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Articles published 5/2017


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Lowell Putnam: We've got the second-mover advantage.

Fidelity-owned VC pumps $10 million into Quovo, which staffs up and prepares for the big leagues

CEO Lowell Putnam plays on 'second-mover advantage' and gets raves from Steve Lockshin, Ron Carson and Marty Bicknell

May 30, 2017 at 6:09 PM

Bank of America is finally remaking Merrill Lynch in a Charlotte-streamlined way -- clean with low overhead.

Merrill Lynch's second act for RIA reinvention is revealed but may yield 'field day' for classic RIAs in the short term

The wirehouse's mothballing of mega-bonuses, directed from Charlotte, removes giant impediment to poaching but may lay groundwork for nationwide, talent-nurturing virtual RIA

May 26, 2017 at 7:04 PM

Fred Reish: You need the data in your file.

DOL fiduciary rule's upcoming September surprise'll send brokers memo-izing -- or else -- says Fred Reish in Nashville to a spellbound room

The Drinker Biddle attorney's invariably even tone gained inflection as he spoke of how brokers can only invoke BICE exemptions to go off DOL script by zealous, proactive documentation

May 25, 2017 at 7:53 PM

Micah Hauptman: [Acosta's] comments suggest that [he] has pre-judged the outcome of the reconsideration and may plan to gut core provisions of the rule.

Alexander Acosta's DOL rule letter to WSJ contains double message and one long-term objective: 'Gut' it

Labor Secretary explains that flouting administrative rule is counterproductive but his comments to Wall Street Journal 'parrot' the brokerage lobby line, reassuring them that larger effort to kill the regulation is on track

May 23, 2017 at 7:29 PM

Anthony Scaramucci: I’m ready to serve. If he doesn’t want me to serve that’s fine. I have no bitterness about it.

Anthony Scaramucci admits Trump hire 'didn't materialize' amid 'rambling' series of confessions at SALT conference, press reports say

With no job, no Trump appointment and a 'rabbit hole' factor, he got backhanded support from the hedge fund community in Las Vegas, according to Reuters and The New York Times

May 22, 2017 at 11:07 PM

Eric Poirier: It's matching with a high correlation.

Addepar deal may salve big, lingering pain point for RIAs who use alternative investments

The Mountain View, Calif. software firm bought AltX to help back-end operations catch up with front-end display

May 19, 2017 at 11:46 PM

Robb Baldwin: If an advisor is not meeting the expectations set out in the LOU, difficult conversations can be made much easier for both parties.

TradePMR is making RIAs sign a promise to succeed -- to good effect

The low-profile Gainesville, Fla. custodian is using the inked compact to motivate, make hard conversations softer and make purges of the small and stagnant practices less frequent

May 18, 2017 at 11:47 PM

Stone Point CEO Chuck Davis has insurer DNA having served on the board of The Progressive Corp.

Focus Financial's 'extraordinary' purchase of $16B-AUM SCS Capital and what Stone Point -- both buyer and seller in the deal -- may do to juice its investment

With Stone Point CEO Charles Davis now calling the shots, the RIA roll-up tacks to UHNW-directed RIAs, perhaps for their positioning in selling insurance

May 17, 2017 at 9:06 PM

Josh Pace: It's dramatic and there's no end in sight.

How Joshua Pace seized his 'moment' to convince Mark Matson to shift $1-billion-plus of assets to his small RIA custodian after a 20-year tryout

Matson Money had RIA assets with Trust Company of America as far back as 1996 but its plan to go national made the $7.6 billion RIA see the deeper beauty in the smaller player

May 15, 2017 at 8:47 PM

Rija Javed: If you’re a Wealthfront client, you’ve probably been frustrated by the slow pace of your funds getting invested, or wondered why you still need to use forms in this day and age.

Wealthfront nixes Apex Clearing and explains it as step in ridding 'semi-manual processes and disjointed systems'

The Redwood City-based robo-advisor says in its blog that its software advance enables new destiny in "personal banking"

May 12, 2017 at 10:18 PM

Neal Simon:  We will see the emergence of five to 10 very large regional and national RIAs, and that Bronfman Rothschild is well-positioned to become one of them.

How Neal Simon parlayed a hoity-toity family office RIA into a $5 billion serial buyer in two years by letting the whale swallow him first

The CEO of Bronfman E.L. Rothschild engineered nine roll-ins and liftouts since 2015 and, with a key Cantor Fitzgerald hire, is now turning a hungry eye on NYC

May 11, 2017 at 9:52 PM

Mark Matson: Our values and Schwab's values are different.

Mark Matson's $7.6-billion DFA TAMP exits Schwab custody as it sets $100-billion AUM goal

With 'reset' mindset, Matson Money trains his advisors to meet with investors en masse following a Weight Watchers script

May 10, 2017 at 9:08 PM




Tom O'Shea: Schwab and Vanguard came in, took their ideas and just married them with their well-known brand and they vaulted ahead of the startups.

Vanguard RIA's growth leaps to $5B of assets per month in 2017 as Schwab's RIA robo jumps to monthly $1.3B

Vanguard Personal Advisor Services now has 500 advisors and Schwab, downplaying robo success, promises more advisors are its 'robo' future

May 9, 2017 at 7:12 PM

Martin Small: Clients are voting with their feet. Our year-to-date market share is 45% in net new flows.

How BlackRock stopped Vanguard from devouring ETF market share by pleasing RIAs -- but how that strategy could endanger iShare profit margins in the long run

The $5 trillion iShares-maker scores with low, low-priced 'non-Core' ETFs that don't cannibalize high-margin Core iShare products but the liquidity of the cheapo funds could be a problem

May 8, 2017 at 7:50 PM

RIA and film producer Jim Casey is dead at 52 in the wake of accusations of malfeasance.

Owner of $1.2 billion RIA dies in Palm Springs under mysterious circumstances after swirl of allegations

One client accused Jim Casey of using her assets, unbeknown, to fund ill-fated movie ventures and his Integrated Wealth Management is being sued for misappropriation and mishandling of pension funds and client assets

May 5, 2017 at 6:45 PM

James Gorman is lowering wealth management fees and lowering boom on unhelpful fund firms.

In echo of DFA-RIA custody strife, Morgan Stanley nixes new Vanguard mutual fund account openings

As the idea of a fund shelf diminishes, the Malvern, Pa.-based firm's refusal to pay such fees earns cold shoulder from the top New York wirehouse

May 4, 2017 at 10:56 PM

Kunal Kapoor: This is a future of advice conference.

Jack Bogle's ICI grumbles and Kunal Kapoor's 'future' mode make Morningstar's 2017 conference sparkle with an uber relevance

The Vanguard founder made a dig at ICI and the Morningstar CEO put RIA bloggers on even agenda-slot footing with BlackRock CEO and IBM's Sironi

May 4, 2017 at 3:17 AM

Shirl Penney: We're taping the key to the handcuffs.

Dynasty Financial toes roll-up model's edge with new plan to buy revenue from its RIAs

By maxing deals at 10% of revenues and allowing a three-year bailout option, the New York-based firm seeks to hew to its non-intrusive roots

May 3, 2017 at 2:01 PM

Scott Smith: Schwab and Fidelty can simply decide not to compete with this arrangement.

DFA RIAs remain in turmoil as Schwab and Fidelity ponder matching TD Ameritrade pricing deal and a key couple of basis points

The Austin, Texas-based asset manager says its door is open for negotiation but the two big custodians in San Francisco and Boston remain mum as RIA CEOs are pressing for clarity

May 2, 2017 at 9:32 PM

SSG software chief Dan Skiles makes his creative contribution to an advisor-crowdsourced painting.

With Pershing as canvas, Dan Skiles and Peter Mangan paint a picture of a budding RIA custodian

Shareholders Service Group has 1,500 RIA firms and counting and displayed a satisfying air of permanence at its San Diego conference

May 1, 2017 at 4:14 PM

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