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Articles Published June 2011


Patrick Sweeny and David Connelly: In 1994, Pat and I felt we were very, very late to the game.

Advisor Spotlight: Two small Dean Witter breakaways are now Symmetry, a big DFA TAMP
David Connelly and Patrick Sweeny grew to $6.5 billion of assets largely as an exclusive DFA shop but recent added Vanguard, BlackRock and State Street ETFs

Thursday 6.30.11
Scott Slater: This is something that any firm who wants to grow needs to confront.

Schwab encourages RIAs to adopt client segmentation but some don't approve
The controversial practice is cherry picking to some advisors but experts say it's plenty fair and crucial for growth

Wednesday 6.29.11
Sunit Bhalla: I can log into my bank in seven keystrokes.

How one RIA is running his practice on a Mac and finding it totally doable
Sunit Bhalla is taking full advantage of Apple to make sure he stays a one-man shop

Wednesday 6.29.11
Scattered dollars: Asset pockets can be found across the country from Los Angeles to Trenton, N.J.

Advisors find big assets in some little-thought-of locales
Retirement enclaves and emerging tech towns are among the wealthiest areas in the country, data indicates

Tuesday 6.28.11
Adam Bold: I got calls 10 years, 10 weeks and 10 days ago and as a prudent person, I listen to these things....clearly the bigger the company gets, the bigger all the numbers get in terms of growing the business.

Adam Bold: The Mutual Fund Store is not for sale
Company owner denies report but says he takes phone calls of outside financiers

Monday 6.27.11
Roger Hewins: It was worth being there when you got there.

Schwab EXPLORE goes deep into the Rockies with big RIAs
Top executives from corporate, Advisor Services and Windhaven mingled with advisors representing 5% of RIA assets in U.S.

Monday 6.27.11
Mark Tibergien: My goal is to upset you.

Tibergien uses brutal honesty to captivate big Schwab RIAs and others at San Francisco event
The Pershing leader and former Moss Adams star lit into advisors on practice management issues

Friday 6.24.11
Richard Bernstein: This is the world’s greatest story – U.S. small caps.

Former Merrill Lynch analyst tells RIAs to steer clear of emerging markets
Richard Bernstein sees Greece as the tip of the iceberg

Friday 6.24.11
Elliot Weissbluth: I can tell [advisors] life is better for you outside of the wirehouse and I didn’t know this fact three years ago.

HighTower dangles array of hedge funds to lure breakaways
Wirehouses have nothing on independents when it comes to access to hedge funds, firm says citing three-year study

Thursday 6.23.11
Kristin Gibson: Clients will really force your hand out of fear.

Russell Investments and Fidelity both see disconnect between HNW investors and RIAs in separate studies
Mere millionaires prefer fixed income and ultra-wealthy Tiger 21 members also edge toward perceived sleep-at-night investments

Thursday 6.23.11
Brian McLaughlin: We have nice new Nissans.

Review: How Redtail got hot fast among RIAs and how it plans to leapfrog itself
Brian McLaughlin's mindset includes: Technology, appealing pricing and bootstrapping growth

Wednesday 6.22.11
Stacey Lau Welsh gave up her investment banking career to manage wealth. 'I can work hard and sleep in my own bed.'

Three happenings in the RIA world right now
The Innovative Alternative Strategies conference kicks off; United Capital brings aboard two high-level women advisors; and Ron Rhoades finally gets recognized for his efforts

Wednesday 6.22.11
Dave Welling may play a pivotal role in whether Advent's Black Diamond acquisition makes the combined entity more like the Google or Microsoft of portfolio management systems.

Five recent articles that show the RIA business just keeps hitting milestones
Advent buys Black Diamond, Carson goes RIA, Duran champions consolidation, Schwab goes full-out into franchises, Brightscope grades RIAs

Tuesday 6.21.11
Les Abromovitz: Avoid statements that expressly state or imply that you and your firm are in a class by yourself.

Examiners may ask “Says who?” about your advertisements
RIAs may run afoul of the SEC by using superlatives like "unparalleled" and "unique"

Tuesday 6.21.11
Ric Edelman: You can’t do 10,000 things,10,000 ways for 10,000 clients.

Barron's top advisor shares the secrets to his success with rapt RIAs at TD event
Ric Edelman puts marketing in a new light

Monday 6.20.11
Larry Sinsimer says advisors lose out by failing to put a retirement plan in writing.

Fidelity sees potential 401(k) rollover magnet for RIAs: retirement income plans
Clients receiving the extra level of planning refer and consolidate assets to their advisors, study shows

Monday 6.20.11
Tom Bradley: It’s common practice to give pieces of tech to advisors coming on to a platform.

TD Ameritrade will continue to provide free software to breakaways on an ad hoc basis
Tom Bradley takes exception to how the giveaways are characterized

Friday 6.17.11
Brian Keil: We’ve not seen a change this big industry wide in a very long time.

12 takeaways for RIAs from a Schwab report about complex cost basis rule changes
The onus is on the custodians but advisors will be expected to help, especially during tax season

Friday 6.17.11
Fred Tomczyk: [We’re] protective of [our] brand and client experiences. Owning is the right experience for us.

TD Ameritrade and Schwab at odds on franchise model
TD's CEO Fred Tomczyk questions Schwab's approach to greater distribution using independent contractors

Thursday 6.16.11
Scott Dell'Orfano: Two years ago, advisors were all about calming clients down.

What a slew of recent RIA surveys say about the firms' hunger for growth
Firms are ready to hire and recruit investors but they're aware that pitfalls abound

Thursday 6.16.11
Erika Donalds: Axys does not have any kind of login or audit trail, so you couldn't assign users; you couldn't limit what different users could see or do in the system. That was too much of a risk.

What one big RIA has to say about its switch from Advent Axys to Advent Portfolio Exchange
It's a night-and-day improvement in terms of the two products' functionality and the conversion process to APX was fine, if lengthy

Wednesday 6.15.11
Steve Van de Wetering: Doing it way before you even buy APX gives you a big window of opportunity to fix it.

How one company is making money by making Advent Axys data portable
Empaxis outsources to India and some of its customers use the service before they choose to switch providers

Wednesday 6.15.11
TD Institutional president Tom Bradley opened the conference with TD president and CEO Fred Tomczyk.

High-earning RIAs gather at TD's Elite Advisor Summit
Many 'first-timers' journey to the Fountainebleau in Miami Beach to glean leadership tips to grow their businesses

Wednesday 6.15.11
Lauren Lindsay had one client whose adult children cost them $800,000.

RIAs grapple with a rising threat to retirement: Adult kids that move back in with mom and dad
Charging rent and creating a chore list are two ways of keeping mooching grown kids from getting too comfortable back in the nest

Tuesday 6.14.11
Joe Duran: “When [my wife and I] are having an argument, my goals and dreams are adapting right there.

Joe Duran tries out novel financial planning strategy on himself and his wife
United Capital is seeking a replicable method for counseling high-net-worth couples

Tuesday 6.14.11
Joe Mansueto: There’s a need to find the right advisor for you and to evaluate that advisor. There’s a consumer need.

Morningstar's Mansueto views next horizon: rating RIAs
Company announces new forward-looking fund rating systems but how to rate advisors still has puzzling aspects

Monday 6.13.11
George Bush: I wouldn’t call me Wall Street. I’d call me a West Texas skeptic.

Pershing clarifies how it's the un-Schwab and a far-flung crowd pours in to South Florida
The INSITE conference draws a diverse set of advisors, Bush speaks and advisors get word on Dodd-Frank

Monday 6.13.11
Robert P. Kelly sees a "massive shift" to guaranteed income sources.

CEOs of BNY Mellon, Lincoln Financial and Legg Mason are stubbornly glum on Pershing INSITE panel
Bloomberg interviewer finds it tough getting Kelly, Fetting and Glass to answer about where the dark economic tunnel ends

Friday 6.10.11
Mark Tibergien: There are certain reasons – some regulatory - why end clients require a bank custodian rather than a brokerage custodian.

After trying life as two silos, the custody units of BNY Wealth Management and Pershing will largely merge
Collaboration and shared marketing are in the works

Friday 6.10.11
Robert Rickey: Our own experience with both individual and institutional clients has confirmed the growing need to support independent advisors.

TIAA-CREF is creating an RIA-only pre-screened list for referrals
The big 403(b) provider is seeking to help plan sponsors concerned with meeting fiduciary obligations

Friday 6.10.11
Bruce Levitus is betting that a $2 million first-year hit will pay off in gains longer term.

AIG's Advisor Group introduces a 100%-payout for big RIAs as part of a massive revamp of its fee-based platform
The company is seeking to address the issue of having 65% of its advisors still managing assets themselves rather than using managers

Thursday 6.9.11
Bill Gross: Buy blue chip stocks like Coca-Cola, Pepsi and Procter & Gamble.

Bill Gross wows advisors at Morningstar conference, but not with good news
The bond king slammed fixed income investments and encouraged blue chip stock investments in a hard-hitting speech

Thursday 6.9.11
Andrew Salesky: It’s come up many times in the past. The timing is right.

Schwab spells out the details of its franchise plan
The San Francisco broker is making five-year deals with dozens of financial advisors from across advisory channels

Wednesday 6.8.11
Michael Durbin: It may seem elegant and easy to take a check and walk across the street, but it’s important to spend the time to get to the right destination.

Fidelity study: Breakaway RIAs could pocket millions in after-tax profits
Dazzling wirehouse retainer deals are nice but going it alone can pay much, much better after taxes get figured in

Tuesday 6.7.11
Neel Kashkari: The TARP chief believes that unchecked government entitlements could lead to bankruptcy.

Eavesdropping on a well-kept secret: the FPA NorCal event
Neel Kashkari, Michael Lewis, Bob Veres and a few others took a local event to a new level

Tuesday 6.7.11
Benjamin Baldwin: I did my August monthly statements for my clients, had them up on the website by the first week of the month, and they were already completely out of date!

One RIA's unvarnished views on Advent, Black Diamond, Tamarac, IAS, Orion and Schwab PortfolioCenter after an odyssey of test drives
Benjamin Baldwin is making the jump from PortfolioCenter to Orion after a brief affair, and lingering love, for Black Diamond

Monday 6.6.11
RBC hired Sanjeev Rajput from Fidelity to punch up the sales of its young RIA unit

RBC hires another Fidelity alumnus to boost its RIA unit's sales
Sanjeev Rajput has 'hit the ground running'

Monday 6.6.11
Bill Belichick's presence helps explain a big jump in attendance this year at Pershing's conference

Pershing, TD, Schwab set to raise the curtain on late-spring conferences
Pershing's event has presidents, prime ministers and Bill Belichick

Monday 6.6.11
Jon Eaton: We think there’s much more than a niche; we think we have a better solution.

LPL Financial confirms that Akellian hire means big plans for its clearing services
The firm is eying fellow IBDs as customers and it aims to gain footing with Pershing and NFS

Friday 6.3.11
Michael Alfred: If a plan doesn’t include [TIPS] then they need to explain why.

With inflation on a tear, 401(k) plans look vulnerable and BrightScope publishes a cheat sheet
Some experts are running scared from rising prices and others see this as another false alarm

Friday 6.3.11
Robert Schein: Ten advisors called me. They said: 'You guys moved.' What more is there to the story?

HighTower is starting to run the poaching table in Palm Desert
The Chicago firm's phone is ringing after it wins a top Morgan Stanley team on the heels of nabbing Merrill breakaways

Thursday 6.2.11
Walter Bettinger, Schwab's CEO, is high on ETF-infused 401(k)s combined with independent advice

What to make of yesterday's Wall Street Journal report on Schwab's 401(k) 'bet'
RIAs favor WSJ's suggestion that Financial Engines is getting a close look as an outsourced 401(k) advice provider

Thursday 6.2.11
Darren Tedesco: We said: let’s pay a little more and get exactly what we want and control our own destiny.

Commonwealth's revamp of technology includes subtracting Advent
The big IBD wasn't impressed with the value presented by third-party performance reporting companies

Wednesday 6.1.11
Rick Keller: It was stressful to compete in a world where investment management services are combined with a broad bank platform so, I decided to open my own bank.

In a twist, RIA opens a bank - to significant success
Despite increased oversight, the one-stop-shopping model has worked for First Foundation

Wednesday 6.1.11

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