Articles published 9/2021
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Betterment is ready to burn cash like its 2008 all over again with 2008 co-founder Eli Broverman leading a $60-million VC round to execute the plan he was credited with creating
September 30, 2021 at 1:42 AMThe 13-year-old New York City startup is one year into a rebirth under new CEO Sarah Levy who is hiring like crazy and plans to invest aggressively in both B2B units -- for 401(k) and RIA custody.
Grayscale shreds the hype about Bitcoin's power to 'democratize' finance by showing that RIAs really want a dominant Wall Street middleman and are willing to pay hedge-fund-like fees for 'transparency' and an SEC-approved wrapper
September 28, 2021 at 9:50 PMThe New York City manager landed Schwab, Wealthfront and now the UHNW alts platform, iCapital, to provide a crypto asset that incites exuberant hopes, crippling fears and little between.
Vanguard Group becomes second domino to fall in 401(k) recordkeeper detente on plan portability, and the push is on to cajole Fidelity, the DC king, to follow suit
September 24, 2021 at 1:21 AMThe $8 trillion Malvern, Pa., asset manager signed a deal with Retirement Clearinghouse to address its $1.8 billion of record-kept plan assets, which suffer universally despised pension 'leakage' that drains minority-held accounts.
Manhattan West makes 'inflection point' poach of Reggie Tucker as Los Angeles VC 'deal flow' reaches critical mass and the 2016 RIA startup hires madly to catch a once-in-a-generation opportunity
September 22, 2021 at 2:53 AMThe 46 year-old Los Angeles venture capital insider is joining CEO Lorenzo Esparza's startup, specializing in media and entertainment.
Abby Johnson hires Canadian whiz and possible successor to head up, monetize and automate Fidelity retail to close early digital deficits with Schwab, Robinhood and Vanguard-- and maybe win institutionally embedded 401(k) millionaires
September 21, 2021 at 2:38 AMWith the $11.2 -trillion Boston giant hiring 9,000 by year end after opening 5 million new retail accounts in six months, Joanna Rotenberg will be asked to rationalize, unify, digitize and monetize low- or no-revenue millennial accounts.
Canada's CI Financial and Florida Gov. Ron DeSantis announce plan for Miami to become the $77-billion rollup's U.S. headquarters in 2023
September 16, 2021 at 10:24 PMThe Sunshine State used tax incentives to lure the Toronto firm to Miami, where the state has tried to establish a Wall Street South for decades with some success
Robinhood's retort to SEC's threat to outlaw kickbacks from order flow is to in-source the trading operation and take more of the bid-ask spread
September 16, 2021 at 2:00 AMRobinhood points out it has a 'history of doing difficult tasks' like when it brought clearing in-house to 'market make as a solution to monetize the stream.'
AssetMark widens offensive on Envestnet by creating SMA mini-market after canceling the product line in 2017 as demand for direct stock ownership shoots up
September 14, 2021 at 10:26 PMThe Concord, Calif., company, with $85 billion in TAMP assets, is rebooting with tighter manager curation and software that allows SMAs to work better in a portfolio with non-SMA products -- namely ETFs.
Riskalyze tightens ties to CAPTRUST and its $660 billion in AUA with an access deal and its implicit endorsement
September 13, 2021 at 9:59 PMFresh off signing Mariner Wealth's $40 billion with insider help, the Auburn, Calif., firm formalizes and elevates dealings with the Raleigh, N.C., giant.
Steve Lockshin's self-funded Vanilla gets Rockefeller VC funding after it shows it can tidy up an RIA client and put her or him in a Zoom room with an estate lawyer
September 10, 2021 at 3:24 AMThe serial successful RIA entrepreur in Los Angeles is shooting for a real Wall Street/Silicon Valley unicorn success story that starts with bringing in Venrock and Michael Jordan to think big early
Schwab Advisor Services scrubs 10-city IMPACT 2021 in-person events, Oct. 18, after the company digests feedback from RIAs and staff
September 8, 2021 at 10:30 PMThe Westlake, Texas, custodian of $3 trillion-plus is now naming Denver as its location for a 2022 return to normal but won't yet make any promises
After freemium-like beginnings, Vanguard Group is priming its $243-billion RIA as a profit engine with high-octane, higher risk, higher-margin proprietary funds, tempered by an 'opt-in' for investors
September 7, 2021 at 7:35 PMThe wealth management unit of the $8-trillion, Malvern, Pa., manager will exclusively distribute three active, high-conviction mutual funds with fees starting at 40 basis points
Fidelity Investments pulls out stops on perks to raise headcount by 7,000 -- by hiring 9,000 -- to shrug off labor shortages, escalating wages and call center attrition
September 4, 2021 at 12:57 AMThe 53,000-employee Boston firm is offering Google-type benefits and Merrill Lynch-style training--no financial experience necessary-- to reach 60,000 staffers by Christmas to meet crushing demand for service and still advance mega-projects like crypto and youth accounts
Marty Bicknell chooses Riskalyze software for Mariner Wealth and integrates it with Orion and eMoney
September 3, 2021 at 2:10 AMThe Overland Park, Kansas RIA, with $40-billion in AUM, needed to address heightened volatility fears post-2020 but also choose software his advisors were eager to use
