Schwab unveils a plan to create a grand ecosystem of top technology vendors to RIAs
Executives of the San Francisco RIA custodian believe they can take integration further than Fidelity's WealthCentral
Related Moves
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
Fidelity, others pounce on TD RIAs with a vengeance following Schwab merger, but Schwab finds a white knight to defend its new Texas fort, and, suddenly, Tom Nally's future seems clouded at 'Schwabitrade'
Former TD Ameritrade RIA chief and retail chief Tom Bradley will assist Bernie Clark in instilling trust and applying 'modern' service to the under$100-million crowd during an age of anxiety at both firms
December 10, 2019 at 2:05 AM
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Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein
Bill Winterberg
Subscribing to a technology platform offered by a custodian is a double-edged sword. One one hand, advisors benefit from integrated software that minimizes redundant data entry.
But on the other, advisors may become captive to the custodian, leading to potential issues with the way advisors manage their business.
Remember when it took Schwab over a year to address support of alternative investments on its platform? See <a href="http://www.riabiz.com/a/851003">After a wait, Schwab has a program for alternative assets</a> at RIABiz.
Though I suppose there isn’t any reason why advisors couldn’t purchase the “Project C approved” software programs independently to remove the dependence on Schwab. It just may be more expensive to buy them outside of the Project C program.
Bill @ <a href="http://fppad.com">FPPad.com</a>
