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RIABiz

Articles published 11/2010


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The Morgia Group breakaway to HighTower Advisors and Fidelity proceeded despite the big snow in Watertown, N.Y.
November 30, 2010 at 4:35 AM

Michael Henkel: He is passionate about moving independent advisors into the retirement plan market, but says that for now, advisors lack the tools to succeed there.

Yesterday's proposed DOL regs underscore why default investments are the 401(k) market's giant untapped opportunity

Regulators' so-far soft approach on target date funds leaves door open for advisors to compete

November 30, 2010 at 4:35 AM

Les Abromovitz: Working on an elected official or candidate’s campaign may also fall within the definition of “contribution” found in the pay-to-play rule.

SEC's new pay-to-play rules call for you to investigate your employees' political giving

Surprisingly broad regs kick in next quarter, covering RIAs that do business with the government

November 30, 2010 at 4:12 AM

Ron Fiske: Bachelorhood is overrated.

(Updated) Ron Fiske comes aboard at Envestnet as company unveils its grander technology vision

The former high-level advisory exec at Fidelity will sit at the right hand of Bill Crager and court RIA custodians

November 29, 2010 at 5:49 AM

Dan Goldie [on left]:I knew I would get Gordon Murray [on right] hooked.

'Dying banker's last instructions' article in New York Times sends book sales soaring for two DFA advisors/authors

When Gordon Murray was given six months to live, he and Dan Goldie set to work

November 29, 2010 at 4:45 AM

Americans take the retail system for granted but it's supported by a complex infrastructure, one that has yet to be replicated in financial services.
November 26, 2010 at 4:37 AM

It's always darkest before it goes pitch black

What Target, Apple and Whole Foods tell us about Black Friday and our economy

Stores are opening in the wee hours and slashing prices but will it boost the economy?

November 26, 2010 at 4:36 AM


Marie Swift: There has never been a time in recent history when so many prospects are looking for a new advisor.

Eavesdropping on the MoneyShow: The great debate between MPT and technical analysis

Plus, three marketing ideas that actually work and the academic case for alternative assets

November 24, 2010 at 4:53 AM

Nick Georgis:  We do not support a SRO for the RIA industry. Schwab has had conversations with SEC staff to share this point of view.

Custodians defend their records in having RIA backs in battles for the fiduciary standard and against FINRA takeover

TD Ameritrade has publicly made some regulatory efforts for advisors and other say they mostly do it behind the scenes

November 23, 2010 at 5:39 AM

David Massey, NASAA president, is arguing that the SEC has the bandwidth to continue regulating advisors.

Is FINRA oversight a fait accompli? It's starting to feel that way.

IAA's Tittsworth says advisors still have the chance to play up small-business angle to submarine legislation

November 23, 2010 at 5:38 AM

David Selig: I felt like I had more meaningful conversations with industry luminaries and other well-connected people than at any event in recent memory.

Advisors in the airport shuttle make suggestions for taking the MarketCounsel Member Summit to the next level

RIABiz stumbles on a final moveable breakout session where unedited opinions flew fast and hard

November 23, 2010 at 5:24 AM

Bill Crager: Not having technology integrated is like leaving the windows open in New York in winter.
November 22, 2010 at 6:22 AM

Mark Tibergien: We will need an additional 9,000 advisors over the next five years just to keep up with the demand and growth.

Eavesdropping on the Moss Adams workshop: How big and broadly owned your firm should be

A study shows some myth-busting common denominators among successful firms

November 22, 2010 at 6:13 AM

Ron Rhoades: I have seen in my 25 years of practice ... a large number of individual Americans withdraw from the stock and bond markets after discovering the inadequacy of the conflict-ridden investment advice they received.

One-Man Think Tank: What would Adam Smith say about the fiduciary standard?

As the SEC ruminates, the invisible hand lurks and Rhoades finds support for a strong standard in unlikely places

November 22, 2010 at 5:55 AM

Mike Golaszewski, now business technology officer at Pershing LLC

A key Schwab web manager jumps cross country to Pershing

Mike Golaszewski will likely join in NetX360-related efforts

November 19, 2010 at 7:39 AM

David Tittsworth: I feel alone out there a lot of the time.

Testy words pass between advisors and regulatory panelists at MarketCounsel conference

RIAs are shocked by how bad things have gotten in Washington

November 19, 2010 at 7:30 AM

Bob Reynolds: Once you tune out the hysteria and hyperbole ... it’s very clear that Social Security reform does not require draconian measures, just some very uncommon political courage.

DC Current: Bob Reynolds spoke on retirement reform, but what he left unsaid was more interesting than the speech

Retirement reform hovers just outside the spotlight. Will it step inside next year?

November 19, 2010 at 7:26 AM

Joe Duran: There will be a lot of folks wiped out and [big competitors] will charge 30-40-50 basis points and that’s the pricing we’ll all have to live with. (Photo by Catherine Taylor)

The MarketCounsel Member Summit hums in the Nevada desert

Joe Duran floats a controversial thesis about the threat faced by investment managers

November 18, 2010 at 6:17 AM

Lee Hennessee: “My ignorance was that I didn’t think somebody would lie to you in writing”

An RIA that paid the price for falling for the Bayou scam speaks out

Who should be accountable for finding fraud? Two who have been through the ordeal say responsibility should rest with those best-positioned to discover it, like the clearing firms

November 18, 2010 at 5:28 AM

Andrew Fotopulos: Advisers seem a lot more anxious to obtain coverage at this time.

Why RIA demand for E&O insurance is booming and premium prices are [thankfully] plummeting

A plethora of new carriers is a big boon at a time when regulators 'circle like sharks'

November 17, 2010 at 5:40 AM

Pat Huddleston: Every credible scam produces an impressive PPM, and no PPM discloses the risk of fraud.

RIAs need to become students of financial fraud so scam artists can't rent their credibility

Advisors see startling drops in AUM when they get fooled by third-party managers and their clients get burned

November 17, 2010 at 5:37 AM

Dan Seivert: Several factors that may pave the way for LPL to turn public.

10 reasons why LPL Financial could pull off a hot IPO in a cold market

The big IBD touts its big size, big growth and big recruiting opportunity in SEC filing

November 17, 2010 at 12:26 AM

Pat Mendenhall expects to fill a big vacancy in this 1330 Post Oak Boulevard building.

A HighTower-like consolidator rises from Texas ground

A UBS star is raising capital and recruiting up a storm

November 16, 2010 at 5:00 AM

Mike Byrnes: The key to many negotiating success stories is when two parties look beyond their own needs.

In their own words: Five top advisors' secrets for creating stronger alliances to gain more referrals

From office space to joint events to good old-fashioned favors, how to form crucial bonds

November 16, 2010 at 4:53 AM

Tim Noonan of Russell Investments: What Starbucks does right is they are always trying to build a bridge of trust with the clients. They never assume it’s there.

One size doesn't fit all, or how advisors ought to adapt their strategies for their clients' behaviors

Russell Investments' Tim Noonan tells RIAs what they can learn from Starbucks

November 16, 2010 at 4:37 AM

Andrew Lewis: The culture of Wells Fargo has been a very nice change.

A UBS broker lands at Finet, which helps him win a nasty tug-of-war over clients

Attorneys: Wirehouses may be reawakening to the independent threat

November 15, 2010 at 5:55 AM

Suresh Kumar and Trent Witthoeft are the faces of the NetX360 roadshow at a stop-off in Mill Valley.

What I learned from a duo of Jersey guys who visited RIABiz in Sausalito

Brian Hamburger and Suresh Kumar made the long flight fueled by a shared passion for the evolving advisory business

November 15, 2010 at 5:53 AM


Stephen J. Cucchiaro spoke with Chuck Schwab and Walt Bettinger before deciding to sell his company to theirs.

A look inside Schwab's big deal with a small asset manager

Windward sold for a big premium but Schwab may be the bigger winner

November 12, 2010 at 5:51 AM

Who is to windward?

Schwab closes the Windward Investment Management deal but relinquishes the brand

A small advisory firm also had a claim on the ETF manager's name

November 12, 2010 at 5:49 AM

Suresh Kumar: If you have a single office or 10,000, we can handle them.

Pershing believes its case for NetX360 as the Apple equivalent for advisors is solid

Fidelity and Schwab make counter-arguments based on their own technological visions

November 11, 2010 at 8:10 AM

Nevin Freeman: I got the sense this time around that Kumar and his team really are doing what they can to push the envelope.

Nevin looks under the NetX360 hood after it gets 100,000 new users and some overhauling

The ambitious software effort shows signs of 13,000 user comments

November 11, 2010 at 8:10 AM

Lou Harvey: “The demand for lower fees by 72 million participants and their families and 483,000 employers can awaken a sleeping giant that places similar demand on virtually every investment and financial product.

How advisors can position themselves for the coming 401(k) boom

Tips on becoming the educator of choice; and a framework for thinking about plan restructuring

November 10, 2010 at 5:26 AM

David DeVoe: The consolidation model is still  resonating with RIAs but some have made the strategic decision to move to the sidelines.

RIA M&A activity sizzles toward a record number of deals in 2010

Last year's pent-up demand got unleashed and conditions are improving, according to Schwab data

November 10, 2010 at 5:25 AM

Paul Auslander: As an umbrella for members with many business models, the FPA is in a strong position in an environment in which the different models are merging. “The targeted groups are the ones at peril, not us.”

As state regulatory, tax battles loom, FPA is establishing statewide organizations to counter threat

New president-elect sees a big change among broker-dealers on fiduciary issue: 'Sometimes I walk out thinking I've been in a Kumbaya situation'

November 10, 2010 at 4:43 AM

Boston Convention Center: Advisors were swarming exhibitor booths for much of IMPACT 2010

Eight software vendors give insider accounts of their IMPACT 2010 booth experiences

Non-stop booth traffic -- including visits from giant RIAs -- suggests advisors came to Boston in a code-buying mood

November 9, 2010 at 6:46 AM

Peter Ricchiuti: When you look at debt as a percent of GDP, while staggering nominal numbers, they are still far below the WW II era.

Looking in on IMCA's Advanced Wealth Management conference: Sold-out event shows how IMCA is growing, broadening membership

Custodians gather in target-rich environment: advisors that are well-equipped for independence

November 9, 2010 at 6:44 AM

Matt Abar: It’s extremely crowded in the [software-as-a-service] area right now.

FinFolio and Black Diamond are hiring top sales talent

Both companies see plenty of ready buyers for next-gen portfolio management systems

November 8, 2010 at 4:37 AM

Rob Isbitts' monthly review of financial market performance and trends,  as told through mutual fund category performance (data supplied by Morningstar)

Market Fund-A-Mentals: After an in-your-face rally, which fund categories rise to the top?

Funds incorporating hedging strategies see a tough year so far; a group of gold-inspired funds are acting like stocks

November 8, 2010 at 4:25 AM

Charles Roame:  I think that the point is to make a partial public offering, frankly a minority one, create a public capital value and allow the firm to use additional stock to make acquisitions.

What to make of LPL nearing a successful -- but scaled back -- IPO

It made concessions on price but gaining a public valuation may be mission accomplished for now

November 5, 2010 at 5:04 AM

In an interview with Elizabeth MacBride, above, Charles Ferguson says that because Obama blew it, reforming Wall Street will likely take decades.

DC Current: A damning view of financial services from Inside Job's director, Charles Ferguson

Film connects the dots leading to the crisis and lays blame at the doors of some unlikely candidates

November 5, 2010 at 5:00 AM

John Carnevale: This makes us an 800-pound gorilla for what we do.

Geller Group finds its white knight within the Focus Financial family

The DOL investigation goes on but -- undeterred -- a Massachusetts company takes the TPA under its wing

November 4, 2010 at 6:24 AM


The RIABiz team is about to give the thriving RIABiz directory a boost -- we're incorporating more companies, and building out the information we have about each one.

Secrets of the RIABiz directory -- if you haven't looked lately, you'll be surprised at how the data stash is growing

It’s time to update and expand the RIABiz Directory, which already lists 250 service providers

November 4, 2010 at 6:23 AM

Skip Schweiss: We think it’s time to ramp it up.

TD Ameritrade and Pershing are making moves to win RIA 401(k) assets

Little-known Matrix is strong with 401(k) business for advisors and Fidelity's new 401(k) RIA solution is well-received

November 3, 2010 at 6:44 AM

Ron Rhoades: It appears that relatively few investment strategies, as to the design of portfolios for individual clients, withstand academic scrutiny.

One-Man Think Tank: Would your investment strategy stand up in court?

Advisors should apply due diligence not only to products and suitability, but to their overall approach, says the new ADV form.

November 3, 2010 at 6:42 AM

Catie Tobin: I think size is an advantage to us.

A top RBC Wealth Management executive gets drafted to head the company's young RIA unit

Catie Tobin is expected to make the big financial muscle of the Royal Bank of Canada work for independent advisors

November 2, 2010 at 1:28 PM

Bill Gross’ thought leadership may contribute to advisors' feelings of confidence and security.
November 2, 2010 at 6:14 AM

Les Abromovitz: Aside from the issue of whether a designation or certification is misleading, all financial services firms should be concerned about investment advisers who claim to have credentials they did not earn.

Why you should pay attention to proliferating advisor credentials

Les Abromovitz heads to Nebraska to figure out which letters are worthwhile -- and which take little more than a check and a pulse to earn

November 2, 2010 at 6:03 AM

Marion Asnes: I want to be in a world that’s growing, and Envestnet is in a market that’s spectacularly growing.

(Updated) Envestnet hires Marion Asnes to tackle its marketing challenge

Financial Planning's editor-in-chief seeks to make the outsourcer's 'subtle' attributes 'explicit'

November 1, 2010 at 4:22 AM

“We’ve always enjoyed the culture of the Smith Barney enterprise,” said Tim Oden, wryly.

Five things I learned about the subterranean breakaway movement at IMPACT 2010, including that Tim Oden's been promoted at Schwab

Big custodian grows sales staff to handle rising tide of defection-minded IBD reps, heightened demands of wirehouse breakaways

November 1, 2010 at 4:22 AM

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