Articles published 4/2022
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Schwab and Salesforce proclaim fresh RIA data solidarity two days after Orion buys Redtail with RIA CRM data nirvana the merger's implicit promise
April 29, 2022 at 11:25 PMThe two uneasy downtown San Francisco neighbors promise better cooperation soon for RIAs as Eric Clarke and Brian McLaughlin find common cause, and TDA RIAs get set to become Schwab RIAs in 2022.
Fidelity shrewdly side-steps DOL 's 401(k) crypto guidance--and ERISA -- to pioneer profit center by adding Bitcoin to plan menus, knowing plan sponsors are game to shoulder the liability if need be
April 29, 2022 at 2:08 AMThe $12-trillion Boston firm shocked everyone with the timing of the 'seminal' move, the Labor Dept.'s tut-tutting 'guidance' not withstanding, after concluding Bitcoin's volatile days are behind it.
Robinhood sheds 'layers' by laying off almost 9% of 3,800 staff as it seeks to also minimize burn rate of the $6 billion sitting on its balance sheet
April 27, 2022 at 1:38 AMCEO Vlad Tenev is retrenching at the Menlo Park, Calif., firm, hoping to recapture the 'focus' the company had as a 'lean' unit of 700 people.
Vanguard, American Express INVEST deal hits a wall--of hard numbers--shattering its supposed value amid one glaring 'fine print' disclosure-- it’s a huge conflict of interest for Amex
April 26, 2022 at 3:49 AMThe semi-confusing, higher-fee AmEx-Vanguard package is cheaper, clearer and better unbundled, an RIA calculates, yet may not be too outlandish for the one-stop convenience, a Morningstar analyst counters
RIABiz Skinny: Vanguard purges a last vestige of crypto from its platform • Onramp raises cash lifeline after CEO kerfuffle • Max Schatzow questions whether Cathie Wood gets SEC hall pass • Schwab shares correct on earnings then get re-walloped 'sorting'
April 23, 2022 at 1:44 AMMalvern, Pa. giant does opposite of hedge crypto • Onramp lives on despite Tyrone Ross off ramp • RIA blogger sees SEC double standard • Schwab's revenues and 'sorting' have Wall Street out of sorts.
Fresh off a $440 million raise, iCapital CEO Lawrence Calcano is ready to dream the impossible--to unite the alts industry in order to dominate it-- despite doubters who say it's a proven exercise in futility
April 22, 2022 at 2:10 AMVenture anchored by BlackRock, Blackstone, KKR, Apollo and the Carlyle Group may realize a dominant role by releasing a lingua franca to eradicate data protocol fragmentation.
In blockbuster deal, Eric Clarke gets Brian McLaughlin to remove 'blinders' and sell Redtail to Orion after one football game and three years of 'unreturned text messages'
April 20, 2022 at 1:55 AMThe Redtail CEO and founder will now be an Orion board member and major shareholder but arrived at his friend's vision and mindset at his own pace.
T. Rowe Price gains house brand status on Schwab's active fund platform and will pay up to $10-million yearly for the honor, but the deal is not without potential conflicts of interest
April 19, 2022 at 1:58 AMIn today's earnings release, Schwab CEO Walt Bettinger talked up the arrangement, which rolled out in February as part of Schwab's 'Fund Finder,' after first announcing it for RIAs in December.
After micro-fee subscriptions take off, Sallie Krawcheck pulls down $53 million in self-described B raise--then bites the hand of VCs that refuse to feed her chronically in-the-red company
April 15, 2022 at 2:44 AMThe Ellevest CEO has a 3-million member community and $1.4 billion in AUM after eight years, but has had to make do while 98% of VC funds go to male-run companies, she asserts.
With McKinsey helping to up its 'efficiency,' Vanguard Group does eye-opening client acquisition deal with American Express that layers a big fee onto financial planning offering that the two firms roughly split
April 13, 2022 at 1:50 AMThe New York card company will charge 50 basis points for Vanguard advice then share half that revenue with Vanguard.
As take-private reports swirl, Envestnet moves Chicago headquarters to Berwyn, Pa. -- making Philly's Main Line a 'TAMP Central'
April 11, 2022 at 11:57 PMSEI, Brinker, Lockwood, and Envestnet all have headquarters near the new Berwyn, Pa., HQ -- all the better to watch each other and nab talent
CI Financial's IPO could make the RIA M&A force next to unstoppable if it 'pops', but industry insiders see Focus Financial's stuck stock price as a 'tremendous headwind'
April 9, 2022 at 1:37 AMThe Toronto firm already laps the RIA M&A field in deal flow and buzz but an IPO is only worth it if investors cooperate by seeing a much higher value separated from the old cash cow in Canada
Simon Stilwell's grand plan to turn InvestmentNews into a live events juggernaut was one dive too deep for the 'wild swimmer;' he exited today amid continuing turmoil
April 8, 2022 at 1:51 AMUK Parent Bonhill PLC tersely announced Stilwell's departure 'with immediate effect' and stalled its latest earnings report, causing shares to plummet.
Matt Brown banks $100 million for CAIS but gives up 10% stake as urgency to buy capabilities begins to surpass how much they cost
April 7, 2022 at 3:52 AMAs iCapital presses its advantage and Joe Lonsdale threatens to enter the market, the CAIS CEO is bootstrapping nothing as the alts market finally starts to explode after years of crying wolf.
After co-founder Rob Foregger departs NextCapital, the CEO turns around and sells the company to Goldman Sachs, which calls it 'another tool'
April 6, 2022 at 4:48 AMThe Chicago 401(k) robo-advisor became a ‘plug-in’ versus a ‘platform,’ relegating it to a guest role, a pragmatic move, yet, perhaps, diminishing its destiny.
Fidelity Investments strikes right back at Schwab with retail direct indexing that offers two apparent advantages -- it shaves $95,000 off the minimum and already is accepting assets
April 2, 2022 at 12:52 AMThe Boston giant launches FidFolios today (Apr. 1) in a covering move that goes one better than Schwab with a radically lower barrier, though Schwab questions its utility in the real world.
Charles Schwab Corp. files SEC paperwork to make good on Rick Wurster push for investor revolution in mass customization --with 40 basis points of monetization
April 1, 2022 at 7:01 PMThe Westlake, Texas broker-dealer and custodian of $8.5 trillion of AUA will cannibalize its own products and third-party partners but with eyes on a new value proposition.
Grayscale CEO's threatened lawsuit against the SEC, in case it rejects his firm's spot-Bitcoin ETF application, may be loaded with merit, especially if feds are withholding permission 'out of fear'
April 1, 2022 at 2:29 AMMichael Sonnenshein says the Securities and Exchange Commission isn't doing its job by letting investor cash languish in Grayscale Bitcoin Trust when an ETF is measureably better.
