Articles published 7/2023
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Fidelity Investments is suddenly fending off a fresh wave of AI suitors for its vast recordkeeping data trove, knowing it's like owning a lithium mine in 2000 -- and not knowing how clients, the SEC and others might see a sale
July 28, 2023 at 9:38 PMWith 42 million customers and the nation's largest record-keeping business, Fidelity is sitting on oodles of now in-demand client data; so far, it's rejecting every bidder.
LPL makes 'Sixth Sigma black belt' ex-wirehouse counsel its chief legal officer, right after purchasing another full service broker. LPL says there is 'no connection,' and she was poached from Google
July 28, 2023 at 3:11 AMThe Fort Mill S.C. broker dealer added Crown Capital Securities' captive brokers in Orange County, and is hiring Althea Brown, fresh off 11 years at Google
Biz Briefs: AdvicePay waives key hiring requirement to land its next CEO • ESG firms may get OK in Oklahoma • eMoney adds new chiefs • CFP Board names new chair-elect • Robinhood cuts more staff
July 26, 2023 at 2:34 AMAlan Moore replaces himself with another guy with two respectable titles • eMoney promotes two • Moisand's third in line now known • Robinhood sacks 173 in year-to-date.
Peter Mallouk grants Goldman Sachs a 'multi-billion dollar' RIA custody opportunity but only after meeting his co-equal president in the Goldman c-suite
July 25, 2023 at 3:25 AMThe Creative Planning founder, president and CEO spent time with John Waldron, president and chief operating officer of the Goldman Sachs mothership, before putting its custody service on the menu for his advisors and clients
'Schwabitrade' RIA assets leap $107 billion in NNA to $3.75 trillion in first half of 2023, and just 20% of TD Ameritrade RIAs have yet to 'credentialize'
July 22, 2023 at 1:38 AMThe RIA assets of TD Ameritrade Institutional and Schwab Advisor Services grew an incredible $514 billion for the 12 months ended June 30, but the real conversion looms on Labor Day.
AMG unloads $17B Veritable after 11 years of metric stagnancy, which may explain the bargain price Pathstone is paying -- and the wholesale rollovers of principals
July 20, 2023 at 3:49 AMThe $668-billion asset manager rollup in West Palm Beach, Fla. is dumping a remnant of its RIA rollup -- with cash proceeds of just $294 million
Walt Bettinger pulls $500 million rabbit from hat based on projected cuts to Schwab 'headcount' and 'real estate savings' -- assuring analysts it wasn't previously 'baked in'
July 19, 2023 at 1:44 AMThe Schwab CEO says the stubborn 'fog' is 'lifting' on 'Treasure Island' and reveals a chest of bullion in the form of rosy revenue prospects and some easy cuts to jack up margins
Edelman Financial Engines faces discrimination lawsuit despite fast rise of ex-employee's career and pay; she points to 'hostility' and 'retaliation' after asking about her pay
July 18, 2023 at 3:39 AMThe Santa Clara, Calif. RIA managing $241 billion-plus might have avoided the suit, experts say, with greater openness about pay criteria
An RIA 'gambled' on Goldman Sachs to custody client assets because he saw folksy TD Ameritrade-like service wrapped inside a gold standard brand -- with no lane swerves
July 15, 2023 at 1:40 AMAshton Thomas, which manages $2 billion, has tried every custodian, and finds Goldman, ironically, may have the least channel conflict for RIAs because they 'know their lane'
In apparent reversal, Charles Schwab Corp. is telling thousands of staffers in five cities to work from home -- six more cities, including its old San Francisco headquarters, are on the chopping block
July 13, 2023 at 1:31 AMThe Westlake, Texas, company broke the news to staff in a memo obtained by RIABiz, announcing a mass downsizing of office space that could slash overhead
SMArtX goes to Plan B -- freemium -- after phenomenal asset growth slows dramatically, but 'free' comes at a price, analyst says
July 11, 2023 at 9:51 PMThe West Palm Beach, Fla., TAMP launches new strategy after it riveted the industry by adding $25 billion in two years before coming back to earth.
Edelman Financial Engines new CEO will face challenges after AUM plummets $50 billion (since start of 2022) and DOL throws wrench in its business model, complicating efforts to convert robo-advised 401(k) assets to an 'Edelman' RIA
July 11, 2023 at 2:46 AMCEO Jay Shah must chart a new course after the 2018 merger of the radio superstar RIA and the 401(k) robo-advisor fails to yield invisioned growth.
Rich Steinmeier power poaches Jeremy Holly, who returns to LPL as EVP to head Dan Arnold-directed 'liquidity' project to buy -- but not hold -- LPL firms
July 7, 2023 at 9:36 PMHolly had bolted LPL for SageView with fanfare but he retained a fanbase back in San Diego which dreamed up a dream job for him
Growing at hockey stick clip --$17 billon AUM in past 18 months of net new assets-- Avantis is launching 'one-stop shops' for RIA clients' kids -- after trial balloon grew to quick $200 million
July 6, 2023 at 2:44 AMThe Los Angeles fund group blew past $25-billion AUM, just since 2019, as RIA billions seek home in ultra-cheap ETFs
Ex-Merrill Lynch broker, known infamously for smoothie tirade, is back on FINRA hot seat over $846,000 in 'structured cash transactions,' but some legal experts say it may be a case of 'piling on'
July 1, 2023 at 3:13 AMBroker James Iannazzo paid cash to build Connecticut mansion using multiple banks to avoid tax filing reports, FINRA alleges
