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

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

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

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

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

Will Trout

State Street's newly launched Apex-powered RIA custody unit has sizzle and 'wedge' power, especially after Pershing's Wove 'fell flat;' but to avoid fizzling, the power duo needs to steer past ...
RIABiz

Vanguard Group and Altruist can win RIA hearts, no problem, experts say, but the bro-cultural chasm – 2,700 miles apart and two ways of defining 'client-first' – will ...

Jason Wenk (right) [with Salim Ramji]: We've been defying the odds and proving the haters wrong for nearly eight years. Brooke's Note: We are still staggered at RIABiz that this $4.6 billion merger is ...
RIABiz

After dominating Forbes rankings for years, Morgan Stanley suspends participation over $6-million editor scandal -- forcing RIAs and wirehouses to weigh whether 'rented ...

Emma Smith: The amount of money being made around these rankings makes the 'separation of church and state' incredibly important. Brooke's Note: We were working all week on a follow-up to last ...
RIABiz

Charles Schwab & Co. took out full-page WSJ ad promising to 'hire thousands more financial consultants' last week; this week it said RIAs will no longer receive sub-$5-million ...

Schwab will feed its wealth manager all sub-$5 million leads starting 2027, and consoled RIAs by promising skyrocketing $10-million and $25-million referrals will keep coming their way. Schwab plans ...
RIABiz

SEC seeks to rescind 2010 'pay-to-play' rule, paving the way for investment advisors to again bid for public pension contracts while making political donations to officials ...

SEC proposes rescinding the 2010 'pay-to-play' rule to reduce compliance burdens and protect advisors' political speech rights. Rescission would allow investment advisors to bid for public pension ...