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RIAs are caught in the middle over data concerns, as the $6-trillion RIA custody giant blindsides the soon-to-be Vanguard-owned AI custodian.
The Westlake, Texas, broker/custodian is 'the gorilla' with 'first crack' at new AI system, and will have the category-killing, API-supreme-equivalent that RIAs will be compelled to adopt -- or else, says Joel Bruckenstein.
The Culver City, Calif., RIA company last week threatened the Big Three of RIA custody; this week its declared war on another Big Three: RightCapital, Envestnet/MoneyGuidePro, and Fidelity/eMoney.
The Altruist CEO and founder saw myriad conflicts in being acquired by a public company -- a problem for a company called 'Altruist' -- but also for someone who wants his AI lead to benefit people, not get turned against them.
Whether this is a miracle merger or a darling dud, insiders say, will be decided by Bogle-era Vanguard DNA, a hard-charging CEO and a West Coast 'bro' by RIA standards.
The two major RIA custodians launched ETF monetization programs and now Vanguard could become a magnet for asset managers and RIAs seeking to avoid that toll.
Altruist expects its margin lending service to be fully up-and-running by September; broad support for short-selling will follow.
The New York City startup unveiled itself yesterday as an all-in, 'AI-native,' wunderkind that is in the process of 'removing' applications and shedding its old Schwab custody and robo-investing ties -- and gets ex-Schwab CFO Peter Crawford as backer.
The $50-billion custodian signs on for six more years of Wells Fargo clearing but holds out hopes to have its own blank-slate system as soon as 2028 and Wells Fargo (FiNet) plans to have its new RIA custody platform relaunched by year-end.
The Culver City, Calif., RIA custodian will use 'Altruist Advisors' in response to fearful employee advisors who want an Altruist digital future, without committing to standalone RIA.
Sumanth Sukumar will be missed as chief technology officer, Altruist CEO says, but Hazel CEO remains and other key technology heads.
The Schwab CEO wove together a lengthy and compelling case that Schwab -- helped by Wealth.com and agentic pilot program -- is an AI beneficiary, not AI roadkill
The LA custodian's Feb. 10 launch torpedoed Schwab and LPL stocks after analysts predicted industry disruption; 'Hazel' is 'real' and a real threat to Schwab and Fidelity, they say.
To RIAs, Altruist is the No. 3 or No. 4 custodian but now the No. 1 custodian's CEO, Rick Wurster, is in full damage control mode, trying to reassure investors that Schwab's hegemony is still intact.
Success on the high-net-worth stage at Bryn Mawr is also an audition for $93 billion of managed assets at its parent, WSFS.
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