Articles published 5/2024
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Sleeping giant McKinsey & Co. hires Eric Clarke as it awakens to $9-trillion RIA business and plays catch-up
May 30, 2024 at 1:35 AMThe New York City consulting giant quietly made the Orion founder and ex-CEO a McKinsey senior advisor two months after he stepped down last year.
Charles Schwab & Co. makes iCapital its exclusive alts partner as Rick Wurster tells Wall Street that in 2024 his firm will roll out alternative investments to high rollers
May 29, 2024 at 3:43 AMThe $9T brokerage soft-announced that the long-term project is coming to fruition but RIA clients are excluded, for now
Walt Bettinger discloses expiration of unknown 'pact' to explain to Schwab investors why Bernie Clark, Peter Crawford and Joe Martinetto all chose to exit at once
May 25, 2024 at 2:45 AMThe 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.
Betterment sweetens XYPN deal big-time to reflect conviction it can own [much more] micro-RIA custody in post-'Schwabitrade' landscape where competitors see chance to go upmarket
May 23, 2024 at 2:43 AMThe New York City robo-advisor rolled out the red carpet to XY Planning Network RIAs including dedicated service desks, website -- and dropping of fat fee.
Corient could become an RIA deal-making machine again and pursue its ever elusive IPO, after CI Financial moves to wipe out its debt -- now if it can only find a deal
May 22, 2024 at 4:40 AMThe Toronto parent's stock rises on announcement to sell notes on the private placement market, freeing Corient to leverage up and break a 7-month deal drought.
A San Diego RIA paid SmartAsset $10 million for leads that washed out 96.5% of the time, but still yielded $1 billion of net new assets in just about two years
May 21, 2024 at 2:34 AMSlogging through 1,000's leads is one way to 'crack the code,' says an analyst, but closing a lead requires painstaking follow up.
Bernie Clark, renowned in RIA circles, is the highest-profile executive to leave in a Schwab shake out of veteran talent, but only after his 'unmatched' feat -- adding nearly 9,000 RIAs and $4 trillion in assets to Schwab custody
May 17, 2024 at 2:53 AMThe 14-year head of Schwab RIA custody kept both CEO Walter Bettinger and heads of 15,000 RIAs happy in an incredible juggling act of corporate and entrepreneurial goals
AdvicePay finds its 'rockstar' leader after 14-month process where external candidate fizzled; now in-house candidate is ready to sizzle
May 16, 2024 at 1:56 AMKelsey Lewis takes charge in Bozeman as president with CEO-like day-to-day duties that include replacing herself as customer success officer.
Salim Ramji, who BlackRock may have shunned for Larry Fink's job in January, is named Vanguard CEO -- now he has to reassure investors he believes in the Vanguard way, even as an ex-Wall Street wolf
May 15, 2024 at 12:48 AMThe Malvern, Pa., firm is hiring an executive with impeccable credentials and proven ambition as lawyer, McKinsey partner and power executive on Wall Street
TradePMR scores Jon Patullo in lightning 'coup' after CEO Robb Baldwin took a phone call and lands a key player for his skyrocketing growth strategy
May 14, 2024 at 1:10 PMThe new chief product officer at the upmarket-bound RIA custodian -- soon to be based in St. Petersburg, Fla. -- has the vison and knowledge of third-party players, like Orion and Black Diamond, that big incoming RIAs want from TradePMR and its CEO.
Fidelity, Voya and BoA smooth BlackRock's launch of guaranteed-paycheck ETFs but 401(k) plan participants may yet balk at high, unseeable fees and intangibility of benefits
May 11, 2024 at 3:31 AMBig recordkeepers greenlit Wall Street asset manager's novel 'Paychecks' product, with BlackRock expressing ambitions to also expand the product to non-retirement accounts
Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus
May 10, 2024 at 1:29 AMTony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago
Peter Mallouk is exploring new RIA custody vendor for his $300-billion firm, despite new Fidelity referral deal; this time around upstart brands are in the running
May 9, 2024 at 1:31 AMThe founder and CEO of the national RIA in Kansas was tight with TD Ameritrade and says although no 'dominant' No. 3 custodian has emerged he is optimistic that it's imminent.
Envestnet shares spike on blowout net-new-asset quarter -- best since 2015 -- in part, because multi-year asset leak is slowing, and Yodlee is 'stabilizing'
May 8, 2024 at 1:58 AMThe Berwyn, Pa., outsourcer saw its stock price jump 3.55% after hours to $65 after falling to 52wk low of $33.12 last November.
Adam Birenbaum's calls 'Colony' deal -- to create $100-billion super-RIA -- a 'mandate,' but it's also likely a 'prelude' to larger strategic objective, M&A expert says
May 7, 2024 at 5:04 AMThe 46-year-old CEO of Buckingham Wealth's 'long game' approach keeps paying dividends; it comes down to his approach to relationships
Goldman Sachs is holding its first RIAs-only event -- with Mark Tibergien as keynote -- but it's invitation-only for GSAM clients and RIA clients of Big Three custodians get equal priority
May 4, 2024 at 12:39 AMGoldman Sachs Asset Management is going big for 100 select advisors at its two-day 'RIA Professional Investor Forum' with Bill Belichick and no brokers for the first time.
Division of $80-billion RIA leads a $169 million round and takes a 10% Altruist stake -- the second in a row with big 'RIA' investors, if not yet their custody assets
May 3, 2024 at 1:33 AMIconiq Growth, a division of RIA Iconiq Capital, will also dedicate a key executive to the Altruist board
During CEO Tim Buckley's waning months, Vanguard is imposing fees that may affect its older investors, while hand-off to Ascensus of certain IRA and 401(k) products also comes with some sticker shock
May 2, 2024 at 1:27 AMThe Malvern, Pa., giant transferred SEP IRA and 401(k) assets to its recordkeeper, which immediately imposed new fees, while Vanguard's new pricing schedule includes a commission to phone in Vanguard fund sales or purchases
Michael Nathanson's new post as Focus CEO could create an 'apparent conflict' with his duties at Colony Group, which is snapping up billions in Focus RIA assets -- but 'partners' now have one of theirs in the power seat
May 1, 2024 at 3:02 AMThe CEO of Colony, the $22-billion Boston RIA, is buying $10.4-billion GW & Wade from Focus, making him buyer and seller, as he takes the reins as first permanent Focus CEO since Rudy Adolf.
