Articles published 7/2017
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Power Player: Bill Harris raises yet another $40 million on strength of winning big accounts willing to pay a grown-up price
July 31, 2017 at 11:46 PMPersonal Capital has a leg-up in the mass production of classic RIA-to-high-net-worth services using technology, people and process, even if the brand elicits shrugs
Scott Hanson sells RIA to Parthenon after 'semi-retirement' drove him half-crazy -- so he could work full-time to get to $10 billion
July 28, 2017 at 10:08 PMThe Sacramento RIA turned 50, adopted two children and realized he needed a plan to embrace even more challenges and chaos
Three advisors in Atlanta break away with $1.8 billion and make seven-year Fidelity relationship manager their CEO -- whose duties now include managing a lawsuit from former IBD
July 27, 2017 at 11:41 PMACG Wealth replaced Triad with their own broker-dealer and allegedly depended on a verbal assurance that may be tested in court
Betterment rolls out free baseline human advice to all customers with a smartphone and no RIA and cuts price on premium advice offer
July 26, 2017 at 1:01 PMThe New York-based robo-advisor will use CFPs to answer advice-related questions over a dedicated chat app as part of the 25 basis points paid for asset management
Bypassing PR Newswire, Focus Financial reports purchase of $1.9B AUM RIA and it gets curiouser from there
July 24, 2017 at 11:48 PMThe New York-based roll-up buys Brownlie & Braden Advisors LLC no asset-based fees, no photos of principals and a big-time second-entity sister firm
In letter to RIABiz, Ron Rhoades reacts to the ardent DOL rule detractor commandeering the White House microphone
July 22, 2017 at 12:02 AMCiting the new voice of the White House as 'contrary' in his comments regarding the Labor Department's efforts to shift Wall Street's culture and ways, the fiduciary scholar beseeches Scramucci to think it over
Anthony Scaramucci tweets his way to Donald Trump's side after flaming out of investment business
July 21, 2017 at 11:45 PMAfter jumping into the fray to defend Donald Jr. on Twitter, 'the Mooch' -- once (maybe twice) fired as a Goldman Sachs broker -- will craft communications for Donald Trump as financial and legal smoke threatens to burst into flame
Skip Schweiss and Chip Roame lead risky, if risk-managed, hike of RIA types on famously perilous trail -- with danger striking right on schedule
July 21, 2017 at 6:21 PMWild boar, spinner dolphins and Portuguese men o' war looked on as we essayed Hawaii's Kalalau Trail, finding out firsthand why it's called the 10th-most dangerous hike in America
Schwab CTO's speech in NYC spotlights an RIA business addicted to innovation – with no fresh fix in sight
July 20, 2017 at 9:37 PMTimothy Heier set the lower-morale tone at In|Vest 2017 of a B2B industry waiting for a Mark Zuckerberg to push it forward again -- perhaps with artificial intelligence as the final frontier
InvestCloud, a start-from-scratch Envestnet emulator and Jamie Dimon darling, gets cozier with Apex to better reach RIAs
July 19, 2017 at 6:50 PMApex RIAs can now customize portfolios via InvestCloud, which JP Morgan has a stake in, perhaps creating a counterweight to back-end monolith Envestnet
Power Player: Peter Mallouk hired 100 advisors in the past year to sop up referrals and fill 12 new brick-and-mortar branches
July 18, 2017 at 8:38 PMCreative Planning's chief got his firm to $26 billion of AUM without M&A or big breakaway brokers but Tony Robbins, who giveth, may present new challenges for the down-home Kansas firm
As the 'finance Snapchat,' Stash rakes in another $40 million of VC funding as it onboards at rate of 1,000 new 'HENRY' investors every business day
July 17, 2017 at 7:31 PMLess than two years old, the New York-based startup raised $25 million in December and is part of a 'Robo II' movement that continues to crush 'Robo I' in terms of truly connecting with the masses
Charles Schwab & Co.'s vertical play to monopolize ETF market -- to be its low-cost maker, distributor and manager -- diesels ahead as ETF OneSource grows again
July 14, 2017 at 8:51 PMSan Francisco giant executes macro strategy to underprice Vanguard, get paid big bucks to sell third-party funds for free, sell ETF portfolios gratis in its industry-leading robo-advisor and keep custody of $1.4T of RIA assets fast-converting to ETFs
What to make of Bill McNabb exiting Vanguard mid-rise, forsaking as much as a $15-million annual salary and what Jack Bogle might have to do with it
July 14, 2017 at 12:01 AMThe Vanguard CEO played the indexing explosion to perfection and silenced the founder in 2016 as he kept his Malvern, Pa.-based giant on an investor-friendly course
Raymond James looks to extend its RIA roll-up success with FallLine deal that gets John Straus off the startup schneid
July 13, 2017 at 9:04 PMThe St. Petersburg, Fla.-based broker-dealer connected with Steward and this time it gets play at making gains in two weak areas -- serving RIAs and ultra high net worth investors
A year after John Copeland came to AMG with blue-ocean RIA growth plan, the publicly owned asset management giant spins him into new venture
July 12, 2017 at 6:11 PMInstead of sitting out frothy M&A market for $4-billion-plus RIAs as AMG exec, the now former president of the RIA unit is hustling, with more diverse backers, to crack the chronically stagnant M&A market for small firms
Schwab and Dynasty break $1B Celenza team out of Merrill Lynch five years after Barclays effort flags
July 11, 2017 at 2:01 PMMatthew Celenza reunites with former Citi contacts Shirl Penney and Todd Thomson to resume shared vision
HighTower loses two teams comprising 33 people and $3 billion of assets over July 4th weekend, declines comment, then issues a 'smashing' press release
July 7, 2017 at 9:16 PMThe teams, led by Leo Kelly in Maryland and Joel Guth in Ohio, say the Chicago roll-up 'has its own agenda' but that it served as a good stepping stone to becoming fully independent RIAs
Eight years after historic Schwab-RIA rift, Jim McCool, the controversial former RIA chief and original Bettinger partner, exits
July 6, 2017 at 11:07 PMAfter McCool hastily axed alternative investments from Schwab RIA platform, Bernie Clark took the chief custody role as part of the healing process
LPL Financial's DOL-rule memo to reps implies deeper message: Become an RIA or stand down on giving rollover advice
July 5, 2017 at 8:02 PMThe 'deep-pocketed' broker-dealer puts its Series-7 brokers on notice to forget about suggesting a rollover even as it gives its hybrid RIAs a strict protocol to stay out of trouble
