Brooke Southall
Articles written by Brooke Southall
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A day ahead of IMPACT 2024, Envestnet and Schwab say they will kill off mutual RIA 'pain points' and pledge continued cooperation to co-served RIAs -- even as each edges onto the other's channel turf
The big San Francisco event begins tomorrow, and co-client RIAs may harbor questions about whether the long Schwab/Envestnet cooperation will continue, as giant leadership changes are scheduled to happen at both
November 19, 2024 at 4:03 AM
DPL gets Envestnet to display its data in performance reports -- to complete Big Three that also includes Orion and Black Diamond, enabling RIAs to show -- and bill for -- annuities like asset funds
The Louisville, Ky.-based fee-based annuity distributor to 10,000 advisors from more than 3,500 RIA firms only had about 250 advisors that used Envestnet but the data may begin to grow that
November 13, 2024 at 4:27 AM
SoFi simultaneously Blackrock-izes robo-advisor and imposes first fee in seven-year history
The San Francisco digital bank hit $1.3 billion of AUM and will levy 25 basis points as Blackrock gets a role in model portfilos, ETF management -- but SoFi retains final say
November 12, 2024 at 2:04 PM
Mike Durbin set to take CEO reins at Cetera to further Genstar's bold mission, with $1 trillion looming on the horizon and his eyes on the prize
Adam Antonaides, 59, is exiting the CEO role as the No. 2 IBD shifts into higher gear to compete with LPL and take on a more RIA future
November 7, 2024 at 11:11 PM
Clayton, Dubilier & Rice 'likely bumped up multiple by a few turns' on Focus Financial valuation with self-merging binge that's gathering steam with $6.6B AUM GYL deal
The esteemed New York City PE firm gave Michael Nathanson and Adam Birenbaum great powers to buy, and they are encountering little resistance -- and much unlocked value -- to wholesale restructuring
November 7, 2024 at 2:55 AM
Vivek Ramaswamy $30-million venture launches wealth RIA --- just ahead of the election -- and dumps Columbus, Ohio for 'economic advantages' of Dallas
Serial entrepreneur and Trump surrogate secured an ADV for Strive Wealth Management as of Oct. 30 and will leave the rust belt.
November 5, 2024 at 2:18 AM
Rich Steinmeier turns big page on Dan Arnold era at LPL with 'pivot' promise to stop managerial dictating -- not long after LPL removed RIA hurdles to custody at Fidelity, Schwab and other rivals
LPL shares shoot skyward after the new CEO hints at revamped culture, spikes Wall Street meeting with jocularity and delivers the earnings goods.
November 1, 2024 at 1:57 AM
Charles Schwab & Co. is going to 24-hour trading, responsibly, it says, even as Fidelity abstains
Citing TD Ameritrade 'DNA,' Schwab's head of trading promises to indulge overnight trading to day traders 'in a responsible way' and add to Schwab's average of six million trades a day
November 1, 2024 at 1:51 AM
Marty Bicknell loads up on Neuberger Berman capital 'ahead of plans' after RIA deal 'supply' exploded ahead of plan -- and financier rolled with 'marching order'
The Mariner Wealth CEO and owner will give up a board seat, but still call the shots on growth plans, as pipeline hits 10 'engagements', and may accelerate even more; 5,000-advisor goal stays intact.
October 31, 2024 at 2:27 AM
Michael Kitces and Alan Moore caution not to read too much into 'Sapphire' launch but encourage reading everything into staggering momentum of XYPN-classic
The XYPN co-founders got to 2,000 advisors with easy-RIA startup and this second OSJ-like model is more like a safety valve for the 10% who want to avoid hassles of full independence.
October 22, 2024 at 3:29 AM
LPL Financial names Rich Steinmeier CEO, effective immediately -- after shares shot up under his stint as interim CEO
Wall Street analysts publicly endorsed the 50 year-old executive; LPL chief financial officer Matt Audette passed over for CEO, but he rises to president while maintaining his CFO title
October 21, 2024 at 9:15 PM
'Streetfighting saint' Bob Veres takes 2024 Tamar Frankel prize for decades of unstinting, sometimes 'scathing' commentary and a 'secret sauce' to ferret out facts
The unlikely recipient of the 'RIA Nobel Prize' has been a soft-spoken, hard-hitting writer, editor, advocate and RIA 'energizer bunny' for 42 years
October 19, 2024 at 2:19 AM
Schwab's chief financial officer explains to Goldman Sachs analyst that 'headline risk' makes unviable the tempting path to pay down $65 billion of burdensome loans -- and ring up 'instant earnings,' a second analyst says
Michael Verdeschi says wryly Schwab's balance sheet is a 'popular topic,' but company will stay the course despite the costs of carrying expensive liquidity loans.
October 17, 2024 at 2:27 AM
iCapital hits $203 billion of 'platform assets,' but Schwab could boost prospect big-time in a marriage of convenience that would benefit both
The New York City alternatives hub grew asset total $37 billion or about 22% since Sept. 2023, but if Schwab pulls lever on $4-billion revenue play at fat margins, life will be good.
October 15, 2024 at 3:36 AM
Rick Wurster is 'ideally prepared,' for CEO role, says Charles R. 'Chuck' Schwab -- he practically runs the company, advances the business model and actually lives in Texas
The president and CEO-in-waiting has all but Walt Bettinger reporting to him, and spearheads huge initiatives in alts, banking, private banking and proprietary investments
