Brooke Southall
Articles written by Brooke Southall
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Goldman Sachs salvages $349-million 'gain' from its United Capital misadventure that may also be a $400-million haircut
The New York City investment bank managed a sale and jailbreak of its in-house mass-affluent RIA but was able to get enough assets transitioned to Peter Mallouk's Creative Planning for the accounting win
January 19, 2024 at 1:45 AM
The classic RIA era is sputtering and firms must 'decentralize,' hiring non-advisors to specialize, new Cerulli report shows, or RIAs will 'limp along,' a second consultant says
RIA principals have killed Wall Street with semi-solo shops -- only 35% have 'specialized staff' -- but the comfort zone must evolve for growth
January 13, 2024 at 2:24 AM
Reed Colley reports $20-billion AUA RIA win -- a legacy Envestnet-Tamarac shop -- as proof point Summit Wealth software is ascendant
The San Francisco-based Black Diamond founder has Summit Wealth playing hardball among elite RIAs with Brighton Jones as pioneer.
January 12, 2024 at 3:23 AM
Gary Gensler post-exchange listing approval for Bitcoin ETF includes a stark '1940 Act' warning to RIAs not to read too much tolerance into it
The SEC head bent to the will of the Stamford, Conn, fund firm's lawsuit and rivals -- BlackRock, Fidelity and eight others -- piled on for the ride, but ETF price spreads are wide and likely headed for a shakeout.
January 11, 2024 at 3:35 AM
After many beta tests, Vanguard finally launches bank cash product for non-Vanguard investors, a U-turn but also likely thorn in the side of Schwab, Fidelity
High-yield but low frills, the Malvern, Pa., giant's long tip-toe back to cash makes it a me-too filler product but perhaps effective.
January 10, 2024 at 3:11 AM
Fisher Investments is again part of a public firestorm after media heavyweights report it has entered sale talks; Fisher fires off heated denial, but one analyst still sees smoke on the horizon
The Plano, Texas RIA with $236 billion of AUM -- worth perhaps $10 billion -- flamed The Wall Street Journal for anonymously sourced report, without checking with firm, but did not condemn nearly identical Bloomberg report.
January 4, 2024 at 2:37 AM
RIAs remain wirehouse kryptonite in 2024, and by 2027, JP Morgan, Merrill, Wells and UBS will see market share tailspin -- RIAs the obvious culprits, Cerulli data shows
'RIAs' will control nearly one-third of advised assets by 2027, up from 27% today, virtually switching spots with wirehouses in a statistically zero-sum battle for market dominance, Cerulli projects.
January 3, 2024 at 1:21 AM
2023 was great RIA year and nobody really noticed, setting up 2024 for a more visceral reap
Pushing toward $10 trillion on multiple rising tides -- and with much creative destruction sorted out -- the RIA channel, ethos and movement are succeeding quietly in plain sight
December 30, 2023 at 1:39 AM
Huatei Securities is ready to cash out of AssetMark, after it hits $100-billion of AUM and $2-billion in market cap, according to reports
The Chinese financial conglomerate may unload all of the $1.4-billion stake it bought for $768 million in 2016
December 21, 2023 at 4:18 AM
Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units
At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask
December 16, 2023 at 2:22 AM
Envestnet finally may dump Yodlee, says a Bloomberg report, but either way it remains a 'wasting' asset as regulators crack down, an analyst says
Former CEO Jud Bergman made daring move in 2015 with expensive Yodlee purchase to lift the outsourcer into the big leagues but has proven mostly to be an albatross, at least to earnings
December 15, 2023 at 2:18 AM
Left at the IPO altar once, Apex -- replete with two new TD Ameritrade RIA executives -- tries again to go public, but this time it's not counting on a SPAC partner
The Dallas reboot of Penson's clearing company wants to pay down $120 million in debt and continue to make its front end as robust as its back end.
December 13, 2023 at 1:50 AM
With Bitcoin soaring but mood still sour, SoFi shutters crypto unit and RIAs stay on sidelines, with SEC non-approval of ETFs as scapegoat
The San Francisco digital banking firm private-labeled Coinbase in 2019, but now the asset looks too risky because a misstep could harm bread-and-butter banking franchise.
December 12, 2023 at 3:13 AM
Vanguard's rampant re-engineering binge now includes handing off $60-billion AUA TAMP-like unit to Mercer
The $7.6-trillion, Malvern, Pa., asset manager did not explain the sale's purpose but alluded to challenges keeping pace with 'increasingly complex rules.
December 6, 2023 at 2:21 AM
After Charles Schwab Corp. shares soar 13% in three days, it files S-3 with SEC to sell shares -- a new liquidity option after debt raise and massive belt tightening
Since the March banking debacle, Schwab has borrowed billions but not sold equity; now it has a shelf registration in its back pocket as it shares climb from super lows
