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Charles Schwab touts new Fed stress test that ...

Charles Schwab touts new Fed stress test that ...

July 17, 2024 - Daily Newsletter for RIABiz subscribers

THE LAST WAR
Peter Crawford: We remain focused on continuing to enhance our strong capital l…
Morningstar calls Schwab's capital ratio increase from 2022 'great,' but test doesn't account for factors that sank Schwab stock during 2023 collapse of Silicon Valley and First Republic banks
3 hours ago Brooke Southall

Brooke's Note: I had partially forgotten the extraordinary events of March 2023 that took down Silicon Valley Bank and First Republic Bank and gave Schwab a major headache. Schwab had waved off concerns of lasting effects for over a year. …

ICONOCLASTIC VISION
Jarrett E. Cohen: 'We are focused on diversifying the wealth management space.'
Cohen just added four part-time hires to help shoulder growth at his firm, which has no account minimums and a mission to 'help everyone.'
Monday 7.15.24 Rogers Crowley

Jarrett E. Cohen needed a building for his RIA business, and he wasn't afraid of a little irony.

FURTHER ALONG
Taylor Matthews: We just wanted to make sure we worked out the kinks
The VC-backed RIA stared down legal perils to grab United Capital defectors but is now in 'good shape,' its CEO says, revealing that it grabbed 32 advisors in the past three quarters bringing it to $3 billion AUM
Friday 7.12.24 Lisa Shidler

Farther took a gamble, held its breath and then reported the good news: It poached a windfall of advisors and their assets from Goldman Sachs while avoiding the squid's unimaginably entangling legal tentacles.

FRESH SHEET
Tom Sipp: In a private setting, you can think long-term.
Bain brought in Reverence, which owns Osaic, and a bunch of asset managers to fund the deal it controls, and will appoint a new CEO later this year
Thursday 7.11.24 Brooke Southall

Envestnet accepted Bain Capital's $4.5 billion offer to become a private company with BlackRock and Fidelity as prominent owners, 14 years after it went public in 2010.

MOST RECENT ARTICLES
The Boston clearing and custody giant has been using the Berwyn, Pa., TAMP/SMA giant for managed accounts, but now Fidelity is making Envestnet a big software partner to make its own TAMP a 'category killer.'
The ex-BlackRock exec began life yesterday at the mega RIA and asset manager knowing his mission is financial and ecumenical in nature, but with the calls for a turnaround centering more on the latter.
The famed Boston private equity firm already has big stakes in Carson Wealth and CI Financial and may be in the hunt for other acquisitions.







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