Articles published 1/2022
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Wealthfront gets new CEO who promptly sells to UBS, making Betterment CEO's day as last robo-advisor standing; but an insider claims the '$1.4-billion cash deal' may be less 'eye-popping' than it appears
January 31, 2022 at 9:26 PMThe Palo Alto, Calif., robo-startup's original mission was to disrupt wirehouses, technically and culturally, but now it's one with a wirehouse, its best remaining option
A $10-billion RIA takes risk management to a new level by hiring ex-Wells Fargo chief risk officer to guard against the seen and unseen
January 29, 2022 at 2:53 AMHomrich Berg just hired Kruti Bolick after it added $6 billion of AUM since 2015, stretched supply lines to Florida and went into 'evolution mode.'
Dynasty Financial takes next logical step, using Wall Street powers and RIAs to beat Wall Street with an IPO, but timing surprises one expert
January 28, 2022 at 12:09 AMCEO Shirl Penney's plan may have 'more than meets the eye,' says one consultant, in response to head-scratching about the attempt at an IPO based on relatively low revenues and profits
Merrill Lynch fired and removed all corporate traces of Jim Iannazzo in 24 hours -- after he went ballistic in a bigoted tirade caught on video-- but he still has a possible future as... an RIA
January 26, 2022 at 2:07 AMThe New York City wirehouse took swift action against its 26-year veteran Connecticut stockbroker, but the Barron's top advisor could benefit from a low hurdle to become an RIA
GeoWealth raises $19 Million to out-tech Orion, SEI, AssetMark and Envestnet on RIA outsourcing but then goes after their talent, too
January 22, 2022 at 3:15 AMThe Chicago TAMP grew fourfold in four years before J.P. Morgan Asset Management and Kayne Anderson Capital Advisors made a big investment in the recharged no-name
Five RIA Doubletakes: BlackRock AUM tops $10 trillion as active funds make comeback • Schwab has killer quarter and Wall Street sells its shares • DFA is now the largest active ETF manager • SEC flummoxes RIAs with "inaccurate" guidance • Fidelity pulls in $146 billion in workplace assets
January 21, 2022 at 3:16 AMAfter record AUM high, BlackRock chairman and CEO Larry Fink brushes off a milestone • SchwabSchwab hits records; Wall Street wants more • Mutual fund giant's ETF conversion yields bragging rights • Regulation Best Interest headaches unnecessary, despite SEC brouhaha, lawyers say • Workplace scheme wins big for Fidelity.
Facet grows '10X,' hits $1 billion in AUM, reaps $100 million C-round, largely from DoorDash backers, and calls itself a 'fintech' company that happens to give advice by CFP
January 20, 2022 at 2:52 AMThe Baltimore RIA had only raised $65 million in its first five years but jumped its overall haul to $165 million after its growth rate held up
Not only was Acorns' SPAC IPO felled like an oak but it'll pay a fat termination fee for release of liability
January 19, 2022 at 5:34 AMThe Irvine, Calif., robo-advisor is blaming 'market conditions' but it's the one paying the penalty fee and praising its punisher
As Charles Schwab Corp. shares soar and Robinhood's crater, the mobile-first brokerage makes seminal move past its ‘casino' model and sells 'fiduciary' portfolios
January 15, 2022 at 3:11 AMJust days after the Menlo Park, Calif., firm nabbed ex-TDA star Steve Quirk to call shots, Robinhood announced it'll sell automated portfolio management and the fantasy of beating market.
After RIAs finally board the alts train, holdout Apollo Global lavishes two big alts players with $6-billion and $1-billion valuations, respectively; thank COVID, one CEO says
January 13, 2022 at 11:16 PMThe hyper-institutional New York City manager of $500 billion nabs the stakes after financial advisors moved the alts needle -- finally.
Five RIA Doubletakes: An RIA-only law firm breaks away • Kitces launches picker of 'best of breed' RIA software bundles • Vanguard targets 2070 just as media targets TDFs • SEC fishing for RegBI Scofflaws, including RIAs • CFP appoints first African-American chair
January 12, 2022 at 3:13 AMRIA Lawyers will reject RIA custodians• Kitces Nascar montage is now interactive and helpful • Vanguard's super long TDF draws critics• SEC supply lines are stretched with new battle front • Kamila Elliot is ex-DFA, diverse and calling CFP shots
With no-holds-barred perks, Fidelity Investments hit bullseye on its 'monstrous,' single-quarter, 9,000-employee hiring spree and keeps recruiting on overdrive
January 11, 2022 at 2:04 AMThe $11-trillion-plus giant will also likely achieve its overarching task to net 7,000 employees but growth means the hiring machine needs to keep churning.
Brad Shepard unexpectedly resigns from Orion Advisor Services after 10 months, and his chief strategy officer position will remain vacant, the company says
January 7, 2022 at 11:40 PMThe Nashville, Tenn. executive came aboard to create a 'go-to-marketing strategy' for Brinker, HiddenLevers and legacy units but gave his notice this week.
Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock
January 6, 2022 at 10:33 PMThe Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'
As RIA M&A continues to go ballistic, Gladstone Group makes consultant out of Derek Bruton -- with an 'enterprise' wrinkle
January 6, 2022 at 6:21 PMThe Plymouth Meeting, Pa., deal shop has fintech and asset managers reaching out for RIA advice, in addition to scores of RIAs trying to decide whether to pull the trigger.
Vanguard Group restores check writing and printable PDFs, gets Tim Buckley off voicemail and preserves its funds' pristine reputation, yet also reignited investors predisposed to label it a digital bumbler
January 6, 2022 at 2:34 AMThe Malvern, Pa.-based manager's glitches will mostly go down as no-harm, no-foul, yet fuels Vanguard's critics who find its high fiduciary standards for investing don't extend to service and software
With Focus Financial cash on its side, a $1.6-billion RIA solved its high-level planning needs by pulling six people from a $6-billion RIA
January 4, 2022 at 2:38 AMRelative Value Partners Group promised to shop for talent in 2015 and it found its mark in Chicago RIA, Brownson, Rehmus & Foxworth, Inc.
