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Altruist is CTO-less, for now, quasi-intentionally, it says ...

Altruist is CTO-less, for now, quasi-intentionally, it says ...

June 07, 2024 - Daily Newsletter for RIABiz subscribers

CTO SEARCH IS ON
Jason Wenk: It was a mutual decision.
Shiralker out at Altruist • Orion gives Trevor Noble his cause • Bitcoin has a new fund king • Software maker benefits from Goldman custody exec. churn • Carson Group denies lawsuit • Merge of Wiener's old shop complete • 100,000th CFP named.
2 hours ago Oisin Breen

Nachiket Shiralkar checked out of Altruist and checked into Hotel Engine, but not before leaving the emerging RIA custodian with a brand known for its digital technology.

FAIR IS FARE
Manish Khatta: It's fair that ETFs start paying their way for access to assets.
Focus leverage ratio rose again; Moody's dings • Fidelity shores-up ETF marketplace revenues • Schwab backs brick-and-mortar • Krawcheck claim puts $53 trillion in question
Wednesday 6.5.24 Oisin Breen

Focus Financial Partners has the Moody's blues because its plan to create three mega RIAs out of 90 smaller ones will come at a cost.

PAINT IT BLACK
Todd Russ' defense of the 'anti-ESG' law was slammed by the Oklahoma attorney g…
The state's pension board disregarded the Republican-dominated government by extending BlackRock's contract to manage $7.3 billion of its retirement assets -- BlackRock still scaled back its ESG stance.
Monday 6.3.24 Oisin Breen

Brooke's Note: This was never David and Goliath. It was more like two Goliaths, and something had to give. The state of Oklahoma ended up losing to Oklahoma's pension machinery over whether ‘woke-capitalist’ BlackRock could do business in the state. …

RE-WIRED HOUSES
Bernie Clark: The 'join' deals are now twice the 'start' deals.
The exit-bound Schwab RIA chief, never one to offend, says his company's net new assets depend on the aggregators 2-to-1 over RIA startups, but some are choosing a counterproductive path
Saturday 6.1.24 Brooke Southall

Schwab Advisor Services' future is more about breakaway brokers “joining” big RIAs and less about filing an ADV and “hanging out a shingle,” according to Bernie Clark, in a recent webcast and media interviews.

MOST RECENT ARTICLES
The New York City consulting giant quietly made the Orion founder and ex-CEO a McKinsey senior advisor two months after he stepped down last year.
The $9T brokerage soft-announced that the long-term project is coming to fruition but RIA clients are excluded, for now
The 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.







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