Articles published 11/2023
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Vanguard discloses to SEC it will end grand plan to market RIA services to Amex cardholders; new ADV details what may have taken it off the rails
November 30, 2023 at 1:44 AMThe Malvern, Pa. firm faced blistering pricing criticism from the start but changes disclosed to SEC suggest complexities of unruly $50,000 accounts from Amex clients undermined the effort
Joe Duran's second RIA act is rocking with eight staff, four co-founders and a conspicuously anti-United Capital concept that will flip RIA stakes 'eventually' as a minority investor
November 29, 2023 at 3:23 AMThe United Capital founder paradoxically promises to 'passively' buy minority stakes as a backdrop for going hyper-active with quick-strike capability to apply super-consulting and technology to create explosive growth as a prelude to a sale.
Orion rescinds RTO order after its staff rebels by hijacking company email list, distributing petition and tipping off RIA media
November 23, 2023 at 12:20 AMCEO Natalie Wolfsen suffers first setback and rescinds a return-to-office (RTO) policy after week of protest to work on a more collaborative agreement on a post-COVID new normal
Vanguard sets an April 1 sell-by-date for some RIA clients to downgrade service or pay $300 upcharge, part of a concerning 'MBA-ization,' analyst says
November 22, 2023 at 1:14 AMThe $7.2 trillion Malvern, Pa, money manager grew its RIA to a staggering $300 billion in eight years, but it's ready to crack down on investors who get premium service with pedestrian investment balances.
LPL goes straight at wirehouse crown jewels -- corner-office brokers -- by re-platooning orphaned First Republic insider and making a high payout book portable and saleable
November 21, 2023 at 2:36 AMExisting 'Linsco' full-service model needed a shot of 'nuance,' but Anna Howard is seeking to be an outright 'disruptor'
Iconiq Capital doubles its New York City footprint to reflect spike in hiring and new clients, but AUA has been stuck around $80 billion for past two years
November 18, 2023 at 5:05 AMRIA for tech mega wealth, started by Mark Zuckerberg's one-time broker, just added roughly 35,000 square feet to its New York City footprint to accommodate hiring spurt
Embattled Mint.com is shutting for good, weeks after Fidelity finally cut off free, screen-scraped data that was at the heart of its business model
November 16, 2023 at 3:18 AMThe 2007-launched agg-app was a slick freemium sensation that Intuit bought and let wither away from 20 million to 3.6 million million users.
Six months after 'Nitrogen' reboot, Aaron Klein pulls rip cord on CEO job but will stay on board to jumpstart quest for $1-billion valuation under hand-picked replacement
November 15, 2023 at 3:24 AMThe Nitrogen CEO is still the largest 'individual' shareholder and promises not to start a new company but he's already launched a side-hustle consultancy
'Something-is-broken' question draws no resounding response at Envestnet Q3 earnings call; shares still bleed, but execs see a 2024 cash flow rebound and flash an ace in the hole -- RIAs
November 14, 2023 at 3:26 AMA UBS analyst asked Envestnet's new chief finacial officer -- fresh out of BlackRock - -- if he could share in his behind-the-curtain first look and got a circumstantial answer
Peter Mallouk ends up losing the majority of Goldman-United Capital advisors in headline-intensive deal but keeps the lion's share of the managed assets
November 11, 2023 at 1:56 AMThe Creative Planning CEO's acquisition hemmorhaged 175 advisors but leaked just $9 billion of AUM, softened by snapping up $13 billion AUA Mesirow 401(k) business and retaining $20 billion from United Capital, post deal close.
Black Diamond's gutsy CRM play is a self-branded product built on a Salesforce chassis that undercuts the giant on price and simplicity and converts to Salentica with flip of a switch
November 10, 2023 at 5:48 AMThe Jacksonville RIA software unit will sell to its own 2,000 firms plus Advent's Axys and APX users, betting that most customization capability is overkill for firms with fewer than 10 advisors.
As more prominent Schwabbies emerge amid 2,000 layoffs, Schwab CEO reassures that no 'meaningful' second shoe-drop is 'in the works at this point,' unless 'circumstances' dictate it
November 9, 2023 at 2:30 AMMiddle-managment cuts range from legal department and alternatives to separately managed accounts (SMAs) and products serving the high-net-worth market.
Fidelity reveals it switched its RIA sweep default to a much lower-yielding FCash product, on new accounts, during Schwab's very pre-occupied week; new yield still beats Schwab's by about 300%, but advisors are sure to be irked
November 4, 2023 at 2:12 AMThe No. 2 Boston custodian will jack up the revenue it gets from RIA custody because it can pay their clients much less for cash -- as long as RIAs are too lazy to do cash sorting.
Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation
November 3, 2023 at 3:49 AMBehind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.
Blacklisted 'woke' firms like BlackRock and State Street still have a lock on AUM in oil states like Oklahoma; anti-ESG politicians underestimated the fierce independence of state money managers and Republican lawmakers who back them
November 2, 2023 at 1:50 AMOklahoma public pension fund revolts against state Treasurer and refuses to divest ESG funds in protest against mixing politics with fiduciary duties -- roughly a repeat of the ESG revolt in reverse.
