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Lisa

Lisa Shidler

Chicagoland Reporter

lisa@riabiz.com
219.988.4653

Lisa has been a reporter for 14 years and has been covering the financial services industry for five years -- she also comes from the world of InvestmentNews. She's been with RIABiz since November 2010.

Lisa is based in the middle of the country on the northwest corner of Indiana, about an hour from Chicago. She's married with two young children – Liz, 7, and Chance, a toddler.

Articles written by Lisa Shidler


Dina DiLorenzo: We are going to have a revenue sharing relationship for a period of time

With 'revenue sharing' as primary consideration, Guggenheim transfers its in-house RIA to HighTower
HighTower gets a substantial bounty of fee-generating assets and clients and Guggenheim avoids having to scale up

Wednesday 7.29.15
Katie Henderson: We really do believe that the need for advice is growing. This is something retail clients have been asking for as they get close to the pre-retiree phase.

Vanguard's white-hot 'hybrid robo' just added $4 billion in three months -- a heat that may cast a chill on 'pure' robos
Now at $21 billion, Vanguard Personal Advisor Services is cannibalizing as a segmentation strategy and emphasizing new technology that edges it toward a more robo-centric, less call center-oriented model

Thursday 7.16.15
Brian Hamburger: You start with people you know and you really get to the point where you grow into people who are known.

Bringing a familiar ferocity, Brian Hamburger binges on Ivy League grads and wirehouse and securities-firm veterans in MarketCounsel restaffing
With $1-billion RIA firms abounding, the New Jersey lawyer breaks away legal talent from Wall Street to address a blizzard of change

Tuesday 7.14.15
Sang Lee: We're not just disrupting that market. We're increasing the size of that market.

Now come the robo-alts firms -- a full flock of 'em as unwavering as the robo-advisors
ALTS, DarcMatter, Crystal Capital Partners, Aequitas Capital, CAIS, iCapital, HedgeCoVest are out to create a market -- not quite as dirt cheaply as classic robo-advisors

Monday 7.13.15
Jon Stein: I'm loath to play this game, but my PR team insisted that I set the record straight.

Wealthfront CEO flames Betterment's 'outrageous' fees and 'abhorrent' ways; Betterment strikes back labeling the screed a Trumped-up PR play
In all-out blog war, Adam Nash accuses Betterment of 'payday lending' and Jon Stein decries Wealthfront's cynical 'hatchet job'

Thursday 7.9.15
Tom Bradley: I think the average fee is 90 basis points roughly and we don't intend to change that.

TD Ameritrade makes play to become top robo by 2016 with out-of-the-gate $100-million revenues -- albeit with some risk attached to the power play
Tom Bradley is cobbling together Amerivest and its $11 billion AUM adding iRebal and Morningstar and tasking engineers with bringing the robo aspects of the site up to snuff

Thursday 7.2.15
Dan Ivascyn: Ultimately, if you don't perform, you don't have a home at our firm.

At Morningstar, PIMCO CIO and CEO preach collective manager brainpower but individual manager accountability as post-Bill Gross formula
Doug Hodge and Dan Ivascyn walked a tight rope that left usual skeptics still skeptical

Wednesday 7.1.15
Tom Gooley: You need to continue to evolve system and service platforms to make sure you're keeping up.

LPL taps the man who saved Morgan Stanley's bacon to take service to a Schwab RIA-level echelon
Tom Gooley sacrificed 36 weekends and a happy home life in Larchmont to smooth the way for 15,000 stockbrokers in the biggest wirehouse merger ever

Monday 6.29.15
Sallie Krawcheck: We also didn't talk about my biggest asset -- which is me -- and if the market goes down, what are the chances of me keeping my job.

At Morningstar, Sallie Krawcheck blasts her own [presumably ex-] financial advisor -- and herself
What the serial ex-wirehouse chief left dangling was her future and whether she will launch a Ellevate robo for women

Friday 6.26.15
Rita Lee: It's not bad at all.

Schwab's robo for RIAs is set to launch in next 10 days, to delight of online forerunners
The San Francisco custodian's Institutional Intelligent Portfolios is expected to legitimize the robo concept but significant unknowns remain

Friday 6.19.15
Jason Roberts: This could be a great prospecting tool.

After growth dip, BrightScope takes a whirl at mutual fund data -- but in a way that Morningstar claims it bypassed
The La Jolla RIA-tracker will gear data toward the 401(k) market and knock down a paywall

Thursday 6.11.15
Michael Kitces: CNBC is now literally contradicting the statements of the firms themselves as written in their ADV documents.

Michael Kitces attacks CNBC for its top-100 fee-only list because so many listed RIAs disclose non-fee comp on their ADVs
The New York-based news organization fires back by encouraging a closer reading of its methodology

Thursday 6.4.15
Shawn Carpenter: The reason we did the capital raise is growth has really accelerated pretty dramatically since mid-last year.

Morningstar throws more money -- and loses one of its own -- at keeping its stake in a Bloomberg-lite venture intact
The bullish Chicago data company leads a fourth round of funding for YCharts and one of its managers left to help the start up

Tuesday 6.2.15
Matthew Audette: The firm's entrepreneurial outlook and strong track record of growing market share and attracting new business provides an ideal opportunity.

LPL poaches E*TRADE's CFO and turnaround specialist as its chief finanical officer
Matthew Audette, 41, is moving from New York to San Diego and will begin his new job in late September

Monday 6.1.15
Jamie Dimon: We are completely comfortable with partnering [with startups] where it makes sense.

JP Morgan gets a 39-page blasting of its corroded culture and ground lost to Silicon Valley robos -- authored by its CEO Jamie Dimon
The letter to shareholders by Wall Street's sultan shows uncharacteristic humility but some analysts question the missive's sincerity

Thursday 5.28.15
Mike Alfred: The DC business isn't growing as fast. There aren't as many new plans and now there are assets leaving plans. So to me, this is a natural way to find more growth.

What exactly to make of the big robo-advice deal that, according to Reuters, Financial Engines and Wells Fargo are nearing
The pieces -- 401(k) pricing, DOL, Supreme Court and massive scale -- are all in place to make the Silicon Valley-San Francisco deal make sense, analysts say

Tuesday 5.26.15
Sukanya Kuruganti did M&A for Citi and Barclays but has now joined Focus Financial as part of a series of M&A hires.

Focus Financial doubles down on financial engineering by making five hires -- four of them deal hounds
With $325 million in revenues and a big line of credit, the New York roll-up machine is playing to its M&A strength

Thursday 5.21.15
Fred Reish: Participants will be able to sue for plans that were selected for inclusion in the plan more than six years ago but haven't been removed from the plan within the last six years.

How 12(b)-1 fees and revenue sharing may be the real victims of Monday's 'narrow' Supreme Court ruling
By unanimous decision, a conservative nine showed no tolerance for retail mutual fund share classes that achieve such status with fat fees that directly or indirectly pay 401(k) administration freight

Wednesday 5.20.15
Mark Hurley: You're not going to be dead when you sell your business.

Mark Hurley's new report analyzes the pathology of the aging RIA and the illiquidity it exacts
The leveraged buyout specialist posits thousands of principals trapped in their practices, unable to sell, victims of psychological unpreparedness

Thursday 5.14.15
Justin Carbonneau: Even though we're active, we always make changes on a Friday and it's a 28-day-cycle and we're changing 10% of the portfolio each month.

Fleet-footed RIAs storm into the active ETF market as fund giants tie pretzel dough
Front-running is real concern for the likes of American Funds or Fidelity Investments but not for little guys with no track records

Monday 5.11.15
Jud Bergman: They all tell me that their clients don't want it.

Jud Bergman defies advisor feedback as Envestnet stares down the barrel of change
The Envestnet chief executive invokes railroad pioneers to explain why he is erring on the side of the theoretical over hard feedback

Thursday 5.7.15
Peter Lawler: We've invested a lot of money in our technology platform and have multiple APIs, which cater to those firms. Those firms don't like paper.

With robo-advisors on the rise, robo custodian Apex is rising with them, a diamond mined from the rubble of the Penson Worldwide debacle
Cheaper, more paperless and early to market, the Dallas-based clearing house/broker-dealer is out to protect its lead as big RIA custodians play robo catch-up

Friday 5.1.15
Voya will spend $300 million to $350 million over three to four years on behalf of the entire firm and retirement will get a portion of that money

After a six-month pause, Voya fills the Maliz Beams void with a 401(k) ace whose advancement stalled
Charlie Nelson was passed over twice at Great-West but has now landed a giant opportunity

Tuesday 4.28.15
Peter Mafteiu: This is like overwhelming a reader ... so they really cannot map out the changes that might affect a particular customer.

Schwab will take a machete to Schwab Private Client hyper-fee fund holdings but still steer assets to high-margin OneSource, ADV says
The cost-slashing by the $65-billion AUM San Francisco RIA is meant to streamline and improve process, according to the company

Friday 4.24.15
Marcia Wagner: I don't want obnoxious crap like that in my contract.

Why exactly DOL's latest action is so shocking to so many brokers -- and even ERISA lawyers -- despite years of warnings
Brokers managing IRA assets never imagined they'd need to make a written promise to do right by investors

Monday 4.20.15
Rudy Adolf: There is no equivalent proposition to Focus available in Canada.

Roll-ups are off at an acquisition clip in 2015 as $2 billion washes over the transom in a single week
Focus follows Dynasty into Canada as the three big aggregators toggle between organic and inorganic growth

Friday 4.17.15
Joe Duran: We think this is the closest example to what Dimensional Fund Advisors does.

United Capital chases DFA's MO, trains '1099 advisors' and co-opts Starbucks brand guy
The multitasking Newport Beach-based national RIA also announced closing on two more RIA purchases with about $625 million of AUM

Thursday 4.16.15
Martha Post: People who had knee-jerk reactions and exited the fund last year out of panic or fear missed out.

PIMCO is 'probably healthier' without Bill Gross and the outflow bloodbath is likely near its end, Morningstar says
Using a management-by-triumvirate approach, the Newport Beach bomber is killing its peers despite floods of outflows and unflinching RIAs are saying their version of 'I told you so'

Tuesday 4.14.15
William Hamm Jr.: I spent close to $100,000 and we had two auditing firms come in together to go over our compliance and procedures and we got a clean bill of health.

How Bill Hamm is turning a $10 billion-plus loss of 401(k) assets into a revenue-neutral, neural-neutral experience
After cleaning up his compliance act with an LPL assist, the head of Independent Financial Partners is fighting back

Friday 4.10.15
Mike Foy: We were wondering if hiring more women is a good strategy for making women investors happy and we found out it isn't.

In tight race, Fidelity and Edward Jones tie for top honors in J.D. Power survey as spiky markets drive down satisfaction scores across the board
In a first, J.D. Power asked women the importance of a same-sex advisor -- and got a surprising response

Thursday 4.9.15
Troy Hammond: If we sold our enterprise to CAPTRUST, I think it would have felt weird to our advisors.

As $160-billion CAPTRUST makes a snack of $10-billion Pensionmark, Fielding Miller accelerates his roll-up plans with a liberal structure
The Raleigh, N.C.-based firm's willingness to buy 49% reduces 'weird' and may set the stage for life as more of a 401(k) franchisor

Monday 4.6.15
Tim Schaefer: There are actionable 'to-dos' for the clients. The client can make progress on the plan.

The real reasons Northwestern Mutual paid a reported $250 million for LearnVest
With $2.7 billion in cash to burn after the Russell Investments spin-off, the Milwaukee-based company was simply an old-line insurer with desktop software in search of a planning pedigree

Wednesday 4.1.15
Sophie Schmidt: I think they're taking a very bold approach.

Schwab is accelerating its software upgrading pace on the back end
The San Francisco-based firm's front-end technology surpasses the system's foundation, which is OK for now, but the bill is coming due

Tuesday 3.24.15
Joe Martinetto: Schwab Advisor Services' RIAs will drive about $8 billion of incremental growth to the balance sheet of the bank in 2015.

For sub-$500k accounts, Schwab is sweeping RIA client cash into its bank, pumping up corporate profits
Unlike the robo, RIAs can manually direct funds to money market funds which makes this change less controversial

Thursday 3.19.15
Roger Hewins: It comes with their 'approved investments' instead of ours, so its a non-starter.

With apprehension in the air, Schwab invites its RIAs to a one-hour meeting about robo-advice
Many of Schwab's 7,000 advisors are eager for robo-technology but are wary of what's behind the amiable blue facade

Friday 3.13.15


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