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Morningstar's sale of TAMP's $12-billion book-of- business to ...

Morningstar's sale of TAMP's $12-billion book-of- business to ...

June 25, 2024 - Daily Newsletter for RIABiz subscribers

QUICK PUNT
Daniel Needham: Our strategy is always a thesis.
Morningstar nets a cash windfall, a better distribution deal, and it reduces conflicts with its clients, but SMArtX is the likely loser, which will no longer administer Morningstar's TAMP assets.
an hour ago Oisin Breen

Morningstar's eye-opening sale of its TAMP's $12-billion book of business to AssetMark signals the end of a two-year run at cobbling together software and research into a TAMP for RIAs and IBD reps.

THEN LIFE HAPPENED
Sheryl Garrett: I got called an idiot.
Members are broadening the business model, with her blessing; Garrett will retain a board seat and focus on raising fruits and vegetables on her Arkansas farm
Friday 6.21.24 Lisa Shidler

Sheryl Garrett has just sold the Garrett Planning Network (GPN) while saving her soul, which has been severely tested by tragedy for the past eight years.

TRIAL BY FIRING
Vanguard's Buckley is exiting as CEO right as draconian new anti-phone policies…
Investors who 'excessively rely' on telephone calls may first face longer hold times and pay fees for overburdening call centers after the $9-trillion manager amended its brokerage compact with new terms
Wednesday 6.19.24 Oisin Breen

Brooke's Note: My guess is that this gobsmacking set of legal clauses in the new Vanguard contract will, in retrospect, be the high point of the seeming absurdity at the grand old Malvern, Pa., fund company. The provisions, especially No. …

PE RATIO
Ken Fisher is finally cutting private equity in on his action -- but with strin…
The founder, owner and chair of the $275-billion AUM firm continues a trend where top owner-operator RIA players are still in control.
Tuesday 6.18.24 Brooke Southall

Ken Fisher may now be living by two “PE” ratios – 20 and 20 – one is enviably high, one is enviably low, and they support each other.

MOST RECENT ARTICLES
The $275-billion Plano, Texas, RIA is selling an estimated 20% stake for $2.5 billion, and Fisher says outsiders can do 'never-yet-done solutions' for the firm.
The $9.2 trillion, Westlake, Texas, giant told Bloomberg that it'll grow its $1.2 trillion base as much as 20% over the next five to seven years -- countering the wirehouse trend of establishing distance between distribution and investment management channels.
The software maker oversees more than 25% of all RIA assets, but for only about 2.7% of RIAs -- a gap its hip, young CEO -- now RIA software's senior statesman -- believes he can fix.







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