LPL Financial clips wings of 20 top fund companies by asserting itself as 'gatekeeper' on newly launched DOL-proof 3.5% flat-commission mutual fund superstore
Using Labor Department as leverage, LPL cuts itself in as middleman between branded fund giants -- including Fidelity, Legg Mason and Putnam -- and its advisors' clients -- in exchange for semi-exclusive shelf space positioning
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Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'
The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.
February 23, 2023 at 8:14 AM
Farther struts its startup magic and shows why a $375-million RIA can be worth $50 million -- by getting four advisors to bring books of business just to be part of the enterprise
The San Francisco firm claimed its software was at another level and now advisors are betting careers on it, though not of the UHNW variety imagined
November 2, 2022 at 3:27 AM
Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers
Solomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.
November 1, 2022 at 4:03 AM
Goldman Sachs RIA custodian delayed indefinitely, as 'technical details' bedevil launch date
The clock is ticking on the New York City investment bank's strategic imperative to strike while TD Ameritrade and Schwab merge, but Goldman may be facing similar obstacles combining with Folio Institutional.
March 16, 2022 at 2:47 AM
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