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Articles Published October 2011


Scott David: We said: how can we make this happen?

Schwab and T. Rowe Price finally strike a OneSource deal with help from an ex-Fido exec
Scott David has only just arrived at the Baltimore mutual fund giant from Fidelity in May and he's already pulled off a coup that was 20 years in the making

Monday 10.31.11
David Canter is bringing an open architecture approach to assimilating intellectual capital at Fidelity.

Fidelity gives its execs a one-day crash course in RIA practice management
As a harbinger of a bigger initiative, the financial services giant called Mssrs. Skiles, Welling, Hurley and Rogers to a room in Boston

Monday 10.31.11
Ron Isbitts: October’s rally was nice, but, as they say, dead cats do bounce.

Five scary investment scenarios (and the likelihood that they will occur)
The goblins still still lurk despite the massive October rally

Monday 10.31.11
Brooke Southall: The RIA's ultimate value proposition is your belief that it is your destiny as one to help clients realize theirs.

What is the value proposition of a financial advisor -- and how is a budding RIA culture upping the ante?
It goes to people's relationship with money

Friday 10.28.11
John Valentine: Our referral base has grown from about 400 people to 3,000 in the last 24 months.

John Valentine has a NFL and Chevron-heavy client list but his RIA's growth was modest -- until now
The San Ramon, Calif. firm is getting down to the nuts and bolts of expansion and switching to a fee-only model

Friday 10.28.11
Ryans Shanks: What’s stopped you in the past is that internal mechanism that tells you not to run your own business. Now, you can see all of the firms.

Ryan Shanks and Ned Van Riper eHarmonize big-fee broker recruiting
JoinAFirm.com is expected to give independent firms more play by offering more options and keeping it casual

Thursday 10.27.11
Ali Swofford: It seems that men and women are both from Venus.

A crucial question for HNW clients: What is money for - and what should advisors do in response to the answer?
A Lindner Capital Advisors symposium recently answered some sticky questions with help from Meir Statman and others.

Thursday 10.27.11
 Leonard Reinhart: What really intrigues me about what he's doing is he's bringing Wall Street back to Main Street.

Why exactly Dave Loeper and a Smith Barney/E.F Hutton legend are teaming up
Leonard Reinhart has ideas about how to market the Richmond, Va.-based firm's patented technology - and alleviate strain

Wednesday 10.26.11
Aniket Ullal says ETFs don't fit well into classification systems that were originally built for mutual funds.

Startup firm bets its ETF research technology can cut out the middle man for advisors
First Bridge founder Aniket Ullal came from S&P and believes he can take on Lipper and Morningstar

Wednesday 10.26.11
Fred Tomczyk: My main message to [TD Ameritrade Institutional president] Tom Bradley is: keep it up.

TD Ameritrade chief calls RIA growth a significant factor in 44% 4Q surge
Improved technology geared at recruiting more RIAs and offering a greater breadth of products to long-term investors were cited as growth engines

Tuesday 10.25.11
Mike Durbin: We want to have the largest clients with the most assets. We're going after the largest teams and getting them.

Mike Durbin is putting his stamp on Fidelity as an RIA custodian for asset-flush breakaways
The leader is working to improve its customer services as the custodian pours big bucks into upgrading its tech offerings

Tuesday 10.25.11
Mark Evans: Zywave's proven track record as a highly regarded innovator and commitment to advancing next-generation financial planning technology for advisors and their clients make it the ideal partner.

EISI strikes a deal to cash out its shareholders
The buyer, Zywave, is a force in the property-and-casualty world

Tuesday 10.25.11
Laura Kogen: It's hard to pin me down.

Fidelity lures a 'game-changing' West Coast practice-management star
Laura Kogen's eclectic skill-set, serious smarts and vivid personality make her a catch

Monday 10.24.11
Mark Tibergien: If one UHNW client leaves, the sudden loss of revenue can imperil the stability of a firm.

Are ultra-high-net-worth clients really worth it?
Yes, but excellence and profitability need to be weighed against these high-maintenance, resource-sucking and sometimes fickle people of means

Monday 10.24.11
Randy Long: I'll be calling all of their clients.

The head of a $12 billion RIA spars with UBS and LPL execs on the great fiduciary debate
Retirement-plan leaders grapple with different degrees of fiduciary and how best to address advisors and clients

Friday 10.21.11
HighTower plucked Ann Reider from an MSSB  branch in close proximity to HighTower's Chicago headquarters

Casting a wider net for talent, HighTower poaches an MSSB branch manager
After three years of relentlessly recruiting brokers from Wall Street firms, the strategic buyer will go to wirehouses to top off its managerial talent

Friday 10.21.11
Lorraine Fox: I’ve been a crazy, overworked pro. I always knew I needed to spend time on my investments but I never quite got around to it.

Why an Apple, Oracle and Credit Suisse veteran started again as an RIA
In just two years, Lorraine Fox helped her firm grow to $300 million of AUM, with a boost from fellow Stanford alums

Friday 10.21.11
Kathryn Capage: None of the things I'm seeing are promoting a heavier emphasis on increased contributions in 401(k) plans.

The advisor-to-401(k) business could be set back by Democrats and Republicans
New measures could take away incentives to put money aside and make advisors shy away from the business

Friday 10.21.11
Scott Dell'Orfano is one of a long line of Fidelity executives internally drafted into new positions.

Fidelity is shopping for new head of sales after Scott Dell’Orfano is tapped for semi-secret mission
Dell'Orfano and his team are developing product services and technology the better to lure major RIAs

Wednesday 10.19.11
Joseph Bonasera: The fact that Commonwealth allows its advisors to act as a fiduciary is critical to our business.

Commonwealth edges out LPL to nab the $1.2 billion retirement firm just down the road
Summit Financial wanted greater pension expertise

Wednesday 10.19.11
Les Abromovitz: Investment advisors should avoid selective amnesia in their newsletters.

Advisor newsletters: Compliance-wise, all news may not be fit to print
Even a photograph of a client may be viewed as a testimonial

Wednesday 10.19.11
Lori Van Dusen has been thinking about starting an RIA for 20 years but the 'pieces' couldn't be assembled to her liking, until now.

Dynasty Financial wins the account of Lori Van Dusen's new RIA through Focus Financial
The arrangement holds the possibility of a symbiotic advisor-vendor relationship between the wealth management platform and the big aggregator

Tuesday 10.18.11
Duane Thompson says FINRA is keener than ever to regulate RIAs considering the waves of money flowing from the B-D to the fee-only side.

RIAs and B-Ds don't mix, says Duane Thompson at MarketCounsel Summit 2011
TD's Tom Bradley delivers a caffeine jolt of good news about the growth of the RIA channel

Tuesday 10.18.11
Bob Veres is helping provide the practice management twist to this new conference series.

What Messrs. Bruckenstein, Drucker and Veres cooked up in a Chicago airport hotel
The pilot effort to make a T3-like event with heavy admixtures of wealth management and practice management looked good

Tuesday 10.18.11
Stuart DePina: There is no way this is going to come back on Tamarac.

Tamarac CEO: Mark Spangler's big trouble with the feds won't harm Tamarac
It's a PR issue for the Seattle software dynamo after the the former NAPFA chairman, former Tamarac chairman and RIA faces a heavy SEC scrutiny and FBI investigation

Monday 10.17.11
Daniel Bernstein: No one should be running their businesses on stuff which may never come to fruition.

The dark side of the 'good' regulatory changes get scrutinized at MarketCounsel Summit 2011
Advisors may get much of what they wish for but in reality it may not be so good

Monday 10.17.11
Philip Palaveev: The first million in revenue is going to come from the owner. However the second million in revenue is going to come from and be serviced by others.

What exactly is Fusion Advisor Network and who did it draw to Las Vegas last week
Its leader, Philip Palaveev brings advisors aspects of a a high-end consultancy, a roll-up and a yoga retreat

Sunday 10.16.11
Ron Carson: There is talk of a ‘seismic shift’ having started in our industry, a shift to true independence.  Let me tell you something – it hasn’t even truly begun.

LPL's biggest advisor rallies his proteges Nebraska style
Ron Carson brings his Peak members to his home base of Omaha and surprises them with a famous, and local, coach

Friday 10.14.11
Brian Hamburger says the latent threat of FINRA is that RIAs will lose their individuality and become like big-box stores

Brian Hamburger answers the questions about an SRO future that has RIA stomachs in turmoil
The MarketCounsel Summit undercurrent revolves around FINRA fears, so Dina Hampton put the compliance expert on the spot about how the scenario could unfold

Friday 10.14.11
Dan Inveen: The supply of good people is becoming increasingly scarce.

Competing studies from FA Insight and IN/Moss Adams agree on one thing: RIAs face a picked-over market of client prospects
Slow growth is getting slower, firms are adding an employee and costs of RIA help are skyrocketing

Friday 10.14.11
Chip Roame says to look for the wirehouses to announce halfway houses in the next 12 months.

10 things worth knowing from yesterday's Tiburon CEO Summit
Chip Roame sugarcoats nothing and it keeps 150-plus top execs on the edge of their seats

Thursday 10.13.11
Aspiring mixologists Rush Norton, Tim Painter, Kartik Srinivasan, Christina Riley, Alan Strauss

At MarketCounsel Summit 2011, some hard-hitting speeches followed by 'Mohita Madness'
After hearing from industry heavyweights Mark Tibergien, Daniel Bernstein and MarketCounsel founder Brian Hamburger, it was time for a unique cocktail hour in a stunning setting

Thursday 10.13.11
Dominick Paoloni: I think every money manager secretly does want to become a hedge fund - at least if they can break the code.

Macro-economic analysis comes to the everyday RIA, and is welcomed post-2008
Still not the kind of power an RIA would need to run a hedge-fund like operation, say analysts

Wednesday 10.12.11
G. Michael Phillips: These solutions, while known at the higher-end of fund management, had not made their way to the day-to-day practitioner - RIA, financial planner, registered rep.

MacroRisk Analytics makes Ph.D-grade economic insight almost RIA-friendly
Pricing, user experience and value look good, but still no integration with portfolio management systems

Wednesday 10.12.11
Tom Bradley: We consider ourselves the Apple of the industry.

Once good for a few million, TD Ameritrade's foot-in-the-door strategy is starting to net billions
With the paperwork signed, TD goes to work wooing big RIAs with technology, special pricing and a maverick culture

Tuesday 10.11.11
Neal Ringquist: We're doing it from the top down through enterprises and bottom up trying to convince advisors to buy it themselves.

Long a tech innard for Schwab, LPL and TD, Advisor Software is looking to push its own brand with new product
Its new software, goalgamiPro, is able to make sense of multiple housebold balance sheets and come out with a plan

Tuesday 10.11.11
TD Ameritrade Institutional is moving staff into this San Diego building as part of its growth

What's happening at RIABiz this week and why it matters
We've got our eye on TD Ameritrade's growth, do-it-yourself hedge fund analytics and two elite conferences starting Wednesday

Monday 10.10.11
Jeremy Fletcher: The cumulative cost to implement Dodd-Frank is estimated at $2.9 billion over five years.

Eavesdropping on a Fitch Solutions event in San Francisco
Concern for the economy runs high but the news isn't all bad

Friday 10.7.11
Jim Weil: There was no straw that broke the camel's back. There was no dirty secret.

Big Chicago advisory firm exits Raymond James; forms its own RIA with Pershing
After a dozen years with the big broker-dealer, the group saw advantages to using NetX360 and working with Mark Tibergien

Friday 10.7.11
Jeff McClure: I still only have half the net income I had as a broker-rep, but it is a very reliable and consistent income.

Two Texans talk turkey about moving from an IBD model to an RIA model
Jeff McClure was able to bring Sean Kernan closer to his way of thinking by letting him in on his experiences

Friday 10.7.11
Taylor Carrigan, visual and user interface designer at Apple: "I feel sick and my heart is pounding. Everything about this is heartbreaking."

RIAs use Twitter to reflect on the life and legacy of Steve Jobs
The innovator and entrepreneur compared to Edison

Thursday 10.6.11
Sarah Kenney: It may seem kind of nutty.

One woman's journey from Whole Foods to Edelman Financial
What do butternut squash and finance have in common?

Thursday 10.6.11
Andrew Rogers: A robust sales function is also crucial to an advisor's successful fund launch.

Why many RIAs should start a mutual fund, considering the limitations of SMAs
A little daunting, sure, but advisors - especially ones geared to serving the mass affluent - will find the extra effort worth it

Thursday 10.6.11
Brooke Southall: I'm talking about an explanation that hits the mark intellectually without eliciting the dreaded MEGO response: 'My eyes glaze over.'

How RIAs describe exactly what they do in a few choice words
A selection of responses we received from folks in the RIA business

Wednesday 10.5.11
Marcy Supovitz: There's never been any professional society with a strong focus on advocacy representing advisors who focus on employer-sponsored retirement plans.

401(k) advisors get a lobbying voice in Washington
But in these tough times, advisors are better served by a focus on practical solutions, CFDD president counters

Wednesday 10.5.11
The term "RIA" suffers both from definers who provide too much nuance and too little.

What exactly is an RIA?
The letters stand for registered investment advisor but then it gets complicated

Tuesday 10.4.11
David Lincoln: Many of these family offices used to be content with slow growth, but now they find that they need to demonstrate vibrant to attract top talent.

Smelling blood on Wall Street, genteel family offices are using the 'S' word, study shows
A sales culture is being driven by competitve pressures and opportunities for fresh assets that are too tempting to pass up

Tuesday 10.4.11
Dan Arnold impressed his bosses with his recent performance.

LPL Financial names a strategy czar
The big IBD puts Dan Arnold into the newly created position

Tuesday 10.4.11
Mike Alfred: Reviews will be in line with the spirit of [compliance regulations] if not in line with the antiquated letter of the law, which was written long before the era of social media.

Brightscope to launch Yelp-like reviews, putting advisors under the consumer microscope
The iconoclastic Alfred brothers' latest innovation will give clients a voice - but experts and advisors fear compliance complications

Monday 10.3.11
Rob Francais: You can look at our growth in the last three-and-a-half or four years and say it's off the charts, but it's all been part of a very patient well thought-out process.

How Rob Francais combined two giant RIAs and then added the assets of Deloitte Investment Advisors
Kochis Fitz, Quintile Wealth Management and Deloitte are now $7.2 billion Aspiriant and there are more plans to grow -- carefully

Monday 10.3.11



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