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Michael Burwick: RIAs should be on notice that there is now a zero tolerance policy with regard to even minor or sporadic violations of this type [suspicious activity report and banking secrecy act violations] and the Commission’s hefty fines are an exclamation point on that zero tolerance policy.

As SEC's 'zero tolerance' era for RIAs commences post-DOL, a regulatory law firm makes anticipatory hires

Wagner Law Group jacks up overhead with three hires for what could be a bogeyman or a very major shift in the tide toward a more FINRA-like time of rule enforcement

October 16, 2018 — 8:16 PM UTC by Oisin Breen

Brooke's Note: It is hard to grow, prosper and innovate in a world where rule cops watch your every move. RIAs have lived through a golden era of infrequent and humane audits and the RIA business as a whole grew, prospered and innovated. Now ...

Andres Garcia-Amaya: Too many advisors don’t know what they’re doing ... they say the nice words and have the nice suit and the nice office, most people are sold, the bar is so low. Two weeks of the Series 65 and a gym teacher is a financial advisor.

Andres Garcia-Amaya taps two industry vets to guide Zoe Financial through the RIA referral market's rocky shoals, which have sunk more than one firm

Backed by a $2 million VC injection from JP Morgan and ex-BlackRock execs, the NYC startup appoints wirehouse veteran Robert Deutsch and Acorns' investment guru Chris Jones to board

October 9, 2018 — 8:55 PM UTC by Oisin Breen

Brooke's Note: One of the reason's that Barron's continues to be the arbiter of "Top" advisors is because implicit in its dubious bigger-is-better methodology is the question: Have you got a better way of measuring advisors? Nobody really does. But here come ...

Jason Crane: We pride ourselves on our ability to attract high-end talent when the need arises.

Amid its reports it'll get flipped, Ascensus makes exec hire number seven in six months

Bloomberg writes that the Dresher, Pa.-based recordkeeper roll-up seeks a buyer; no matter, Ascensus continues to hire, bringing aboard Todd Engman as its latest regional vice president for 401(k) sales in the Northern Regions.

October 9, 2018 — 7:22 PM UTC by Oisin Breen

Brooke's Note: If you are owned by private equity investors, you are pretty much for sale. And forget about the old seven- or eight-year cycle. In a hot market like financial advice, tweak, revalue and run is a good strategy. So Ascensus is reportedly ...

Marie Chandoha: When it comes to actual products, we have too many out there. Simplicity is the new innovation ... We only have 22 ETFs, yet we're the fifth-largest provider in the industry.

After Marie Chandoha turns around Schwab's smarting mutual fund unit, she steps aside to make way for Jonathan de St. Paer who faces a new kind of momentous challenge

The CEO of Charles Schwab Investment Management got poached from BlackRock after the YieldPlus debacle but now an ex-McKinsey-ite will take on the more strategic race-to-zero challenge of the next decade

October 5, 2018 — 10:21 PM UTC by Oisin Breen

Brooke's Note: Unless you are Vanguard, BlackRock or DFA, the last eight years were pretty rough in the asset management realm. Passive ETFs chewed up active mutual funds. So did factor mutual funds to a lesser degree. That Charles Schwab doubled assets in its ...

Jeff Concepcion: I think we’ll surpass the $20 billion target ahead of plan, without including acquisitions. By accelerating our involvement in the acquisition space, I believe we’ll move past that target even more quickly.

His days of playing defense done, Jeff Concepcion pinches pennies then poaches a Fidelity and Schwab veteran to execute grab for next $6 billion of AUA at Stratos

Lou Camacho will pursue goal of $600 million a quarter in new assets on behalf of OSJ that wants much more inorganic growth

October 5, 2018 — 7:40 PM UTC by Oisin Breen

After growth stalled to a mere $1.5 billion annually for the past half decade, Stratos Wealth Network has hired ex-Fidelity exec Lou Camacho, handed him a bag of cash and told him to start buying, to triple the firm's AUM to $20 billion ...

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Ron Carson: We realized the answer had been in our own back yard all along.

Ron Carson ends national search for chief marketing officer by doing a local M&A deal using his favorite HR broker -- Eric Clarke

When Eric Clarke decided he'd play matchmaker, the hyperactive Carson Group CEO snapped up Mineral Interactive and made a creative deal

October 5, 2018 — 6:05 PM UTC by Oisin Breen

Brooke's Note: Dorothy dreamed of a different life when a cyclone swept her to Oz, but learned all you really need can be found right in your own backyard. They live that lesson in Omaha, too. Ron Carson took a few trips to Boston, New York and Oz, but ...

Scott Posner only spent a year at IBM but 17 years at BNY Mellon.

LPL Financial hires new 'digital' head of recruiting -- IBM exec Scott Posner -- after the old school approach was leaking oil

Pre-IBM, Scott Posner spent 17 years at BNY Mellon where he rose to executive vice president leading the company’s strategic Initiatives group, reporting to the President

September 26, 2018 — 5:25 PM UTC by Lisa Shidler

Brooke's Note: Is there a means of digitally finessing your way to higher recruiting sales? LPL Financial will find out as the old sales crew gets sent packing and a more digital crowd is brought in. In a release, LPL defines the jargon of a ...

Kayla Kennelly: [I] became infatuated with the [Facet] mission. When the opportunity came to take part in it, at a time in my personal life where it made sense, I decided to go for it.

Facet Wealth appoints Mark Tibergien's 'reverse mentor,' Kayla Kennelly, to woo cast-off RIA clients, a boon to a mass affluent strategy that's failed more than once

Kayla Kennelly will play a key role for Anders Jones' startup, which got $33 million of VC money two weeks ago to accelerate its plan to roll-up small, unwanted RIA accounts

September 25, 2018 — 10:31 PM UTC by Oisin Breen

Brooke's Note: Sometimes we have to wait six months or a year or five years to write an update about a company. Our People Moves section often accelerates that schedule these days, with this story a case of that. This article about Kayla Kennelly's ...

Mike Cagnina: [Muench] understands the industry and the driving forces behind the growing trend of plan sponsors’ shift toward a discretionary investment management model.

SEI goes hard after 401(k) plan sponsors by poaching a star from Northern Trust and bundling him up, but he'll be swimming against market trends

The Oaks, Pa.-based TAMP poached Scott Muench from the $10.7 trillion asset-manager and custodian, ending a nationwide search -- and Muench's 19-year streak at the Chicago-based giant

September 21, 2018 — 11:27 PM UTC by Oisin Breen

Brooke's Note: In the great convergence of institutional and retail,  SEI has long had a solid foothold in both camps, amid the muddle of plan sponsors buying investment counsel in a post-DOL era. See: AssetMark records 'off the charts' year and SEI is ...

Tony Barchetto: Ryan will play a critical role … [and] the strategies currently in the pipeline will enable advisors to get more exposure to the market using less cash.

Founded in 2017 to produce ultra-beta ETFs, Salt Financial goes full 'meritocratic' in poaching 27 year-old Dow Jones beta hunter -- seriously, beta hunter -- to lead research for volatility tracking ETF roll out

The juiced-return index products designer installs Ryan Poirier, a prodigy Dow Jones researcher as director

September 14, 2018 — 8:34 PM UTC by Oisin Breen

Brooke's Note: So much talk of trusting millennials to take critical roles and so little evidence that it happens -- at least in the advisor business. Here's a good exception where Salt Financial is putting Ryan Poirier in charge of a newfangled product that requires ...

Chris Dupuy: Ex-Focus Financial Exec heading for Rockefeller Capital.

Rockefeller Capital hires Chris Dupuy from Focus Finacial

But can Dupuy help his new boss shake up Rockefeller Capital Management's brand and convince 21st century tech magnates and next-generation middling millionaires to rub shoulders with a Rockefeller brand still best associated with a 19th century robber baron?

September 14, 2018 — 9:12 AM UTC by Keith Girard

Brooke's Note: We earlier wrote about the departure of Chris Dupuy and his unlikely move to sports blogging. Two of our deep Wall Street sources stepped in to let us know that the blogging is a very much a placeholder and his move is more dramatic ...

Richard Steinmeier: LPL has reached a point in its journey where it can begin to engage differently with prospective clients from all market segments.

LPL replaces the great Bill Morrissey with UBS' digital whiz

Rick Steinmeier's hire is timely for LPL CEO Dan Arnold as the post-Mark Cassady game has changed.

September 14, 2018 — 9:03 AM UTC by Brooke Southall

Brooke's Note: Bill Morrissey was that last guy from the era of Bill Dwyer, Derek Bruton and Mark Casady. He was a bread-and-butter executive who did what LPL had to do to get to where it is atop the broker-dealer heap -- sell like crazy ...

Derek Bruton: There's a lot on our plate in terms of overall growth.

Two ex-LPL talents join Derek Bruton and Keith Gregg's Chalice start-up

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 as chief financial officer.

September 13, 2018 — 2:46 PM UTC by Oisin Breen

Brooke's Note: One of the many interesting aspects of this Chalice startup is that its RIA and broker-dealer's first president, Derek Bruton, is not a co-founder of the firm. Yet, he is far better known in RIA circles than the owners. It hasn't taken him ...

Allison Felix proved herself the old-fashioned way to create a very modern result.

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

Allison Felix' rise to prominence was backed, in part, by CEO Steve Cassaday who paid for half of her MBA and sold her a minority stake

September 13, 2018 — 2:32 PM UTC by Brooke Southall

Brooke's Note: Back when RIABiz got started, we put a big emphasis on debriefing breakaway brokers who became RIAs. There are lots of good stories but none is better than Steve Cassaday's. See: A breakaway story, old-school style Since his "old-school" breakaway ...

Elliot Weissbluth: [Hightower] is actively engaging with a variety of opportunities.

HighTower gets a new CEO, to be revealed later, as Elliot Weissbluth moves upstairs

Elliot Weissbluth's move upstairs ends an era, as Thomas H. Lee's reign begins in earnest, and Mark Cabezas comes in as M&A head.

September 13, 2018 — 2:21 PM UTC by Oisin Breen

Brooke's Note: Private equity can be expected to put square pegs into square holes. Elliot Weissbluth is a charismatic leader and dealmaker. He struggled more as day-to-day CEO, especially after he lost his president a year ago. See: Elliot Weissbluth's second in ...