Articles published 3/2025
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Fidelity files with SEC to launch 'doppelganger' money-market fund that lives in the blockchain and only inside Fidelity -- a pilot product to leap into market McKinsey says will hold $2 trillion by 2030
The Boston firm has filed to launch the Fidelity Treasury Digital Fund into a token market with few legacy brands.
March 29, 2025 at 1:05 AM
Goldman Sachs custody unit gets coveted foothold with Dynasty Financial, but no assets yet in a move that still threatens Schwab and Fidelity, recruiter says
Dynasty has 57 high-end RIAs and $100 billion-plus of AUA with sophisticated clients who can use the investment bank's services.
March 28, 2025 at 2:47 AM
Schwab and Fidelity halt of BlackRock's money-market fund ETF trades was no shock nor was it a straightforward series of events -- or explanations
Altruist, IKBR and Vanguard are cool for now, but Schwab and Fidelity are nearly mum amid questions, like when blocks happened and what's next for Schwab's own money market ETF.
March 26, 2025 at 2:18 AM
AssetMark takes on 72% financial advisor flameout rate, which is both worse and not as bad as it sounds for RIA 'entrants,' says Eliza DePardo
The $116-billion TAMP has a new CEO, a new owner, bought Morningstar's turnkey assets and now will tackle a quasi-existential RIA concern.
March 25, 2025 at 1:35 AM
Bank of America-nemesis lawyer files class action -- again -- over Vanguard $100 'junk fee;' but Bogle-founded company claims fee is legal and vows to defend low-cost reputation
Ken Grunfeld voluntarily dismissed a state-filed class action, but quickly launched a 'copy-and-paste' do-over in federal court that is far from 'altruistic,' leading industry lawyer says.
March 22, 2025 at 1:09 AM
Schwab chases BlackRock out of the gate with money market ETF to stake out fast-growing cash segment and shore up its dominance in money market funds
The Westlake, Texas giant's new fund will hit the market May 28, pending regulatory approval, and crash BlackRock's near-monopoly, but also lend potential legitimacy to the novel concept.
March 20, 2025 at 1:29 AM
Bob Curtis is back to financial planning • Future Capital and Pontera score $15-billion AUM • Advisor360 is out to conquer Salesforce and Needham • Batnick repurposes Ritholtz charts into standalone venture for RIAs
MoneyGuidePro founder sees mortgage angle • Commonwealth's spun-off software unit thrives in second life
March 19, 2025 at 3:25 AM
Ten month-old New York City startup uses artificial intelligence to gin up RIA leads and reel in immediate success
Eden Ovadia was a 25-year-old BCG consultant presented with a task that she turned into a rare, successful RIA artificial intelligence venture.
March 18, 2025 at 1:44 AM
The unprecedented and once 'unthinkable' State Street-Apollo ETF rollout is still setting off alarm bells for promising liquidity of illiquid assets with questionable plan, say lawyers, analysts and Morningstar
Analysts remain baffled why State Street and the Securities and Exchange Commission are leaving the essential liquidity issue unresolved.
March 15, 2025 at 2:44 AM
Fresh off layoffs, Altruist nabs Coinbase CTO and is hiring like crazy, driven and guided by fresh Robinhood-TradePMR threat, ex-Altruist staffer says
The Culver City, Calif., RIA custodian got Sumanth Sukumar, also formerly of Uber and Facebook, with an eye on supplanting Schwab in its former HQ city.
March 13, 2025 at 3:05 AM
Matt Middleton co-founds 'Mint,' which starts virtually as his Future Proof event ends in LA, using the festival set-up, taking the same playbook and getting Anthony Scaramucci to keynote
The crypto and blockchain trade show piggybacks on Huntington Beach city contracts, hotel arrangements and outside shelters -- to establish a cryptocurrency mega-event starting four days later with a 'proven' outdoor concept.
March 12, 2025 at 4:59 AM
LPL will go 'toe-to-toe' with Morgan Stanley, 'launch a brand campaign,' to boost 'LPL' brand, after filing S-3 to rapidly raise up to $4 billion as needed
CEO Rich Steinmeier confides to Louis Diamond on a podcast he will upgrade banking, subject matter expertise and UHNW products -- namely alts, and admits envy toward Commonwealth and Morgan Stanley.
March 11, 2025 at 1:56 AM
Ellevest impresses analysts and enrages some women by firing 99% of its investors with a late-evening email, and funneling them to Betterment
By keeping its 287 more profitable accounts and shunting 72,000 uneconomical ones to Betterment, the New York City startup's future looks brighter but a money coach's letter says: 'You’ve slapped us all in the face … you shut us up and shut us out '
March 6, 2025 at 3:51 AM
BlackRock, Goldman Sachs will curtail DEI HR outreach to comport with new Trump executive order, but neither signals they want to abandon diverse workforce
The world's larget asset manager will subtract racial and gender targets for job interviews but will find new ways to hire candidates that head off 'groupthink.'
March 5, 2025 at 3:20 AM
LPL Financial files S-3 to raise $4 billion after new CEO takes reins with 'bold aspiration' to lead the 'advisor marketplace' across 'all of wealth management'
New CEO Rich Steinmeier needs capital to move upmarket but promises 'organic' emphasis as shares in company hold steady in market downturn.
March 4, 2025 at 2:44 AM
State Street -- under protest -- caves to SEC pressure to nix 'misleading' 'Apollo' name from its freshly minted alts ETF, among many issues cited in stern regulatory letter
Morningstar, Micah Hauptman, industry executives and attorneys all said in October that State Street and Apollo didn't seem to have basic boxes checked -- and the SEC dropped the hammer
