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Articles published 11/2017


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Mike Allard: I like having LPL as the big brother.

All-LPL M&A deal yields one $875-million firm in which Black Diamond, Schwab and Vanguard are named factors

The 51-year-old founder of CalBay Investments Inc. and the Hillis Financial Services founder, 73, do a succession-minded combination that keeps assets all in the LPL family

November 29, 2017 at 11:49 PM

Maliz Beams keeps a low profile amid a series of high profile jobs.

An ex-Voya chief, Maliz Beams, exits State Department after three months

Hopes she would gel better with Rex Tillerson than she did with Voya Financial chief Rodney O. Martin Jr. were quickly dashed

November 29, 2017 at 2:20 PM

Micah Hauptman: We are not taking this lightly.

Pro-DOL rule forces sharpen knives now that DOL rule's 18-month delay is carved in stone

Labor Department loses formerly effective duck-and-weave defense tactic after 'U-turn' toward a more Wall Street golden goose ethos

November 28, 2017 at 10:14 PM

Tom Naratil plays catch-up on recruitment withdrawal after setting the early pace.

How UBS exited the Broker Protocol and why the aftereffects may surpass those of Morgan Stanley's earlier departure

Using Thanksgiving and the alleged complicity of his firm's attorneys as a smoke screen, CEO Tom Naratil made good on warning to slam the door on his sales force

November 28, 2017 at 2:37 AM





Brooke Southall: Clients trust that you are better than the self-direction, broker-direction, assisted self-direction and robo-direction that TV ads daily push at them.

The one thing no RIA should forget to thank God for at Thanksgiving

Instead of clients carving you up like a turkey they place an astounding amount of trust in you and your business model

November 22, 2017 at 10:37 PM

Mike Alfred: Maybe going through the legal process caused them to make the change.

How Vanguard lost a $19.4-billion 401(k) account to Fidelity and why it's the exception to the rule -- and isn't

Chevron boots the hyper-fiduciary Malvern, Pa.-based indexing giant in favor of Fidelity after two dismissed lawsuits

November 21, 2017 at 12:53 AM

Dan Campbell: Employees and employers pay a lot of wasted dollars into a system that is set up to manage the large chronic claims of their peers.

As health insurance premiums blow gaping holes in financial plans, Bryan Kuderna interviews an expert

Dan Campbell identifies two areas where an employer and/or consumer stands a chance of managing incoming health care missiles

November 20, 2017 at 7:32 PM

Bernie Clark: We are at an inflection point where new technology craves data, a scenario where incumbents have the advantage.

Bernie Clark uses Schwab IMPACT 2017 as pulpit to preach Schwab scale as firewall to blaze of dystopian big-data future

With no RIA deliverable to pitch, Charles Schwab & Co. execs presented their go-big, 'no goals' vision for managing accelerating external change

November 17, 2017 at 10:45 PM

Mark Matson: They've gone from smart beta is stupid to we're the ones that can pull it off. It's hypocritical at best and they're applying it completely wrong.

Wealthfront calls its smart beta approach 'superior' to Dimensional Fund Advisors largely because DFA works with RIAs

The Redwood City-based robo-advisor's CIO Burton Malkiel says his firm's robo-approach to factor investing convinced him to reverse his stand on passive investing as unbeatable

November 17, 2017 at 2:21 AM

Barry Friedberg: Hurley’s claim that 'we need a larger investor' is simply absurd.

In letter to the editor Emigrant Bank finance chair calls out Mark Hurley for bad faith, improbable claims

Barry Friedberg answers Hurley's theory of the acrimonious dispute case point by point and makes counterclaims

November 15, 2017 at 9:38 PM

Karl Heckenberg: Mark has done a good job building the business. As [EB's] gotten more educated on the business over the last year, the thinking has changed and evolved and at some point you ask yourself, at what cost?

After 'thinking changed' Emigrant Bank hires new CEO to either take Mark Hurley's spot at Fiduciary Network or to head new unit that will compete head-on

With Hurley now characterized as expendable, the New York bank makes Karl Heckenberg chief-in-waiting and Harold Evensky expresses 'reservations' about Emigrant Bank power play

November 15, 2017 at 9:38 PM

Lowell Putnam: It ensures everything on both sides of the transaction is 'fit for purpose,' meaning it's just down to the National Securities Clearing Corp.-DTCC to do the necessary work..

Quovo is developing an ACATS rooter process with Apex Clearing as first to sign on

The Silicon Alley startup is using its data science as a way of attacking a clog considered not susceptible to intervention

November 14, 2017 at 11:09 PM


Brian Hamburger worked the phones until headliners signed on in droves.

After Brian Hamburger scores Greg Fleming, Tom Bradley, Elliot Weissbluth and other A-list whoppers, MarketCounsel Summit fees will rise

Speakers fresh off making RIA headlines, including ex-Morgan Stanley president who is launching Rockefeller-backed RIA, will address uncomfortable issues, which sends demand up; $1,000 tickets til Monday

November 10, 2017 at 11:09 PM

David Mann: We’re leveraging active management expertise at Franklin Templeton and bringing it into the ETF world.

Franklin Templeton's ETF play reveals pain of being late -- yet it beats never

Franklin Resources has hewed to near a $42 share price back to 2006 but with $750 billion of AUM it is being deliberate with launch of single-country ETFs, opening wider window on strategic weaning from mutual fund dependency

November 10, 2017 at 12:29 AM

Mark Hurley: We need a bigger boat. We need a larger investor.

Mark Hurley battles to end his relationship with his billionaire investor

The Fiduciary Network CEO needs a "bigger" investor, he says, as RIA LBO game heats up and he holds upper hand after winning arbitration but Howard Milstein's bank hasn't waved the white flag

November 9, 2017 at 4:08 AM


Robert Goldstein will get his turn at figuring out how to make FutureAdvisor into a winner.

BlackRock may build the biggest, baddest RIA platform yet as 'Boy Wonder' begins 'Aladdin-izing' FutureAdvisor

Since its acquisition in 2015, crickets for the $152-million robo-advisor, but under young legend Rob Goldstein, that could all change as BlackRock rolls out its play to own the advisor desktop

November 7, 2017 at 8:39 PM

Joel Bruckenstein (w/Brian McLaughlin): This can become a de facto industry standard by providing something that does not exist today: true end-to-end protection, as well as a baseline of due diligence.

The T3 Enterprise Conference showed the dark side of the RIA software business in Vegas

RIAs may be reaching a point of diminishing returns in buying software unless RIA custodians can join them in the reinvention process -- with the tenuous fate of cleverDome hanging in the balance

November 7, 2017 at 1:00 AM

Marty Bicknell: Someone in the audience can even come in and out-bid one of us, too.

Five RIA principals with $60 billion of combined AUM form ScratchWorks as 'publicity stunt' and serious effort to fund fintech startups

With Fidelity Investments as sponsor, Barron's hiring the hall and Marty Bicknell cracking the whip, an RIA 'Shark Tank' will bow in Orlando

November 3, 2017 at 10:09 PM

Eli George: Surprisingly, a lot of the firms $1 billion and more were coming to us.

SS&C solves its Axys problem -- for now -- by acquiring Modestspark

The owner of Advent and Black Diamond buys tiny two-person Redmond, Wash. firm that also solves Schwab's PortfolioCenter problem with digital add-on

November 2, 2017 at 11:00 PM

Sharron Ash: What next? Are they going to call it attorney-client reporting?

RIA lawyers cry foul against Bressler, Amery & Ross -- keeper of the Protocol flame -- after Morgan Stanley exit throws sunlight on attorney behavior

A livid Sharron Ash says she was stonewalled by Bressler, Amery when she called for info after spotting a buried notice that Morgan Stanley was bowing out of the Protocol

November 2, 2017 at 5:26 AM


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