Five recent articles that show the RIA business just keeps hitting milestones
Advent buys Black Diamond, Carson goes RIA, Duran champions consolidation, Schwab goes full-out into franchises, Brightscope grades RIAs
Schwab
|Advent
|Black Diamond
|LPL
|United Capital
|Envestnet
|BrightScope
|PEAK Advisor Alliance
|Centurion
Related Moves
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo
The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says
January 7, 2023 at 1:50 AM
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
Fed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
November 18, 2022 at 2:56 AM
Envestnet just named an ESG head to meld 'wellness,' 'The Intelligent Financial Life' and 'sustainable investing' into a single nirvana -- that starts outside of the product realm
Ron Ransom earned CEO Bill Crager's trust as chief business development officer and now will define how Envestnet conducts itself as a global citizen and vendor of wellness.
July 27, 2022 at 2:27 AM
See more related moves
LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
Envestnet Inc
TAMP
Top Executive: Jud Bergman
BrightScope, Inc.
Data and ratings for RIAs
Carson Group
Consulting Firm
Top Executive: Ron Carson
Elmer Rich III
The simple fact is that demographics and the increasing complexity of all financial matters – for individuals and businesses — is creating accelerating demand for financial professionals of all kinds.
For the “relationship (not transactional)”-oriented RIA business model, the “demand” side includes: – The population is growing. The Millennial generation is actually bigger than the previous biggest age group the Boomers. We have the great opportunity to “catch” young adults as they start their careers and help them save and invest better than prior generations. – Everyone will live longer. How to finance those longer lives is the exclusive domain of the financial services industry and all advisors. No government has the resources and skills needed to solve this problem. It’s a tough puzzle. – The global financial system is accelerating in velocity, complexity, uncertainty and opportunity. Real problem-solving skills and expertise and raw brain-power is (always) in short supply. We see a “supply” problem.
The challenge we see is RIAs not getting the support they need. Of course, everyone has some solution. But what do RIAs really need, to serve all this demand, as opposed to what’s for sale? Selling an RIA something is not always the same as supporting their business and necessary growth. Ideas?
Note: The “heat” around what BScope does has never been the goals, technology or advances they claim to represent. It has always been about the much less glamorous realities of this specific firm’s day-to-day business practices. We who work in retirement have seen these effects longer than on the RIA/advisor side.
