Articles published 6/2022
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Fidelity--late to its own Ethereum party--hires 110 engineers to hurry up launch; it may have avoided both had it not made a 'strange strategic decision,' analyst says
June 30, 2022 at 8:40 PMThe Boston company pledged to add the second digital token to its crypto custody service by year-end 2021, but 'complexity' stalled the project, even though a third-party solution was available.
With crypto landmines to fear greater than each other, Schwab and Fidelity co-invest in a cryptocurrency mega-startup with Citadel, Virtu and VCs Sequoia and Paradigm
June 30, 2022 at 1:49 AMThe discount brokerage super-rivals are investing in a market maker venture with fellow [crypto retail] come-latelies, Virtu and Citadel -- a sign that the crypto winter hasn't chilled big investment in digital assets, even if liquidity occasionally freezes up.
Charles Schwab Corp. is jacking down ETF prices again (like a Jack Bogle) after Vanguard, again, raises a series of fund prices -- albeit with a net fee reduction
June 27, 2022 at 3:26 PMThe Westlake, Texas, super-broker is making clients 'beneficiaries' while the $7-trillion Malvern, Pa., behemoth is raising prices as both firms make strategic calculations about the future.
BNY Mellon Pershing's subscription custody plan was scuttled by crashing COVID interest rates, but may get a second wind as rates rise, reviving its play for Schwab/TD Ameritrade RIAs
June 25, 2022 at 12:41 AMBut offering higher yields to switch may not be enough to lure advisors, who typically keep minimal investments in cash, says one industry expert.
ERISA attorney co-founds venture to take advantage of DOL's liberal new pooled 401(k) plan guidelines, a boon for RIAs looking to break into the business
June 23, 2022 at 6:56 PMThe new San Diego firm will be a TAMP-like unit that gives a way for small companies to get big-plan leverage while still letting RIAs handle the investment advice, says CEO Jason Roberts.
Two ex-J. P. Morgan top wealth management overlords debut Bento Engine by raising $1 million from RIA power influencers who see a micro-investment solving a macro RIA problem
June 22, 2022 at 8:19 PMMarty Bicknell, Andy Putterman, Kelly Waltrich and Shannon Eusey lead a list of RIA biz angels taking a shot at 'Life Numbers' -- a Vestorly-like model with its own 'secret sauce' and love from the CRM super-friends
After Fisher Investments leapt from $65 billion to $200 billion of AUM with him as a lead brand manager, Jim Mocci jumps ship to $15 billion RIA with a playbook to reach $50 billion
June 21, 2022 at 1:48 AMThe Salt Lake City executive helped feed the creative engine that powered gargantuan organic growth at Fisher Investments, with data derived from the investors themselves
BNY Mellon uses Pershing INSITE 2022 to let RIAs know it has its own dog in the fight with Pershing X, which BNY owns to sell to Pershing RIAs -- or anybody else
June 18, 2022 at 2:29 AMThe $474-billion bank's relationship with Pershing just got far more complex as it puts its belief in ringer, Ainslie Simmonds -- who is being given a long rope to tie up loose ends.
LPL Financial makes 'full-service' play with a wirehouse trick and some DFA vibes by launching 'private client' offering from the University of Chicago
June 17, 2022 at 12:08 AMThe San Diego broker-dealer grew to be No. 1 by backing partially served mass affluent brokers and used a symposium at the university's Booth School as a backdrop to tell its reps they can compete with Merrill Lynch.
Oleg Tishkevich makes two familiar, key ex-TD Ameritrade hires as INVENT hits 20,000 users and shifts into high gear to serve RIAs
June 16, 2022 at 2:16 AMThe INVENT CEO and founder gets Craig Uhlenkott and James Byers to hone RIA product fit for a more turnkey developer package to go with pre-existing app store.
Vestmark sells Adhesion to AssetMark after quickly (nearly) tripling the 'RIA' unit's AUM, but AssetMark will plow cash into an upgrade
June 15, 2022 at 12:40 AMThe Concord, Calif. company announced the deal for the Charlotte, N.C., UMA provider and direct-indexing vendor amid sinking markets.
Tifin Group CEO slashes 10% of staff -- and his own pay -- to cut $10 million from annual 'burn' in the 30 days after $109-million 'D' raise
June 14, 2022 at 12:06 AMCEO Vinay Nair and eight other senior executives took a 20% pay cut, but Tifin continues to hire, and the software roll-up is open to making fresh acquisitions
Shorts: ESG forces Vanguard, BlackRock, SSGA to choose on abortion • Schwab uses money and brand to correct white-male CFP supermajority • S&P 1500 pensions overfunded despite underwhelming 2022 returns • Vanguard closes gap on BlackRock as top institutional manager • Musk puts Orion on Twitter map
June 11, 2022 at 1:05 AMCulture war envelops ESG. 'Big-three' face crisis on abortion rights • The population is 50.8% women, 13.4% Black, 18% Latinx, but 76.6% of financial planners are white men. • Schwab funds CFP effort to rebalance • S&P 1500 pension plans are running a $55 billion surplus • Vanguard nears BlackRock institutional asset sum • Daniel Crosby lures behavioral finance interest, via Diet Coke.
Orion speed-closes Redtail purchase in 48 days, so Eric Clarke can get right to work stacking it with four other M&A deals in two years at his Omaha mothership
June 9, 2022 at 1:39 AMClarke now 'holds all the cards' to 'own the desktop' of hundreds of thousands of advisor firms, one consultant says, but analysts wonder whether Orion really has the 'bandwidth' to make a tech stack out of so many towering silos.
Envestnet finally, officially, (mostly) parts ways with Stuart DePina but adds back his old Tamarac division then promotes Dana D'Auria, Farouk Ferchichi, Tony Leal and Tom Sipp in a major new restructuring
June 8, 2022 at 12:17 AMThe $5-trillion Berwyn, Pa., software, investments company and Yodlee owner reveals the next generation of leaders succession and, it hopes, success for shareholders
Stephen Greco's six-year quest to prove Creative Planning, Schwab, Fidelity and TD Ameritrade engaged in a 'conspiracy' against his RIA has even the experts baffled
June 7, 2022 at 4:27 AMIn his latest move, the Spotlight Asset Group founder files a 'RICO' civil suit in federal court that one defendant calls 'ludicrous.'
Lauren Oschman, 33, takes CEO reins at $500 million Nashville RIA, after being designated heir apparent at age 29 for her role building a practice laser-focused on doctors
June 3, 2022 at 11:23 PMThe co-founder of Vestia Personal Wealth Advisors stood out day one for handholding young, debt-laden doctors and rejecting stereotypes about women being more risk averse than men.
An unprecedented wave of 'disruptive' competitors are challenging 'The Big Four' RIA performance reporting firms by thinking past 'the cloud' and bundles
June 2, 2022 at 3:50 AMBlack Diamond, Orion Tamarac and Addepar built a $10 trillion mountain of AUA by taking RIAs to the cloud, but a number of firms are emerging to challenge the status quo.
BlackRock to curb ESG 'social justice' proposals with its voting power this proxy season and embrace big oil, claiming Ukraine war, Russian embargo demand climate goals reset
June 1, 2022 at 3:22 AMThe New York City manager of $9.6 trillion races to redefine -- and resuscitate -- reeling 'ESG' after the Ukraine war exposed perils of charging a premium fee to contain free market forces.
