Articles published 11/2022
Headline
Publish date
Vanguard Group steps up share-the-misery pricing to reduce revenue crunch, the first time since 2008-2009 that it jacked up more fund fees than it cut
November 29, 2022 at 9:57 PMThe $6.7 trillion Malvern, Pa., giant was already edging away from share-the-love pricing before market-downturn, AUM jolts exacerbated the trend.
RIAs need to race to zap COLAs, install incentives ahead of December performance reviews or face ramifications magnified by spiraling inflation and low morale
November 29, 2022 at 12:02 AMPaying staff too little, or too much, is always a risk, but 8% inflation and 20% dip in asset-based revenues from markets magnifies the downside potential of a cost-of-living default alienating talent or killing profits
Amid $90 million 'A' raise, 33 Google executives join two Google CEOs and 140 VC investors to launch 'kickass' robo, pitching AI, performance fees and private equity to accredited investors
November 24, 2022 at 2:07 AMWealth technology experts have doubts that even a transplanted Google AI super brain will ask the correct right-brained questions, but they also see promise in a no-brainer VC distribution pipeline.
The Labor Dept. will publish the proposed 'Biden' DOL Fiduciary Rule (likely) next week, it says, but today it de-fanged the Trump ESG prohibitions
November 23, 2022 at 2:15 AMTwo years after President Biden took office, the federal agency is ready to unleash a centrist DOL rule that eviscerates Trump's influence but stops short of Obama's stringent proposal.
Josh Brown and Barry Ritholtz want rock-star culture and rocketing growth in one RIA so they hired Jay Tini to manage the paradox
November 22, 2022 at 2:38 AMThe dynamic New York City super-blogger duo now have a $2.8 billion AUM RIA and a 'massive fanbase' to cultivate, but they also foresee a need to rein in and retain
Biz Briefs: Envestnet's sweet terms net $575 million after seeking $350 million ~ Ron Rhoades fights for right to write by tweet ~ InvestmentNews is packaged for sale ~ Chuck Schwab pays for red wave
November 19, 2022 at 1:44 AMBill Crager is pulling out the stops and purse strings; Western Kentucky isn't all basketball; Charles 'Chuck' Schwab plunks more cash on GOP, and Sallie Krawcheck stumps for the Dems.
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
November 18, 2022 at 2:56 AMFed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
CI Financial will cut off U.S. RIA unit from Canadian cash infusions as part of 2023 IPO but with a giant parting gift -- total forgiveness of its substantial mountain of debt
November 17, 2022 at 2:27 AMThe Toronto asset manager, drenched in $2.7 billion of debt, promises an imminent IPO of a larger-than-planned stake in its $126-billion AUM to pay off lenders.
After Envestnet rebuffed an ESG hedge fund's demand for a board seat, the fund managers sent a shrill, scalding letter in retaliation to force the issue
November 16, 2022 at 2:49 AMThe Berwyn, Pa., firm invited invective by allegedly stiff-arming the startup ESG fund's request, even though it holds a 7.2% stake in the company.
SEC crackdown on 'set-and-forget' advice alarms RIAs, who face new 'burdensome' and 'expensive' reporting to curb alleged 'conflicts of interest' over 'deceptive' outsourcing
November 15, 2022 at 3:59 AMThe spike in RIAs outsourcing functions formerly kept in-house triggered the crackdown, but is the red tape worth it? advisors ask
Savvy raises fresh $11 million from VC backers to fuel an RIA-on-steroids craze that could scale the wall of doubt of RIA experts and eclipse robo-advisors
November 12, 2022 at 2:38 AMThe unsolicited California cash bought into the New York City startup's vision and early success in attracting advisors, their assets and a disdain for legacy software inconveniences.
Bill Crager reads the room and commandeers State Street's old RIA custody unit for Envestnet with FNZ deal
November 10, 2022 at 10:48 PMWith sandbox rules out the window, Envestnet CEO will private label re-branded State Street Wealth Manager Services -- 'one of biggest long-term opportunities to date,' analyst writes
LPL Financial prepares to enter the 'OSJ' channel -- this time as an owner, headed by a former executive whose staff advises $40-billion
November 9, 2022 at 1:11 AMThe Fort Mill, S.C.-based IBD may thread the needle with the OSJ purchase, though it will compete with other OSJs it serves
After Fidelity grabs huge slice of NTF market, Charles Schwab & Co. undercuts OneSource by creating a second NTF program where zero commissions apply to 930 mutual funds for half price
November 8, 2022 at 1:13 AMThe Westlake, Texas broker will now take a 12- to 19-basis-point fee on the new (institutional no-transaction fee) INTF platform versus the 40-basis-point shellacking by OneSource.
After major activist arm-twisting, Blucora cashes out of software holding to double down on legacy H.D. Vest broker-dealer unit it bought seven years ago
November 4, 2022 at 2:47 AMThe $73 billion AUM Dallas firm now has $720 million in cash to pay off debt and put toward turning the old Roger Ochs franchise into a world class wealth manager.
RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
November 3, 2022 at 1:59 AMSchwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
Farther struts its startup magic and shows why a $375-million RIA can be worth $50 million -- by getting four advisors to bring books of business just to be part of the enterprise
November 2, 2022 at 3:27 AMThe San Francisco firm claimed its software was at another level and now advisors are betting careers on it, though not of the UHNW variety imagined
Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers
November 1, 2022 at 4:03 AMSolomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.
