Part I: Is the era of the monolithic RIA custodian coming to an end?
RIAs, small custodians, co-ops, study groups, roll-ups, TAMPs, compliance shops, OSJ and IBDs are all chipping away at much of what fit under the roofs of Schwab, Fidelity, TD and Pershing
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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
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product
The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.
July 23, 2020 at 1:42 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
Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology
The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.
March 11, 2020 at 7:58 AM
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Scottrade Advisor Services
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Advisor Growth Strategies, LLC
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Trust Company
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Brian Lauzon
Very well-written article. These macro trends (maturation, margin pressure, new/innovative industry participants, changing roles) are changing the landscape for RIAs.
IMO, for RIA firms, these changes all point to:
1) Higher “costs of doing business”;
2) Heightened importance of scale; and
3) An increased need for dedicated management talent so they can compete and grow profitably.
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