

Behind the scenes, Envestnet's board of directors had much to tussle over before finally subtracting the 'interim' from Bill Crager's CEO title

With Jud Bergman gone at a chairman, a power struggle ensued to fill that spot, and the process dragged when taking the company private came under review

April 2, 2020 — 2:34 AM by Brooke Southall

Brooke's Note: Jud Bergman's sudden death last fall was one the most wrenching human losses this business has ever experienced. The Chairman and CEO of Envestnet was just so fully alive as a person and as a force of financial commerce. He loved life and made ...

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Mike Durbin: '[The growth of FCCS] has been meteoric [thanks to removing internal walls] so now we're widening that [wall-less approach] out.'

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 — 10:36 PM by Brooke Southall

Brooke's Note: Fidelity promised a melding of its National Financial and RIA unit -- "HybridOne" -- going back to the Charles Goldman days and before. The two legacy systems just never really worked as one and some broker-dealers went to Pershing as a result. See: ...

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Mark Tibergien: There were at one time five potential candidates ... [and] these were all qualified leaders with the potential for long-term impact on the company.

Behind the scenes, Ben Harrison's rise to replace Mark Tibergien at Pershing was more shock and awe than a symphonic succession

Harrison's appointment was baked in the cake -- or not -- and Tibergien departed with Swiss-watch precision in Moss Adams-style--or not.

March 13, 2020 — 7:22 AM by Oisin Breen

Mark Tibergien passed the baton to Ben Harrison at BNY Mellon’s Pershing unit with the precision of maestro directing a symphony, or so it seemed from the outside. Inside, it was more like shock and awe.

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Adam Birenbaum, flanked by Michael Kitces (left) and Jeffrey Levine: 'This is literally maybe the largest talent story ever in our little independent RIA industry,' says Birenbaum

Michael Kitces and Adam Birenbaum are now on the same $50-billion Buckingham team after the blogger called the young CEO with a multi-pronged proposal

Kitces is leaving Pinnacle - after 17 years - for fewer conflicts and more opportunity

March 12, 2020 — 1:45 PM by By Lisa Shidler

Two of the brightest young lights of the RIA business are now in business together -- with one an underling of the other but with both sharing the mutual respect of equals.

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Ben Harrison: We’re not in any business at Pershing not to be a market leader ... We don’t aspire to be two or three … [and] we’re moving in that direction.

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 — 7:58 AM by Oisin Breen

Brooke's Note: We all shop price. Then we buy value. That overpriced cup of coffee or micro-brew in your hand right now is proof of that. So when you are Pershing and your RIA custody competitors mark prices down to 'zero' then opportunity knocks. Service, ...

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Mark Tibergien's longevity, pedagogy, warmth, mentorship and fount of fresh wisdom makes many people in the industry think nothing of describing him as "great."

The great Mark Tibergien is set to step down from CEO of Pershing Advisor Services to make way for heir apparent Ben Harrison

The RIA custody chief is a tireless and personable leader, consultant and guru who leaves BNY Mellon's RIA custody unit as its mission radically shifts

March 4, 2020 — 4:16 AM by Brooke Southall

Brooke's Note: I made little effort to disguise my great admiration for Mark Tibergien in this article. It's an easy call because he is a rare combination of warmth, grace, knowledge, managerial competence, loyalty and Energizer Bunny. He is the same person in any setting, ...

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