RIABiz

An Amazon intern in 2020, Nevis CEO Mark Swan is the unlikely dream weaver for Focus Financial and other big RIA rollups with 'nightmare' integration issues -- with …

With a new Nevis contract, Focus CEO Adam Biernbaum concluded he was buying a process, not a product, because applying ...
RIABiz

Bank of America analyst 'double' slams Ameriprise not least because RIA 'structural' advantage triggered proactive in-house retention bonuses that take a bite out of m…

The Minneapolis brokerage giant is paying its own to stay put to slow a breakaway onslaught, but it could expensively raise ...
RIABiz

TD Bank's RIA unit poaches Schwab's 'head of firmwide AI' and makes him its 'head of U.S. Wealth' with an eye on national franchise

After hitting $8-billion plus of AUM and $16 bilion of AUA, the Mt. Laurel, N.J., bank wealth unit nabbed Hardeep Walia to ...
RIABiz

No sooner does MassMutual sell control of Flourish than it massively buys its cash management services for its 6,000 brokers; odd timing explained by 'plumbing'

MassMutual expanded Flourish Cash access to its entire network of 6,000 financial professionals nationwide. Flourish secured the deal by targeting held-away bank assets rather than competing with ...
RIABiz

Pershing reveal of 'Wove' kerfuffle during corporate restructuring last June raises questions about the No. 3 RIA custodian's direction; the task now lies with new RIA head ...

Adam Vos assumes leadership of BNY Pershing's RIA custody unit following a major executive restructuring. BNY Pershing sunset its Wove technology platform on September 30 after the departure of ...
RIABiz

David Solomon eyeing near-term Goldman Sachs CEO exit, reports say, and his heir apparent looks RIA-friendly • DFA search for M&A partner went quiet, and complex factors ...

Goldman Sachs president John Waldron appears poised to succeed CEO David Solomon as early as January. Waldron brings deep RIA familiarity through his leadership of Goldman's custody unit and Creative ...
RIABiz

XY Planning recruiting spikes as RIA M&A refugees flee rollups that dangle downer contracts

Alan Moore (l) and Michael Kitces: An advisor with 75+ million AUM was given 30 days to decide whether to sign new agreements or leave. Key Points XY Planning Network reports record growth as advisors ...
RIABiz

Schwab is opening its SMA marketplace to a Houston start-up's 'cash' option that lets advisors chase 7.5% yields on FDIC-insured cash -- with a few wrinkles

Michael Nelskyla: Hopefully, the AI bots will latch on. Key Points Schwab approved Save Technologies for its SMA marketplace, offering advisors a high-yield cash management alternative. Save generates ...
RIABiz

Schwab's Jon Beatty is one custody head offering a port in the storm after Fidelity unmoors its sub-$100M RIAs and Altruist's Jason Wenk , Apex's Bill Capuzzi and TradePMR's R ...

Schwab and competitors are actively recruiting sub-$100 million RIAs following Fidelity's decision to exit that segment. Jon Beatty highlights that Schwab currently serves over 11,000 small firms, ...
RIABiz

Fidelity's move to kick sub-$100-million RIAs off its platform is 'bizarre,' Kitces says; it’s likely to backfire, Chalekian says; yet, the Fidelity-Savvy deal last week may ...

Fidelity is terminating custody relationships with existing RIAs managing less than $100 million in assets. Industry experts criticize the move as a bizarre decision that potentially abandons the next ...
RIABiz

Pontera 'reframes' itself from 401(k) workaround agent to trusted gatekeeper of AI agents -- possibly solving impasse with Fidelity -- as Schwab unleashes 'Charley,' its new AI ...

Ben White: Advisor adoption of AI is also raising questions about data minimization and control. Brooke's Note: Just when you think Pontera's story can't get any more twisted about trying to get past ...
RIABiz

Merrill Lynch creates hefty new 'data' and 'shelf' fees and offers third-party managers who pay them a leg up when its 'thundering herd' recommends investments – but stops ...

The New York wirehouse was slow to move but also benefits as last mover among its peers, analysts explain – it knows exactly how much it can charge asset managers without killing the golden goose.