Articles published 7/2019
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Entrepreneurial firm hits Envestnet with $100-million lawsuit for alleged Yodlee 'Trojan Horse' scheme used to steal proprietary technology
July 31, 2019 at 4:02 AMOwner of FinancialApps -- and his famous lawyer -- charge in court papers the Chicago-based outsourcer feigned interest in being a long-term software partner but misappropriated a data app; Injunction and damages sought that would be 'very bad' outcome, analyst says
Under new Vanguard whiz, Facet Wealth grows much faster • Broadridge is coming for RIAs, if it can solve channel conflicts • Mark Tibergien kibboshes 'death watch,' says succession shortlist exists • Fidelity's Canter and Schwab's Clark share similar RIA gloom but differ, too
July 30, 2019 at 5:34 PMFacet Wealth continues to grow -- thanks to a Vanguard ace, says CEO; RIABiz’s 'death watch' has a long wait, says Pershing's Mark Tibergien; financial technology giant Broadridge steps up RIA game, but Fall deadline may be hard to meet; and David Canter and Bernie Clark, Fidelity and Schwab's RIA heads, respectively, see price peak gloom on RIA horizon.
Skip Schweiss and Chip Roame reward RIA super-hikers with soft beds, sharp rocks and 'junk food' to slog New Hampshire's Presidential Traverse
July 29, 2019 at 7:46 PMThe Excellent Adventure crew of Tiburon CEO Summit origins glamped it and roughed it on a hike famously dangerous despite low elevation peaks
After Victory Capital shows the way, Schwab antes up $1.8 billion to buy USAA's 'wealth management' and brokerage business -- and an exclusive crack (except for Victory) at the wallets of 13 million members
July 25, 2019 at 11:40 PMThe San Antonio insurer sweetened the deal by entering into an exclusive long-term referral agreement for 'Chuck' to pitch its insurance faithful
LPL Financial tries to solve two 'digital' problems with one new hire; the broker-dealer admits high 'friction' with clients for onboarding and matching them to the right annuity
July 25, 2019 at 6:18 PMAshish Braganza puts LPL in to the data game but critics wonder whether the belated hire comes with too small a budget and team
Walt Bettinger axes current and former Schwab retail chiefs, Terri Kallsen and Andy Gill; funnels responsibilities to Jonathan Craig, for now
July 24, 2019 at 12:53 AMThe Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent 200 top performers to Hawaii on a free junket
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
July 23, 2019 at 4:30 AMThe CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
In a summer swelter, In|Vest's feisty crowd throws punches at Schwab; Bernie Clark counters and debate erupts over whether 'digital' makes a difference
July 19, 2019 at 11:04 PMThe New York City event drew heavyweights. Edmond Walters, Barry Ritholtz, Martin Small, Lauren Radcliffe were among those who skipped the BS
Goldman Sachs closes United Capital deal and Matt Brinker, Joe Duran's wingman, exits with social media swan song on same day
July 18, 2019 at 6:13 PMThe M&A chief's departure from the Newport Beach, Calif. roll-up may signal that its rolling-up days are over
InvestmentNews publisher walks amid massive staff turnover at UK-based Bonhill Financial Services one year after it buys Crain franchise
July 17, 2019 at 8:08 PMBonhill had 80% turnover in UK division last year; reportedly filling jobs with younger, lower-paid staffers in shift to digital, event focus
Victory Capital squeezes costs out of USAA mutual funds following acquisition, but Schwab may walk off with brokerage, wealth manager in purported $2B deal
July 17, 2019 at 3:03 AMWith the deal closed, shares of the Brooklyn, Ohio-based holding firm keep skyrocketing as it exploits an asset worth far more than it paid
Eric Clarke pays about $50 million for 'monopoly piece' Advizr as Orion sheds some of its 'API utopia' image to shred mega-competitors
July 12, 2019 at 1:42 AMThe Orion CEO gets Hussain Zaidi's very Silicon Alley firm as key ally; Clarke says Personal Capital, Vanguard and Schwab threaten his RIA clients' futures, as a result new planning software will future-proof their practices -- and his
John Bunch is out at Financial Engines Advisors after merger integration 80% complete; 'big reveal,' relaunch planned in coming months
July 11, 2019 at 4:26 AMThe No. 2 man at the $181-billion RIA built a uniform client experience, but now has a chance to be CEO of VC-backed firm based in his hometown
Broadridge CEO Tim Gokey gets Google Cloud's head of platform in his corner as he sets sights on wealth management cloud thunderclapper
July 9, 2019 at 11:33 PMAmit Zavery takes a Broadridge board seat as the New York firm--its shares skyrocketing in recent years--adds a wirehouse and makes wealth management a third pillar of growth
Vanguard hits back at Fidelity's loss-leader strategy by courting higher-margin businesses, like China and private equity, and axing low-margin ones like annuities -- Wealth management franchises are next -- and Chinese foray yields $315 million AUM in first 100 days, as ANT files blockbuster IPO
July 8, 2019 at 7:49 PMThe zero-fee scourge of index funds awakened the sleeping Malvern, Pa.-based giant from its predictable destiny and now CEO Tim Buckley is unapologetically showing a willingness to cut losses and seek risk. His Chinese strategy seems to be already paying off.
Waving the flag of 'capital formation,' SEC promises to let the genie out of the bottle, allowing private funds in 401(k) plans; DOL silent
July 3, 2019 at 11:15 PMRight now, SEC limits which advisors can sell alts and who can legally buy them, blocking any realistic chance of putting $4-trillion 401(k) cache in Wall Street crosshairs
How Aaron Schumm got Goldman Sachs' brightest young star aboard; he jammed in a meeting for a friend and accepted an offer he couldn't refuse--$30 million
July 2, 2019 at 11:20 PMThe Vestwell CEO gets Rana Yared, the 35 year-old Goldman partner, on his board as part of the $30-million round she made happen
With 25% of shares set aside, Evercore Wealth Management makes three women 'partners' in one fell swoop at , but don't call it affirmative action, says US Trust spin-off
July 2, 2019 at 6:33 PMThe $8.1-billion AUA, New York City RIA invests in Kate Mulvany and Helena Jonassen -- both US Trust vets -- and Stephanie Hackett, formerly of Brandywine
Marc Spilker enters the RIA world with a mound of cash, a giant Fidelity testimonial and a kick-ass reputation as Goldman Sachs and private equity gunslinger
July 1, 2019 at 6:09 PMLeading a Merchant Investment Management venture loaded with ex-Dynasty, ex-Focus stars, his company plans to start out making bigger, quicker loans, then selling RIAs a wider range of services
