Articles published 4/2021
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LPL Financial steamrolled results in the first quarter, 2021, with largest-ever 'organic' growth and a surging share price to match
The Fort Mill, N.C., brokerage grew AUA 43% to near $1 trillion, and shares hit all-time high of $156 after hours today
April 30, 2021 at 4:47 AM
Axos Financial gets E*Trade RIA custody unit at $220-million discount from discount broker's 2018 price -- all but assuring it'll be accretive by 2023, its maverick CEO says
The Las Vegas banking company is paying just $55 million cash for $23 billion in RIA/TAMP assets and 200 relationships from the old Trust Company of America unit with ex-McKinsey Greg Garrabants leading the unlikely charge
April 27, 2021 at 11:04 PM
Broadsided by good fortune, Charles Schwab Corp. pivots to fill service capacity deficit, rethink TD Ameritrade integration timetable and unleash 'mystery shoppers' to scout rivals
The third-party sleuths informed Schwab its service betters most peers. An unassuaged CEO Walt Bettinger still moved to shift resources that will push back final unification with Omaha-based TDA.
April 27, 2021 at 6:03 AM
Charles Schwab & Co. is a budding cryptocurrency convert and will enter the market in a big, 'disruptive' way, says its CEO--but not before the SEC says it barks or quacks
The $7-trillion Westlake, Texas brokerage previously said its RIAs were indifferent to digital assets ; now Schwab CEO Walt Bettinger admits clients are excited. .
April 24, 2021 at 3:04 AM
As soon as Blucora slams the door on activist investors, a San Francisco-based private equity firm emerges and may put the company in play, according to a report
Despite losing out on its bid to take four board seats, Ancora will keep its shares and may now have heavyweight takeover ally in Golden Gate Capital
April 23, 2021 at 1:38 AM
Betterment's net new clients jump 116%, in step with Sarah Levy's first few months at the helm, as burgeoning stock prices and Robinhood spillover lift the company Q1 results
Novice investors leave play money at the Silicon Valley broker but learn to value IRAs, portfolio management and tax help.
April 22, 2021 at 2:56 AM
Fidelity Investments is set to make 4,000 new hires at the same time senior staff may accept buyouts, an arbitrage to match talent with digital needs
The Boston giant is now advertising approximately 2,500 'client-facing' roles, in addition to the 5,150 it filled last year. It will also bump its technology headcount by 10% and hire 1,000 new financial planners.
April 20, 2021 at 9:06 PM
Fresh off buying Totum and selling 55ip, TIFIN loads up on capital -- and brand credibility -- with three new big-name investors
JP Morgan, Morningstar and Broadridge all invested for the first time and lent star power to the rollup of unknown fintech firms.
April 20, 2021 at 2:19 PM
Defying merger doubters, Schwab adds staggering $1.1 trillion RIA assets. Today's trickle of RIA defections may yet build to tsunami size over next three years, rivals say
When Charles Schwab Corp. publicized its deal for TD Ameritrade 17 months ago, it had $1.5 trillion and TDA had $600 billion. Frictional merger RIA spinouts did not materialize and now the combined units boast $3.2 trillion
April 16, 2021 at 9:57 PM
Eric Clarke moves lightning fast to close HiddenLevers deal -- saying its hidden virtues in taming the 'investor problem' make it an ASAP matter
The Orion CEO made the deal in early March and closed today, then laid out a precise 12-month roadmap of integration to close the 'behavor gap.'
April 16, 2021 at 1:28 AM
Envestnet, Orion and Schwab will all launch crypto capabilities soon enough, insiders say, but Damon Deru just beat them all to market with more than a hack
AdvisorPeak launched a virtual means for RIAs to trade, rebalance and custody cryptocurrencies with Prime Trust; Fidelity will soon add Ethereum
April 15, 2021 at 6:04 PM
Former Blucora CEO goes rogue, charges Dallas company's latest 8-K filing contains 'outright untruths,' raising the specter of legal liability to shareholders
Ex-CEO John Clendening slams his former employer for allegedly rewriting history to fend off attack from activist investors.
April 14, 2021 at 1:47 AM
Walmart names its robo-advisor 'Hazel' and stocks up on talent with star hire from Citi, but its financial services venture still remains an enigma
The Bentonville, Ark. super retailer makes a filing with name, logo and a kitchen sink description of its fintech advisor and banking enterprise
April 13, 2021 at 2:03 AM
Surfing a $15-billion-a-week asset growth meteor, Addepar CEO Eric Poirier hires an owner as president to achieve 'escape velocity' and keep operations from flaming out
Addepar is fast nearing $3 trillion, it says, after a 50% RIA asset spike in 2020. Now an Addepar owner through Valor Equity Partners is stepping in to safeguard or supercharge his investment depending on the point of view.
April 9, 2021 at 11:03 PM
Tom Bradley, put on the spot by TD Ameritrade RIA at Schwab 'town hall,' gives answer to burning question: Just how much repapering pain will TD RIAs face in merger?
The Schwab senior vice president assured his former constituency that agony will be the exception but that complex authorizations have no easy button
April 8, 2021 at 11:32 PM
Morningstar plows ahead with ratings in $2.1-trillion model portfolio market --thanks, UBS and Merrill -- but not with its coveted star system
The Chicago investment tracker now rates 139 models, up from 76, on a five-tier scale from gold to negative.
April 8, 2021 at 2:11 AM
A Goldman Sachs analyst declares Charles Schwab & Co. stock a 'conviction' buy, after another year of Goldman inching its wealth model toward Schwab's
The New York City investment bank's researcher said Wall Street is failing to grasp just how valuable the discount broker's franchise will be as interest rates begin to normalize.
April 7, 2021 at 10:20 PM
Tifin Group buys Totum Risk with fresh ideas of how to take on Aaron Klein's Riskalyze
The Boulder, Colo., group with CEO Vinay Nair and a bench of David Pottruck, Anil Arora, Catherine Woods and Tricia Rothschild among others immediately give the second-fiddle risk software company a seat at the adult's table.
April 7, 2021 at 2:05 AM
Envestnet and Edmond Walters end odd couple 'Apprise' relationship with buyout, but leave open the door to jointly pursue RIA-to-entrepreneur dashboard... later
The MoneyGuidePro owner and eMoney founder execute clean break with Apprise IP rebranded as 'Wealth Studio.' Walters off to the races with a startup and vague promise to collaborate later.
April 6, 2021 at 12:50 AM
Brooke's Bits: Charles Goldman's SPAC has a 'unicorn' pitch• Why Fidelity's bitcoin ETF application might have a shot • Investment bank to RIAs makes amends with staff who cranked out deals in overwrought 2020
The ex-AssetMark CEO says his new gig is anchored by a well-oiled team • Fidelity has crypto heft and bitcoin's history moved a decade in a year • Moelis pays $10,000, in installments
