Women of Wealth Management

The RIA business is many good things but integrated from a gender standpoint is not one of them. This is not so great. Women are the majority of humanity and they have an asset-building strategy that can't be beat. Women outlive their beer-and-steak mates and end up with big estates. But today's women have too another strategy -- pursuing wealth in the workplace. Yet when they go to find fellow women to talk all this through with, they don't readily find them.

Companies big and small have for decades fallen over themselves to say that they have women's initiatives but I can't think of one that has amounted to much. But there are stories-- dozens or hundreds -- of them about women exerting their influence on this business and we are starting to collect them. It's a starting place -- documenting the ground being covered by women in the form of engaging tales graphically depicted by the physiognomy of the fairer sex.


Julie Back: We have been struck by our firms’ similarities.

Greg Friedman buys 'needle-in-a-haystack' Seattle RIA

With a much more feminine look, the CEO of Private Ocean can now assault Amazon.com wealth

January 20, 2018 — 12:11 AM UTC by Brooke Southall

Brooke's Note: Idle hands. If you are Greg Friedman it means you renew your roll-up efforts to make a pond of assets into more like a private ocean. All kidding aside, it exciting to see this second act come so tightly on the heels ...

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Kelly Waltrich headlined a raft of sales marketing and client-support hires by Orion.

'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 — 7:28 PM UTC by Dina Hampton

Dina's Note: New Moves in the Biz -- the subsection that's been nestled under the lead story of the RIABIz homepage since fall 2016 -- aims to itemize the biggest cumulative asset on the balance sheet of every RIA and RIA vendor -- human talent. Individually, that talent is ...

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Sallie Krawcheck: He proceeded to give me chapter and verse on how financial advisors are hard to manage. (Photo credit: WBUR)

Robo-advisors hit lull in everything but VC backing as reality fragments their identity

A Silicon Valley venture capitalist lectures Sallie Krawcheck on drawbacks of human advisors after she explains she needs capital to hire some

December 11, 2017 — 9:43 PM UTC by Brooke Southall

Brooke's Note: Here's a blast from the past: robo-advisors. First we were hearing about how they'd take over the RIA business. Then we heard how they'd reinvent it by allowing advisors to keep a side book of business of micro-accounts. Now we ...

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The ex-Betterment unit heads up Charles Schwab & Co's. robo-voltage at a critical phase.

Exploding to near $24 billion* of assets under automation, Schwab creates robo-exec slot and fills it with ex-Betterment unit chief

Cynthia Loh puts fresh face on Schwab Intelligent Portfolios and Schwab Intelligent Advisory as Betterment puts out a help wanted sign

October 3, 2017 — 7:58 PM UTC by Lisa Shidler

Brooke's Note: This article needed careful construction because it touches a handful of high-voltage lines. Cynthia Loh departed the number one VC-backed robo in Betterment, where she led the 401(k) side, to join the number one robo-advisor -- period -- in Schwab. This seems to indicate a ...

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Sallie Krawcheck first has to sell a handful of ultra-wealthy women to believe she can work that same magic on millions of mainstream investors.

Sallie Krawcheck astonishes industry observers by raising another $32.5 million for her robo-advisor -- perhaps on strength of 'unit economics'

Ellevest still has AUM in the $25-million range of a rookie LPL rep but venture angels may be rewarding the 13,000% jump in account count

September 7, 2017 — 9:25 PM UTC by Janice Kirkel and Brooke Southall

Brooke's Note: There is a streak of the elite at Ellevest starting with its Paris-evoking name and meandering its way to its founder, Sallie Krawcheck, who played the Wall Street game long enough to make her wealthy. Krawcheck has never found much to dislike ...

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Alexandra Lebenthal: The freedom is great, the adrenaline, it’s exciting. Other times it hits you, there’s nobody else. (Photo credit: Jewish Business News)

Alexandra Lebenthal, with help, cheats business death again but her latest white knight did not cash out the last one -- or eliminate lawyers with swords drawn

The owner of the blue-blooded New York firm retains her woman-run, woman-owned status -- with all the benefits that accrue -- but the now-shuttered wealth management division left a scar

March 16, 2017 — 6:13 PM UTC by Janice Kirkel

Brooke's Note: There is endless talk about why more women business owners don't exist -- particularly in finance. Often it's discussed in the same vein as why more women on campus don't go out for the chess team. But it's not like choosing ...

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Marcia Wagner: This could be her saying: we're independent.

'Forum-shopped' Texas judge, refusing to play along, torpedoes Wall Street's efforts to stay the DOL rule -- narrowing chances of an end run by Trump and stockbrokers

DOL rule's would-be killers face the quagmire of law-making; Chief Judge Barbara Lynn grilled DOL, promised that it signaled nothing, and that turned out to be true

February 9, 2017 — 2:46 AM UTC by Brooke Southall

Brooke's Note: The RIA business has been a microcosm of the more exciting things happening in the wider world. But never more than now. We have our own case of a judge acting independently. Now we can wait and see if she gets labeled:  ...

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Lori Hardwick's tour at Pershing is over after a single year as she proves too restless an entrepreneur for life under BNY.

Lori Hardwick resigns from COO job at Pershing in 'completely unexpected' move

The longtime Envestnet exec is apparently leaving to join an entrepreneurial venture just a year after surprising observers by taking the post at the BNY Mellon subsidiary

February 1, 2017 — 11:27 PM UTC by Brooke Southall

Brooke's Note: When we wrote about Bob Oros leaving Fidelity to join a Kon-Tiki style venture from the aircraft carrier deck of his career in Boston, Cecile Munoz said that we could expect to see a whole series of such millennial-minded moves in early 2017 ...

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Alexandra Lebenthal: I had my Nasty Woman T-shirt on underneath my sweater. I knew it was there.”

Susceptible to acerbic tweets, Wall Street women report back being happily exhausted, starving, determined and 'nasty'

But for one jarring tweet, three women call event epic but peaceful, and a sure-fire cure for that post-election funk

January 25, 2017 — 7:36 PM UTC by Janice Kirkel

Brooke's Note: Do women who worked so hard to break ceilings in white collar New York risk it by openly showing their love for women 1960s style? Melania was fine in her Jackie O dress but the tension surrounding that question hung over Alexandra Lebenthal ...

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When asked if Lebenthal had ever done something like this before, the response was 'Never!'

Wall Street women pile into buses and cars, head south on I-95 to protest Trump

Pack up that Nasty Woman T-shirt for a pre-dawn trip and client blowback be damned

January 21, 2017 — 2:06 AM UTC by Janice Kirkel

For Alexandra Lebenthal, it all started once she stopped sobbing.

“I was a passionate Hillary supporter. From the minute the election was over I said to myself, this is now a time when everyone who has any sort of platform or power needs to stand up ...

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Jason Roberts: The litigation provides cover, so to speak, from the Administrative Procedures Act requirements.

DOL rule will be undone, in a cruel twist, by the Department of Labor -- essentially by a Trump order to cut red tape by staying the Texas court case

Jason Roberts at Pension Resources Institute: It's the DOL itself saying 'maybe we got this wrong' as a means of giving cover to delay.

January 20, 2017 — 11:42 PM UTC by Janice Kirkel

Brooke's Note: I got this story fairly late today. It's a lot to digest and as such I consider it to be perhaps a work in progress. Still, I decided to publish what I know to the degree I understand it with the ...

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Virginia Foxx: The Obama administration advanced a partisan rule that makes it even more difficult for hardworking men and women to save for the future.

Who's afraid of Virginia Foxx and friends? Maybe pro-DOL forces should be but no panic yet

With nine days and counting until President Trump, Conservatives deploy fresh troops in Washington with guns trained on the DOL rule

January 12, 2017 — 12:49 AM UTC by Janice Kirkel

Brooke's Note: Anyone related to the new Trump administration, whether their name is Scaramucci, Foxx or Wilson, has nothing good to say about the DOL rule. But a new "list" with virulent anti-DOL rule language got Janice Kirkel digging deeper. Who are these people ...

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Valerie Brown: We serve a lot of RIAs and we want to make sure they stay here and thrive.

Why Valerie Brown is doing 19-whistlestop tour with her new CEO to sell -- ironically -- deep price cuts and a TAMP-for-millennials

The executive chairman and Jamie Price slash bond and ETF trading costs, roll-out robo-turnkey and create so-called NTF platform for brokers

January 11, 2017 — 2:26 AM UTC by Brooke Southall

Brooke's Note: Valerie and Jamie sounded upbeat and chipper on their interview call with me. And why not? They are about to receive the endorphin rush that comes with delivering news that people are excited to hear. They made clear to me that these ...

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Amy Parvaneh: Engagement brings integrity to a relationship that is both all business and all personal at the same time.

Why a broken RIA sales strategy is more of a repairable passion problem

Remembering your value busts up the dilemma of selling within a circle of friends

January 5, 2017 — 6:07 PM UTC by Guest Columnist Amy Parvaneh

The other day at my kid's soccer game, one of the moms let me know that after many years of being a stay-at-home parent, she’s started her own photography business. She talked excitedly and enthusiastically about it, going on about a recent family shoot on the ...

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Peter Mallouk owns a $21-billion RIA already growing with organic ferocity. Then Tony Robbins shows up and whoosh.

The 10 RIABiz stories advisors connected with most deeply in 2016 and how hubris and humility ran amok in this didn't-see-it-coming year

How did Aequitas swamp CONCERT? Power outages at LPL, Cetera and Wealthfront? Adolescent robo problems? And was that Tony Robbins hawking his money book ... again?

December 28, 2016 — 5:54 PM UTC by Dina Hampton

Brooke's Note: Choosing which articles were of greatest interest to RIABiz readers in 2016 was easy because a Google robot  measures the final results of your reading output.  We then refresh your human memory about why the story was so irrestistible at the time. Big ...

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