Articles written by Lisa Shidler
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Sold to Goldman Sachs then spit out by the squid, three Joe Duran acolytes are taking $200 million into bargain RIA M&A minus a 'polarizing' 'pied piper' but plus chips on three shoulders
Mike Capelle, Jason Gordo and Gary Roth each exited Goldman separately, unceremoniously, dusted themselves off and plan to use Schwab and Fidelity and their own wiles to take on Goldman Sachs and the rest of wealth management, where Duran is still calling shots as a contractor
May 3, 2023 at 11:57 AM
Walt Bettinger comes out swinging during analysts' call, and shares pop, on assurances Schwab can ride out gale force interest rate pressure on its balance sheet
The Schwab CEO deflected blame, promised to stay 'conservative,' and left Wall Street analysts wondering why Schwab won't dump bonds and offer better rates for client sweep cash
April 18, 2023 at 3:01 AM
RIAs seek FDIC shelter for client cash in droves after Silicon Valley Bank meltdown with Betterment raising limit by $1 million
Firms are promising clients insurance on multi-million-dollar accounts, but banks face their own risk because brokered deposits aren't 'sticky,' expert says
March 24, 2023 at 4:58 AM
Deglin Kenealy helped make Ken Fisher into 'Fisher Investments' and -- 19 years later -- he'll take another crack as chief operating officer of wealth management firm Farther
The No.16 employee of the (now) $208-billion RIA grew from $10 million to over $180 million in revenues but likes the fresh start with founders decades his junior.
March 15, 2023 at 2:27 AM
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
Father and son breakaway team 'poke the bear' by suing Merrill Lynch upon exit -- a risky move, experts claim -- but potentially a brilliant out-of-the-box approach to keep their clients
Michael and Philip Bradshaw of San Diego took the action against $3.2-trillion New York City colossus, because their attorney sees an angle under California law
March 1, 2023 at 2:44 AM
Charles Schwab Corp. boasts 99.9% success with (likely) mock conversion of TD Ameritrade data to its own systems on eve of going live, and a hidden bonus -- $500 billion in held-away TDA assets ripe for the picking
First 500,000 TDA accounts will convert to Schwab this month with the promise of little to no repapering, but Schwab braces, nonetheless, for Murphy's Law.
February 2, 2023 at 3:04 AM
In rare form, Schwab's Bernie Clark calls out rivals -- not least Fidelity, Goldman Sachs and LPL -- by name and warns them about challenging Schwab's prohibitive custody business domination
The head of RIA custody says 85% of RIA firms work with his unit, but rival custodians have knives drawn to poach advisors when TD Ameritrade merger wraps.
January 28, 2023 at 2:50 AM
With AUM growth stalled since Bain bought $290-million stake in 2021, Carson Wealth is seeking greener 401(k) pastures by choosing Vestwell's 'dirt cheap' fees
The Omaha, Neb., RIA slid below $19 billion by end of 2022 but has a deal with Vestwell to encourage its RIAs to seek 401(k) plans
January 18, 2023 at 3:33 AM
Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo
The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says
January 7, 2023 at 1:50 AM
Schwab Advisor Services fired TD Ameritrade RIA as client after its owner charged a 5% fee on his wife's account, but what it did afterward enraged him
The Westlake, Texas RIA custodian followed up by writing a letter to clients raising 'billing practices' as a concern for something regulators often forgive, experts say.
December 14, 2022 at 2:12 AM
The Labor Dept. will publish the proposed 'Biden' DOL Fiduciary Rule (likely) next week, it says, but today it de-fanged the Trump ESG prohibitions
Two years after President Biden took office, the federal agency is ready to unleash a centrist DOL rule that eviscerates Trump's influence but stops short of Obama's stringent proposal.
November 23, 2022 at 2:15 AM
SEC crackdown on 'set-and-forget' advice alarms RIAs, who face new 'burdensome' and 'expensive' reporting to curb alleged 'conflicts of interest' over 'deceptive' outsourcing
The spike in RIAs outsourcing functions formerly kept in-house triggered the crackdown, but is the red tape worth it? advisors ask
November 15, 2022 at 3:59 AM
LPL Financial prepares to enter the 'OSJ' channel -- this time as an owner, headed by a former executive whose staff advises $40-billion
The Fort Mill, S.C.-based IBD may thread the needle with the OSJ purchase, though it will compete with other OSJs it serves
November 9, 2022 at 1:11 AM
After major activist arm-twisting, Blucora cashes out of software holding to double down on legacy H.D. Vest broker-dealer unit it bought seven years ago
The $73 billion AUM Dallas firm now has $720 million in cash to pay off debt and put toward turning the old Roger Ochs franchise into a world class wealth manager.
