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


Phyllis Borzi: Invesco Trust stepped up to the plate.

DOL glows and Invesco glowers over $10 million settlement of alleged ERISA infraction
Labor Department's Phyllis Borzi praises Invesco Trust Company for 'stepping up' but the Atlanta fund company says it did nothing wrong and was merely extracting itself from DOL overreach

Tuesday 5.3.16
Dawn Bennett was named as example of how the Barron's Top 100 list can lead investors astray.

AdvisorHub slams Barron's for its advisor list - correlating higher rankings with higher complaint rates
Jed Horowitz cites an unholy alliance between the Dow Jones publication and the many advisors and firms who make the list -- with criteria based largely on asset accumulation

Thursday 4.28.16
Seth Waugh is neither a real Alex. Brown guy nor somebody who has walked in a broker's shoes, but his Wall Street bona fides are platinum grade.

As Raymond James seeks to wire its Alex. Brown upbranding deal, it hires past Deutsche CEO Seth Waugh with bona fides and baggage
In adding execuive chair, Raymond James is looking to complete the orchid botanist's task of providing just the right Wall Street water and Baltimore sunlight

Wednesday 4.27.16
Walt Bettinger: The retail investor tends not to move as rapidly . . . or certainly doesn’t have a mutual fund sales person calling on them, telling them to move, like you have going on in the RIA space.

Amid hail of DOL questions, Walt Bettinger calls RIAs' draining OneSource 'identified' risk, and explains away LPL/ RBC/BBVA picks of BlackRock FutureAdvisor over Schwab robo
Schwab CEO admits he underappreciated 'brand' barrier in selling Schwab robo on B2B basis, and DOL 'best interest' issue hangs fire

Friday 4.22.16
Bing Waldert: 401(k) plans are difficult [when it comes] to generating income. You can set up a withdrawal but only at a certain age. If you need to take out a big chunk because of a big medical bill, you can't do that.

Why luring 401(k) assets to IRA rollovers in a post-DOL-rule world remains child's play, which keeps $7.6 trillion in the IRA game and growing
Clients still hate 401(k) inflexibility around withdrawals and the DOL granted advisors the upper hand in getting clients to sign away protections with regard to pricier products

Wednesday 4.20.16
Scott Smith: I don't think the goal for them is to fight Wealthfront.

With BlackRock ahead and blue ocean behind, LPL finds its robo comfort zone
With the 150 basis-point-plus price of Guided Wealth Portfolios, LPL's robo plan doesn't look so robo, except for the onboarding

Friday 4.15.16
Ryan Parker was brought over to LPL from Russell Investments and now heads its robo efforts.

LPL unveils BlackRock's FutureAdvisor as its robo partner -- albeit with LPL model portfolios
After Nestwise dropped off the twig, then crickets, then a secret pilot launch, LPL announces that robo FutureAdvisor gets the nod

Wednesday 4.13.16
John Clendening: I saw this unbelievable potential in this business.

Schwab's former retail chief ends garden leave with two new gigs -- as chief of HD Vest holding company, and as Betterment CEO's operations confidante
John Clendening is now CEO of Blucora and a director at Betterment -- and a new resident of Bellevue. Wash.

Tuesday 4.12.16
Knut Rostad: Phyllis Borzi moved heaven and earth with the tools she had and I think we let her down. I think we were too polite.

How Wall Street emasculated the DOL rule with an old-fashioned end game: 'Somebody made a deal' -- and why tort lawyers are licking their chops
End-game style politics exposed fiduciaries' lack of playoff experience, but RIAs can console themselves because DOL exposed shady dealings on 'the dark side'

Thursday 4.7.16
Thomas Perez: We don't believe it's necessary for an employee of MetLife to have an obligation to advise a client about the products that New York Life is selling.

The DOL's final rule contains a litany of 11th hour concessions to brokers that show Wall Street lobbyists earned their keep
12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process

Wednesday 4.6.16
Tarek El Gammal-Ortiz:

Why a Miami breakaway trio sees no vice in leaving half-a-billion of client assets on JP Morgan's table
Element Pointe Advisors seek to ease HNW and UHNW client angst by watching their held-away assets

Tuesday 4.5.16
Neesha Hathi, who spent six years selling the Schwab-Salesforce super bundle, will now need a new pitch.

Schwab gives Salesforce the heave-ho as hub of Intelligent Integration
150 RIAs are scrambling for a new CRM arrangement ahead of a July 31 drop-dead date as the San Francisco custodian unwinds the once exalted partnership

Thursday 3.31.16
Jon Baum: If you go and visit the company in Omaha, there's no sense that it's a family business. There are two main campuses and it's a very big and professionally run business.

Orion's parent NorthStar tops 700 employees, finishes second Omaha campus and taps a super-exec from central casting to run it all
With Eric and Todd Clarke handling day-to-day challenges at Orion and CLS, NorthStar finds an un-Clarke in Jon Baum, former CEO and chairman of The Dreyfus Corp.

Thursday 3.24.16
John Hyland: You'll see a complete reversal and the brokerage will shrink and the advisory will increase.

The RIA-ification intrinsic to LPL's preemptive DOL policy changes -- yet how tightly to revenue sharing in IRAs it is hanging
LPL's super-clients like Private Advisor Group see a clear 'advisory' future but LPL is walking a more shrub-choked hybrid path

Tuesday 3.22.16
Ed O'Brien: When you look at what eMoney is doing, it is creating tools to help advisors that don't even clear or custody with Fidelity.

As Ed O'Brien packs his bags for Philly to take eMoney CEO reins, Mike Durbin resumes his job modifying Fidelity's future from finance to software
Fidelity is piloting eMoney in its own private client business as Thomas McCarthy fills O'Brien's shoes and Durbin eyes more acquisitions

Friday 3.18.16
David Siegel: If people ask ridiculous questions, we won't answer them. No one wants garbage in and garbage out.

Investopedia's grand scheme for RIAs to act as its answer army and why leads and referrals may be beside the point
So far 100 advisors have signed onto Match.com's sister-site for the opportunity to dispense free advice to investors who probably won't become clients

Tuesday 3.15.16
Gail Graham: We think of ourselves as the ultimate design and delivery firm.

After spending millions and getting cozy with Salesforce, United Capital is morphing, maybe big-time
Gail Graham is bringing the $15 billion 'roll-up' into the third-party white label business -- intending to license its system to RIAs

Thursday 3.10.16
Jud Bergman: The biggest thing was the repricing due to the WMS client. That's the biggest single factor.

With Envestnet shares deeply depressed, analysts cut Jud Bergman little slack on 4Q earnings call
WIth a not-yet-integrated Yodlee, trouble with a big client, Lori Hardwick's departure and a recent history of muddy communication, CEO Jud Bergman worked hard to reassure

Monday 2.29.16
Knut Rostad: A new group could help stimulate much-needed changes .... I don't presume for a second they will.

In rebuke of Wall Street, Raymond James, William Blair and Stifel help form non-wirehouse advocacy group to 'shed baggage' but not without a suitcase of SIFMA ideals
American Securities Association proclaims a fresh 'voice' but for now seems to be a rebel with a cryptic cause

Wednesday 2.24.16
Margaret Hartigan:  We are now in the next phase which is identifying and onboarding our first customers.

As Pershing struggles to get a robo firmly fixed in the RIA frame, NextCapital rushes in to blur the picture
The Chicago 401(k) robo will use Pershing custody to go after the retail market and Pershing has hopes it'll work with its mega-RIAs

Tuesday 2.23.16
.Bernie Clark: We're quite proud of that [$1 trillion].

Why Schwab execs are 'proud' of holding at $1-trillion custody mark first achieved in 2013 -- and what makes them pleased with its existing 25% RIA custody market share
Candidly canvassing 2015 dings -- including a $12 billion RIA defection -- Walt Bettinger seems at peace with vigilantly guarding Schwab's mighty quarter of the RIA asset pie

Monday 2.22.16
Terri Kallsen: Clients need you, they need to see you, they need to talk with you. So only 50% of our clients are currently in an assigned practice where they are getting that regular conversation.

Schwab's grand plan to alleviate its 300-to-1 customer-to-advisor crunch gets indefinitely shelved
The San Francisco-based broker has also toned down its talk of branch expansion -- even as Fidelity, at 190 centers, gains on Schwab

Tuesday 2.16.16
Lori Hardwick elicits streams of superlatives from the industry.

Completing matriarchal coup, Pershing raids Envestnet's top drawer to grab Lori Hardwick, whom many thought unpoachable
Pershing's top two executives are now women with Lisa Dolly being replaced as COO by another dynamo

Thursday 2.11.16
Lisa Dolly is no-nonsense but far from rigid, according to people who have worked with her.

Why Pershing's CEO pick looks uninspired, and why that look may be deceiving
LIsa Dolly is a rare 'lifer' in a transient industry but those who know the clearing giant's first woman leader say her entrepreneurial spirit and decades at Pershing make her an inspired choice

Monday 2.8.16
Naureen Hassan's departure from Schwab did not necessitate a replacement nor did she take anyone's place at Morgan Stanley -- unless you want to say she replaced Greg Fleming.

What exactly to make of Morgan Stanley poaching robo-talent Naureen Hassan from Schwab on the heels of Greg Fleming's departure
Sure she brings the Schwab robo playbook -- albeit the Reader's Digest version -- but insiders say Jim Rosenthal may have bigger reins for her to take

Thursday 2.4.16
Terri Kallsen oversees Schwab's efforts to more than double its force of FAs.

Terri Kallsen sold 15,469 shares of Schwab stock but did she also sell short her own vision?
Schwab's head of retail dumped more than half her company stock exactly a year after becoming retail chief with bold goals

Monday 2.1.16
Steve Dunlap: One of the things I was always so outspoken about was the engineering was great but the user-interface and the experience was something that could have been better.

Ex-Lockwood CEO Steve Dunlap takes on role at FolioDynamix after being a customer with a bone to pick
With new Actua ownership, Dunlap and capital, FolioDynamix CEO Joseph Mrak says his firm has Envestnet in its sights

Friday 1.29.16
Chieh Huang: At Boxed, we're a technology company at heart, so working with Betterment is a natural fit for us.

Betterment adds 50 firms to its new 401(k) plan -- and IBM and Marcia Wagner connections
Smaller companies with Betterment-ish-sounding names like Earnest Operations and Boxed are the early guinea pigs but big dogs are on the robo's 401(k) board of directors

Wednesday 1.27.16
Craig Iskowitz: The market is talking and they see their assets going down. The smaller account sizes are becoming the long tail for the wealth management business.

As OneSource asset levels falter, Schwab slashes no-transaction-fee minimum to invest
The San Francisco-based firm is first to create published minimums and all the Big Three custodians point fingers at recalcitrant asset managers

Friday 1.22.16
Brad Bickham: We gained geography, great partners and another investment strategy.

In a deal made in Schwab land, a $1 billion Boulder RIA buys smaller rival but takes the bolder name of its quarry
Sargent Bickham Lagudis rebrands under $250 million AUM Colorado Financial Management in search for newly prosperous clients

Thursday 1.21.16
Matt Sonnen: I was employee zero at Luminous. I built the firm in the shadows outside of Merrill.

How the mastermind of the Luminous Capital breakaway is parlaying his cloak-and-dagger skills into 'Pure Financial Independence'
With his wife, Larissa, as sidearm, Matt Sonnen seeks to fulfill a niche for a service level between John Furey and Shirl Penney

Tuesday 1.19.16
Peter Intraligi: This is completely open architecture.

How exactly Invesco plans to get a return on its Jemstep robo purchase with a TAMP-evoking strategy
The $800-billion Atlanta money manager is trying a modern model portfolios play on buying distribution for a more prominent seat at the table

Wednesday 1.13.16
Vanguard's arid Scottsdale, Ariz. plant, where most Vanguard advisors are stationed.

Vanguard's virtual RIA adds $10 billion in last six-month period, an acceleration to $1.6 billion per month of net new assets
Does Vanguard's Personal Advisor Services' zoom to $31 billion makes it a the 'single greatest threat' to classic RIAs?

Tuesday 1.12.16
Min Zhang: We think about body-mass index. The questions can feel awkward.

With algorithms and awkward questions, an ex-PIMCO 32-year-old crashes the RIA business
Min Zhang will literally size you up and analyze your life like an actuary with Totum Wealth

Saturday 1.9.16
Joan Khoury: What I'm drawn to here is the ability to create the narrative and the story. This firm isn't as well known but it has good name recognition.

Joan Khoury gets hired as CMO to revive brand of the other Oppenheimer
LPL's ex-marketing chief comes to the long-forgotten wirehouse believing its long history provides grist for a compelling narrative

Tuesday 1.5.16

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