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John Wise is back, this time to crack ...

John Wise is back, this time to crack ...

August 16, 2024 - Daily Newsletter for RIABiz subscribers

UN-CLOUDED VISION
John Wise: Clients will expect to get written summaries.
The InvestCloud founder just landed a big building block for his vison -- an S&P Global spinoff with data for AI to turn into sweet wealth management reports.
52 minutes ago Brooke Southall

John Wise is back in the RIA spotlight some15 months after leaving InvestCloud, with new backing, a new vision, a new venture, a new brand and the same end-consumer – wealth managers.

PRESSED TO SERVICE
Jim Fox went overtime managing secret offer and was paid $350,000 a month for h…
The Berwyn, Pa., firm accepted the lower Bain offer ahead of ' Strategic Party A's' sweetened bid because the latter wanted 'several weeks' to procure cash and no part of 'Yodlee' unit
Thursday 8.15.24 Brooke Southall

Envestnet just spilled 63 pages of riveting details mostly related to a $70 bid for the company that it ultimately deemed a precarious temptation – especially with a Bain deal bird-in-hand.

GOOD BYE, GOODWILL
Josh Warren: Envestnet has written off the remaining goodwill related to the da…
Envestnet has now written off 48.6% of the $590 million it spent buying Yodlee in 2015, after unit failed to meet expectations as standalone data purveyor or internal 'wellness' engine.
Tuesday 8.13.24 Oisin Breen

Envestnet is writing off the final $96 million of Yodlee ‘goodwill’ as the ill-fated business unit drifts sideways, and the company clears the decks for a Bain Capital fresh start.

ANTI-'ARCHAIC'
Rebecca Lynn: 'I’ve been waiting to see a company like Savvy Wealth.'
The Canvas principal swooped in, she says, because Savvy is best positioned to leverage AI -- but will need her firm's cash to maximiize its efforts.
Tuesday 8.13.24 Oisin Breen

Rebecca Lynn is back after scoring a rare financial success in automated advice – but this time she's investing in a human RIA that wants to apply AI to spare RIAs from management headaches.

MOST RECENT ARTICLES
Salim Ramji is high on alts, low on IPO and is piloting AI for service • Arch now serves 270 clients, up from 200 in January • Nearly 2% of Fidelity's 401(k) clients have $1 million or more • Dave Antonelli leaves BlackRock for start-up after 21 years • Grayscale's Ethereum 'mini-trust' inflows of $130 billion fall far short of main-trust outflows nearing $1.8 billion
The deal with the Chicago up-and-comer all came together in 2024 as part of Fidelity's quiet hire of ex-Vanguard talent to head emerging RIA unit.
The Culver City, Calif. custodian called a town hall after negotiations with Pershing fell flat and gamely admits this was not the 'original intent'







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