Articles published 10/2022
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Fidelity Investments' plan to hire 12,000 by October hit wall of macro-headwinds; no problem, it landed at 15,000; Schwab keeps hiring, too
October 29, 2022 at 12:02 AMThe Boston giant's people grab could be derailed by indigestion -- the inability to assimilate staff -- an analyst says; but it has yet to materialize so the hiring spree rolls on.
Schwab shares surge 6% after it hardens TD Ameritrade merger date and affirms its $1.8-billion-plus in synergies, though it got burned by having engineers in the wrong place at the wrong time
October 27, 2022 at 10:23 PMThe $8-trillion Texas firm had to rewire TDA's signature 'thinkorswim' software after learning engineers were based in heavily sanctioned Russia
RIABiz Briefs: Riskalyze's business model outflanking its own brand width; First Redtail tweak at Orion; Bad news from Vanguard and its good if 'junk'-y solution
October 27, 2022 at 1:01 AMThese items caught RIABiz's eye this week, starting with Aaron Klein's intent to retire 'Riskalyze'; Robert Huebscher's zero-degree separation from Jamie Dimon, and what's driving Vanguard to suggest not-too-junky junk bonds as a way to play the recession it predicts for 2023.
Addepar's chairman writes five-alarm warning about how US immigration red tape is putting foreign engineers through hell, creating a 'quiet crisis' for tech companies
October 26, 2022 at 1:12 AMJoe Lonsdale uses words like 'egregious' 'crapshoot' and 'rude' in Wall Street Journal article to explain how 'America and its economy are the butt of the joke.'
Penny Phillips is the first millennial woman to launch a rollup, with four Wall Street veterans providing the AUM and capital
October 25, 2022 at 1:53 AMFluent in Greek, the 34-year-old cold-emailed Mark Tibergien at 24, got known at her firm, Thrivos, but now the coach is showing she's got game.
Dave Welling's rollup hits $39 billion of AUM and hires a 37- year-old breakaway from BlackRock to turn internal five-click shopping into a 'single conversation'
October 21, 2022 at 5:48 PMThe Mercer Advisors CEO in Denver now has a 'president' reporting to him from the Big Apple to take on the specific mission of wiring a national RIA, rather than day-to-day operations at a rollup.
48 RIABiz hyper-briefs from Fidelity's de-screen scrape of eMoney to one decision Focus Financial can celebrate during rollup winter
October 20, 2022 at 11:01 PMRIABiz ticks off four dozen stories this week, including big companies experiencing big trouble and small ones appearing out of Bento boxes
InvestmentNews is again for sale as 'huge gamble' bleeds more cash in 2022 than owners projected and doesn't 'pay off,' exec says
October 20, 2022 at 2:11 AMThe New York City newsweekly was acquired by Bonhill for $27 million; now the market cap of the whole company is $5 million to 6 million after a rough transition from Crain
Morningstar math shows annuity products are overkill for many affluent RIA clients because Social Security and portfolio planning render them redundant -- a reveal that annuity providers find to be pointy-headed nonsense
October 18, 2022 at 1:18 AMThe out-of-the-blue report from the Chicago research giant claims that self-insurance does the job for the advised wealthy, especially backed by the federal safety net.
Scott MacKillop offers a view on industry awards contrary to Bob Veres, who took the Luminaries, Wealthies and others to task for editoral/sales conflicts
October 15, 2022 at 12:38 AM'We see them as merit based. If we win an award or receive recognition as a finalist, we feel that it means something.'
Schwab Advisor Services refuses to flinch in the face of fresh claims that TD Ameritrade RIAs will do 'significant' repapering when Schwab accounts for all aspects of the merge
October 13, 2022 at 11:02 PMThe $3.5 trillion custodian concedes a count-on-one-hand number of RIAs have such exotic systems that manual intervention is needed, but otherwise, it's all good.
Lefteris will liquidate as 'responsible stewards,' after ex-CEO says they interviewed 'hundreds' of poor fits in vain attempt to make deal before tumult struck
October 13, 2022 at 1:45 AMThe Mark Casady-organized SPAC kissed thousands of frogs and met with more than a hundred in an attempt to put $200 million in cash to work when cash was trash; now cash is king and investors want it back.
Investment Advisor is seeking legal advice after Bob Veres called out IA's new 'Luminaries' awards for alleged sales, editorial conflicts
October 11, 2022 at 7:05 PMSales and editorial staff at ALM, publisher of IA and ThinkAdvisor, counter that awardees are under no obligation to buy anything, but many often do.
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
October 11, 2022 at 12:40 AMThe loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
Goldman Sachs both clarifies and adds complexity to its RIA custody launch with press release reporting its' best-of-both-worlds' platform onboarded a '$1-billion' Merrill Lynch team
October 8, 2022 at 2:50 AMThe New York City investment bank signed Beverly Hills Private Wealth, and it 'never really' had any timeline to meet, it tells an industry publication.
Vanguard is now several months into beta plan to offer head-turning, high FDIC-insured yields and capacity after 2019 scrapping left it flat-footed against Schwab and Fidelity
October 6, 2022 at 3:53 AMThe Malvern, Pa., giant copied a new business model -- and co-opted many regional partner banks -- to go 2%-plus as part of a rethink of its 2019 decision to forsake bank cash accounts for money market funds.
Pershing wins $27-billion Steward Partners RIA custody account after Goldman Sachs boots launch and pressure built for an alternative to 'jilted' Raymond James
October 4, 2022 at 10:35 PMGoldman's effort to capitalize on No. 3 TD Ameritrade's absence, starting with (among others) Steward, is for now going to the actual new No. 3, BNY Mellon's Pershing
After catching Wall Street red-handed, the SEC is 'coming after' RIAs that fail to track client chats by text, WhatsApp and social media, experts say
October 4, 2022 at 1:41 AMThe regulator's $1.1 billion in wirehouse fines is a warning to RIAs that not keeping proper records of online chats could paint a bulls eye on their backs as well.
Charles Goldman takes seat on Orion board sparking thoughts about RIA custody comeback in Omaha and just what it can do with the Redtail, Brinker and TownSquare acquisitions
October 1, 2022 at 12:45 AMThe ex-Schwab/Fidelity RIA custody chief was a turnaround CEO at AssetMark where he ushered in a custody offering and an IPO.
