Articles Published 7/2018


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The very millennial reason Shirl Penney snagged Merrill Lynch's 34 year-old Ayco-killer and his $1B team and why Focus Financial lost out

The Dynasty CEO meshed on Michael Henley's 30-year business plan, which included building equity over decades and a big succession plan

July 31, 2018 — 11:27 PM UTC

Focus Financial IPO pays off for KKR and Stone Point, after all, by hitting price mark, plus an investor 'pop.' Now, on to the less glamorous task of paying down debt

Roll-up's day-one shares opened at $35, traded briskly and closed with a tidy 13.79% gain from the $33 base

July 28, 2018 — 2:51 AM UTC

'Oversubscribed' Focus Financial lowers asking price as IPO-eve share demand wanes, raising prospect of a $100 million offering haircut

After push for $39 falters, the New York-based roll-up targets a $33 share price, which trims nearly $100 million off the take, but is far from shabby

July 26, 2018 — 2:46 AM UTC

LPL issues urgent warning to RIAs: The SEC wolf blew down its home-office door and is combing through records for evidence of mutual fund share class misuse

Andy Kalbaugh emailed a letter to LPL advisors that file their own ADVs as a sort of fair-warning heads up

July 25, 2018 — 10:37 PM UTC

Focus Financial conscripts Fidelity to bombard RIA principal/prospective clients with IPO solicitations while one research shop waves a yellow flag

RIAs can buy Focus shares at 'first-tick' price from the Boston-based giant through tomorrow as part of a 'directed' program that may also encourage RIAs to sell to Focus down the road

July 24, 2018 — 1:53 AM UTC

In another go-go sign, Focus Financial moves up IPO trade date to as early as Monday

After New York roll-up CEO Rudy Adolf completes bang-up road show that emboldened share-price leap, time is of the essence

July 20, 2018 — 9:58 PM UTC

Brooke's Bits: Financial Engines begins private life today; Yahoo!'s Wells Fargo take-down may misunderstand branded wealth managers

Three big brands come together under Hellman & Friedman tutelage and Yahoo! trashes model portfolio use at elite Wells unit, but may be unaware of norms

July 20, 2018 — 3:38 AM UTC

Wild role swaps at InVest 2018 as Schwab recasts its engineers into micro teams and Acorns founder talks macro corporate partnerships

The giants like Fidelity, BlackRock and Envestnet come to get down with the innovators and the startups strut like giants

July 17, 2018 — 10:23 PM UTC

Focus Financial IPO is on at $39 per share as KKR pushes giant share premium, with an eye on raking off an extra $532 million

The New York-based roll-up's CEO Rudy Adolf wraps up his road show fraught with perils for slapping a higher -- much higher price -- on shares

July 16, 2018 — 8:35 PM UTC

A $2.7 billion RIA makes Allison Felix, 40, its president. She started as an executive assistant out of college.

CEO Steve Cassaday also sold her a minority stake in the firm and paid for half of an MBA as part of her grooming

July 13, 2018 — 7:49 PM UTC

Betterment turns to ex Mint and Schwab marketing exec Donna Wells to 'hack' back copycat robos and make its brand a household name

No longer the disruptive New York upstart, the $14 billion AUM robo is outgunned by institutional heavy-hitters -- a dynamic Donna Wells knows

July 12, 2018 — 6:12 PM UTC

Quick hits: Broadridge broadens to UHNW market with sneaky-success Statpro; Kitces calls out fintech's innovation drought; SS&C's Eric Rocks talks growth where Tamarac and Orion are scarcer

Big companies lurch toward big, green markets even as old one turn brown and begin to decay

July 10, 2018 — 4:46 PM UTC

Taking the helm from famous founder, Jay Shah gets Personal Capital out of Vanguard's shadow with new shape, new deals and a 70% leap in assets

Still $93 billion-plus in arrears to Vanguard's $100 billion RIA, the new virtual-RIA CEO is making strides in the kinds of startup details that a venture capitalist can love

July 6, 2018 — 8:20 PM UTC

Vanguard Group Makes Big Move on RIA Custody by Ending Commissions on 1,700 ETFs in Bid to Become Walmart of Financial Services

The Malvern, Pa.-based giant 'face slaps' Charles Schwab & Co. by undercutting it on ETF distribution fees the way Schwab did to it on ETF management fees

July 4, 2018 — 2:51 AM UTC

The Derek Bruton effect gets louder as two ex-LPL talents join Chalice on the heels of winning slice of account of $12 billion RIA from Raymond James

After just three months in-situ as the president of Chalice Wealth Partners,, the ex-LPL RIA overseer gets Christopher Giles as chief information officer and Stephanie Holly after 'defining' win

July 2, 2018 — 7:55 PM UTC

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