Not without criticism, TD Ameritrade opens an 'insurance agency' for RIAs that want to provide annuities
Schwab says it will also use more annuities to meet the swelling demand for retirement income but Jefferson National's CEO questions the custodians' focus on traditional annuities
Related Moves
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
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
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
October 11, 2022 at 12:40 AM
Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock
The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'
January 6, 2022 at 10:33 PM
See more related moves
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
Shareholders Service Group
Asset Custodian
Top Executive: Peter Mangan
Stephen Winks
Nothing new here.
Vendors sell what the’ve got, rather than listening to RIAs as to what they want. Granted, conventional products are more profitable for the manufacturer, but when a manufacturer actually supports the RIA with products more in line with the RIAs advisory and fiduciary duties, the conventional annuity becomes obsolete. Thus annuity manufacturers are playing a dangerous all or nothing game, Russian Roulette if you will, sooner than later a lethal; bullet will be in the chamber that will transform and reorder the industry in an instant.
As Harvard’s Clayton Christensen observes, the biggest mistake established companies make is looking at industry redefinning innovation in the context of their existing business model when a new business model is in order.
Pretty predictable. Manufacturers and distributors are only interested in products, the consumer’s and advisors best intererst are not even on the radar.
They will then wonder what hit them, feining surprise !
SCW
