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.


Sara Grillo: Do it creatively or don’t do it at all.

Five fully pregnant email subject lines and how they make investors open your RIA newsletter

A standout attn: line is a must to get clicks and reads yet often gets treated as optional

April 16, 2018 — 7:10 PM UTC by Guest Columnist Sara Grillo

Brooke's Note: When Sara Grillo proposed this column, I was immediately enthused. I really think the RIA business at a macro and a micro level is plagued by a communications problem, born of a disconnect. At a macro level, consumers still struggle to understand the ...

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Rupal Poltack is 'very familiar with what it feels like on the other side of the [family office] table,' says Andrew Fay.

Returning to Fidelity after eight-year hiatus, Rupal Poltack joins $134B Fido family office division to make it UHNW kid-friendly

The senior vice president will help newly promoted Andrew Fay make the unit more paperless, more digital and more a more-likely spot for rich earners and their millennial offspring to chat about money

April 3, 2018 — 5:43 PM UTC by Brooke Southall

Brooke's Note: Fidelity's family office unit is the upper segment of Fidelity Clearing & Custody and includes RIAs with a preponderance of accounts with $25 million or more. Its growth has been pretty phenomenal even though the company allows that some of the assets are merely ...

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Bill Willis: The code of conduct at Morgan Stanley is embedded in compliance manual. I’m sure it could find a page, a paragraph, a sentence that would justify his termination.

Morgan Stanley mega-producer's fate in Oregon may become #MeToo movement litmus test on Wall Street after New York Times report

The charges against Douglas Greenberg of egregious and unlawful behavior aren't compliance- or even MS-employee related, making them 'gray area' infractions, says a source

April 2, 2018 — 6:30 PM UTC by Keith Girard

UPDATE: Morgan Stanley announced Tuesday that it had fired Douglas Greenberg, The New York Times first reported. As of Wednesday morning, his name had been scrubbed from the firm's website. The full statement from Morgan Stanley spokeswoman Christy Jockle reads: “Following our review, former ...

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Abby Johnson is meeting high expectations, reporting solid growth for 2017 with positive investment flows for the asset management division.

Fidelity Investments makes unlikely turnaround as active equity manager but is it taking on too much risk?

With Abby Johnson in charge, Fidelity is swinging for more fences, beating peers, continuing to see asset outflows and thinking long-term

March 20, 2018 — 9:34 PM UTC by James Picerno

Brooke's Note: If you're Fidelity Investments' CEO, then the biggest conflict comes into play regarding actively managed mutual funds. Your Yin tells you to give your managers the freedom to draw outside the lines, take risks and think long-term. Your Yang says that your core ...

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Lori Hardwick: Can Riskalyze play well with the home office? Not just allowing them to be on the shelf but really getting that home office to work with them.

What Aaron Klein's board pick of Lori Hardwick tells about Riskalyze's next big hurdle

The Envestnet fourth partner and ex-COO at Pershing plans to make sure the fast-rising Sacremento-area robo-plus finds and makes the right enterprise deals with broker-dealers

March 6, 2018 — 10:51 PM UTC by Brooke Southall and Oisin Breen

Brooke's Note: When high tensile entrepreneurs with no extra time on their hands forge pacts under any guise, have a look at what is under the hood of the arrangement. The directorship pact between Lori Hardwick and Aaron Klein fits that category. More on Lori ...

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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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