Articles published 11/2024
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Fidelity will default all RIA custody accounts into FCASH at 2.32% and reinvest cash to pocket the spread -- amid some grumbling -- but advisers can still 'manually' move money to higher yields
November 28, 2024 at 12:58 AMThe Boston giant says it wants 'to provide consistency' across client accounts and removes bottlenecks to ease the transition, eliciting criticism and sympathy.
Jon Beatty uses his Schwab IMPACT coming out party to let RIAs know he is anti-disruption, and to expect the RIA industry to decelerate, after 10 crazy years of growth
November 27, 2024 at 3:06 AMBernie Clark's replacement as RIA custody chief made no promises in conference interviews but praised 'scale' and 'breadth,' which Schwab certainly has in spades.
CI Financial go-private deal removes Bain Capital's 14.5% PIK chokehold on Corient, CI's Miami-based RIA unit, but at the price of control
November 26, 2024 at 4:17 AMAn Abu Dhabi sovereign fund will cash out Corient 'preferred' shares negotiated by Bain, in part on Abu Dhabi's behalf, but only by tossing in the cash-cow Toronto asset manager's parent firm
RIA roll-ups sharpen knives for next $3 trillion RIA sellers after hitting $1.5 trillion, Cerulli says, propelled by new breed of RIAs likely to embrace the category
November 23, 2024 at 2:40 AMRIA serial buyers are projected to hit a collective $4.5 trillion in AUM by 2035 [in 2024 dollars] and become the No.5 'wirehouse' by offering broker-dealer scale and ease with 'better culture, better economics.'
Jason Wenk sees light at the end of the Robinhood/TradePMR merger, but not before a dark tunnel that could see 40% of RIAs bolt
November 22, 2024 at 2:55 AMRobinhood will go through a disruptive, two- to three-year transition to develop a 'road map' before it can think about being a Schwab-killer, the Altruist CEO says in a much-discussed LinkedIn post
Manish Khatta unapologetically lowers boom on remote-working staff and corrals them in a suburban Washington, D.C., office building to better manage skyrocketing growth
November 21, 2024 at 2:13 AMThe TAMP CEO says that selling his company was the only other option to renting a big space, and risking offending staff
TradePMR sale to Robinhood sends ripples through the RIA industry both for its potential to rival big custodians and for the discount broker's potential clash with fiduciary culture
November 20, 2024 at 4:12 AMRobinhood must overcome its history of regulatory pitfalls and win the confidence of TradePMR RIAs, or see them exit to other custodians, industry insiders say.
A day ahead of IMPACT 2024, Envestnet and Schwab say they will kill off mutual RIA 'pain points' and pledge continued cooperation to co-served RIAs -- even as each edges onto the other's channel turf
November 19, 2024 at 4:03 AMThe big San Francisco event begins tomorrow, and co-client RIAs may harbor questions about whether the long Schwab/Envestnet cooperation will continue, as giant leadership changes are scheduled to happen at both
Morningstar takes sword to grade inflation, likely to slash 40,000 funds' 'medalist' ratings and leaves, for now, the five-star system intact
November 16, 2024 at 6:28 AMThe Chicago fund tracker's reforms slam managers who merely hug benchmarks, rewards managers with a 36-month plan to outperform
Pathstone reclaims by poach Schwab’s family office division unit head, Eddie Brown, weeks after the Lovell Minnick ultrahigh-net-worth roll-up snapped up a $50 billion RIA
November 14, 2024 at 7:23 PMBrown's hire is also something of a 'reunion', given his near 15 years at Pathstone, and through family office roles at both Fidelity and Schwab.
'Displaced' John Thiel uses RIA and Fidelity-Advyzon back office to get back into game -- a road well traveled by multiple, ex-Merrill Lynch chiefs seeking second acts
November 14, 2024 at 1:54 AMForget SPACs and board seats, the former head of Merrill Lynch Wealth Management follows the likes of Bob McCann and Sallie Krawcheck into easy-access RIA industry.
DPL gets Envestnet to display its data in performance reports -- to complete Big Three that also includes Orion and Black Diamond, enabling RIAs to show -- and bill for -- annuities like asset funds
November 13, 2024 at 4:27 AMThe Louisville, Ky.-based fee-based annuity distributor to 10,000 advisors from more than 3,500 RIA firms only had about 250 advisors that used Envestnet but the data may begin to grow that
SoFi simultaneously Blackrock-izes robo-advisor and imposes first fee in seven-year history
November 12, 2024 at 2:04 PMThe San Francisco digital bank hit $1.3 billion of AUM and will levy 25 basis points as Blackrock gets a role in model portfilos, ETF management -- but SoFi retains final say
Fidelity Investments surges past $15 trillion, on its way to $16 trillion, after its CEO made one big, contrarian bet and two smaller plays that have the giant hopping
November 9, 2024 at 1:41 AMThe Boston company grew $800 billion per quarter on average through nine months, and just keeps hiring to 'deepen relationships,' with crypto and digital engagement giving it an edge.
Mike Durbin set to take CEO reins at Cetera to further Genstar's bold mission, with $1 trillion looming on the horizon and his eyes on the prize
November 7, 2024 at 11:11 PMAdam Antonaides, 59, is exiting the CEO role as the No. 2 IBD shifts into higher gear to compete with LPL and take on a more RIA future
Clayton, Dubilier & Rice 'likely bumped up multiple by a few turns' on Focus Financial valuation with self-merging binge that's gathering steam with $6.6B AUM GYL deal
November 7, 2024 at 2:55 AMThe esteemed New York City PE firm gave Michael Nathanson and Adam Birenbaum great powers to buy, and they are encountering little resistance -- and much unlocked value -- to wholesale restructuring
Vise resets -- again -- with more executive firepower and fresh vision focused on RIA M&A and 'wellness,' but analysts say its solutions must stand apart to succeed
November 6, 2024 at 5:06 AMThe New York City brat pack -- still loaded with VC cash -- is pivoting, again, but with a pitch that has convinced big hitters to join the firm as advisors and president, respectively.
Vivek Ramaswamy $30-million venture launches wealth RIA --- just ahead of the election -- and dumps Columbus, Ohio for 'economic advantages' of Dallas
November 5, 2024 at 2:18 AMSerial entrepreneur and Trump surrogate secured an ADV for Strive Wealth Management as of Oct. 30 and will leave the rust belt.
Facet Wealth (mostly) borrows $35 million after three years of sober cash rationing, but -- after self-curbing growth -- analysts see upsides
November 2, 2024 at 1:38 AMThe Baltimore firm has now raised $245 million to get to 55 advisors serving subscriptions and 15,000 clientele, short of 24,000 target set in 2021, but advisor efficiency is up and cash burn down almost to zero.
Rich Steinmeier turns big page on Dan Arnold era at LPL with 'pivot' promise to stop managerial dictating -- not long after LPL removed RIA hurdles to custody at Fidelity, Schwab and other rivals
November 1, 2024 at 1:57 AMLPL shares shoot skyward after the new CEO hints at revamped culture, spikes Wall Street meeting with jocularity and delivers the earnings goods.
Charles Schwab & Co. is going to 24-hour trading, responsibly, it says, even as Fidelity abstains
November 1, 2024 at 1:51 AMCiting TD Ameritrade 'DNA,' Schwab's head of trading promises to indulge overnight trading to day traders 'in a responsible way' and add to Schwab's average of six million trades a day
