Articles published 2/2024
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'Second to none' Liz Nesvold, enters the PE game and may help give Karl Heckenberg and Joe Duran a run for their money?
February 29, 2024 at 5:49 AMThe Emigrant Chair fell out with Mark Hurley then lost Karl Heckenberg, but he 'finally' signed the Silver Lane flash to his obvious delight
Plague of failed hires at strapped RIA firms 'come back to bite them,' making the process of closing bandwidth deficits falter, two new studies show
February 28, 2024 at 3:36 AMTurnover rates hover near 50%, Cerulli and Ensemble report, and may be worsening as hires in market of talent scarcity has inevitable backlash.
Mercer is hiring ex-Schwabbies like crazy after five-year AUM jumps from $9B to $56B -- with a big bump in the past 12 months -- using 100 IARs who only sell the RIA as chum for M&A
February 27, 2024 at 2:50 AMThe Denver RIA poached high-level McKinsey talent as CFO and a smattering of Schwab, Fidelity, TD Ameritrade, LPL, and RBC talent to keep up with growth and ambition of late bloomers.
Dan Arnold is using force and finesse to make LPL a deal machine -- giving Atria and its brokers incentives to come aboard and Fidelity and Pershing a reason to play ball
February 24, 2024 at 3:35 AMThe soon-to-be 24,000-advisor Fort Mill broker-dealer will keep existing custodians (for now), pay big retention bonuses and a generous deal kicker to Atria if it all transfers well
Envestnet shares popped -- up 8% today -- after Wall Street filtered out bad news and staked its bet on confidence in a new team
February 24, 2024 at 3:33 AMThe Berwyn, Pa., firm sugar-coated nothing but ended up with a sweet stock price result as analysts see good outweighing bad.
On Bill Crager's last CEO call, Envestnet does bad-news dump -- a big Yodlee-related write-off -- but dangles bright future where Tamarac becomes the mouth of its sales funnel
February 23, 2024 at 3:18 AMThe outsourcer swallowed a $191-million bitter pill, explained the data disaster that led to it, offered minimal forward guidance on results, or a future CEO, but Tamarac RIAs are catching on as SMA clients and imminent RIA custody is deemed 'extremely strategic'
Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table
February 22, 2024 at 2:20 AMThe RIA sales wizard joined Dynasty Financial Partners with understanding he would leave sales behind and earn his keep by focusing on strategic ideas.
Michael Kitces and Alan Moore swoop out of semi-stealth mode on 'Sapphire' with prices, wait list, rules, hard dates and a healthy fear of growing too fast
February 21, 2024 at 2:56 AMLaunching first with a small group of six advisors -- likely ten by year-end 2024 -- Michael Kitces and Alan Moore intend to turn XYPN Sapphire into a growth engine.
The shocking -- 50% higher than expected for January-- CPI might be an explicable 'shelter' anomaly but 'ill-understood inflationary forces' still loom as broader threat
February 20, 2024 at 10:18 PMWhen it comes to Dept. of Labor statistics there are quirks in data inputs on rent increases, including rents that only exist from an accounting standpoint.
Adam Bold fires back at Hollywood talent agency partners with blistering allegations that mirror claims against him in raucous legal battle
February 16, 2024 at 11:52 PMThe Mutual Fund Store founder says his partners engaged in 'betrayal, manipulation, and greed,' causing his talent agency to implode.
After their wild United Capital deal, Peter Mallouk and Goldman Sachs kept $7-billion-plus of AUM on board with a sweetheart deal for advisors, but the bloom is off their budding custody romance
February 16, 2024 at 2:40 AMAdvisors got a rock-bottom price on Goldman's top-notch fixed asset management that was too good to consider leaving behind.
Adam Bold, the RIA who went Hollywood -- literally -- after his Mutual Fund Store cash out, is accused of 'general chaos' at his Tinseltown talent agency
February 14, 2024 at 3:58 AMBusiness partners made the lurid allegations in a lawsuit that's scandalous even by Hollywood standards, charging Bold's aberrant behavior has driven the agency to the brink of bankruptcy; Bold calls it a 'shakedown.'
T. Rowe Price criticized in 2020 for radically hiking equities -- and risk -- in target date funds, now sees bet pay-off as S&P 500 and TDF returns soar
February 13, 2024 at 4:58 AM87 year-old Baltimore fund shop now ranks behind only Fidelity and Vanguard in TDF market with one of the most aggressive strategies in the industry.
At T3 event Josh Brown explained how his RIA, Ritholtz, got FutureAdvisor -- and hundreds of millions of AUM -- from BlackRock, along with a daunting software puzzle
February 10, 2024 at 3:03 AMThe Las Vegas-based session included AdvisorEngine CEO who apparently played a white-knight role in transitioning a complicated robo from the giant asset manager to the outspoken RIA shop
Fidelity hits staggering $12.6 trillion in 2023, bids adieu to headhunted retail chief, beats Schwab's performance -- not least because it doesn't own a bank -- and sees Maggie Serravalli's star shine
February 9, 2024 at 5:33 AMRetail was Fido's weakest division with 3% growth and its chief departed; it's B2B units -- 401K and custody/clearing -- jumped 6% each; Serravalli now serves as the company’s chief administrative officer.
Marty Bicknell grew to $100 billion AUM brick-by-brick, then -- boom -- added an AUA boulder, keeping Mariner Wealth in the AUA game with same-city rival Creative Planning
February 8, 2024 at 2:13 AMMariner Wealth's purchase of two pension consultants with a combined $104 billion in AUA adds fees, services, footprint and a whopping top-line asset number north of $200 billion to keep it interesting in Overland Park.
RIA annuities inflows were bigger billions in 2023 for DPL and RetireOne; now private equity will fuel at least three firms in 2024 -- including newcomer Flourish
February 7, 2024 at 2:36 AMThe biggest driver of growth will be breakaway broker books of commission annuities that will transition as advisors move to fee-based and fee-only models.
'Portability' is set to boost and solidify $9.3 trillion 401(k) system by eliminating cash-outs, rollovers and fragmented (orphaned) plans
February 6, 2024 at 2:53 AMThe Labor Dept. finally found the political will to make savers save and create a lifetime mentality -- with a boost from technology to make a decentralized system work in symphony.
LPL Financial bristles about proposed DOL rule, but roaring recruiting, including of 401(k) advisors, bodes well for 2024, according to top LPL executives
February 3, 2024 at 3:07 AMThe Fort Mill, S.C., broker-dealer -- and recordkeeper -- is making strong pitch to 401(k) advisors with retirement plan expertise and rollover 'tool kit' of services.
Vanguard Group faces backlash for 'taking orders' from climate skeptics and spurning ESG activists, who are calling firm to account with PR campaign
February 2, 2024 at 3:27 AMSunrise Project is targeting Vanguard, its staff and investors with a localized advertising blitz over NZAM withdrawal last year.
Charlesbank bets bank on Joe Duran -- 'very risky' by private equity standards -- but the 'Rise' model, capital amid scarcity and a 'Joe' factor have observers high on its prospects
February 1, 2024 at 4:41 PMThe Boston- and New York-based blue-chip 'middle market' player stakes the Duran 'accelerator' venture $250 million with a view to a killing in a market starved for get-over-the-hump expertise and financing
