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RIABiz

Raising an eyebrow but no alarms, BlackRock again ...

Raising an eyebrow but no alarms, BlackRock again ...

August 06, 2024 - Daily Newsletter for RIABiz subscribers

OWNER/VENDOR
Colin Falls: Through the commercial dialogue with BlackRock, it made sense to a…
The $10-trillion manager, which has no salesforce, is 'powering flows' by allying, as vendor and owner, with RIA outsourcers like GeoWealth, after previous success with Envestnet and iCapital
an hour ago Oisin Breen

When BlackRock talks capital backing in “commercial" chats, TAMPs tend to listen, even when they don't need the money.

RAINS, IT POURS
Louis Diamond: I have never been privy to scalable maneuvers by firms to bend c…
'Cash' lawsuits are piling up, and even Ameriprise singled it out for alleged bad faith, while the stock fell 7.77%, just on Friday.
Saturday 8.3.24 Brooke Southall

LPL Financial had one of its worst weeks in years, but don't blame Bank of America.

THE GOOD NEWS
Kunal Kapoor: As investment timelines stretched out ... we incurred significant…
The Chicago company also revealed it recorded $3.3 million in severance costs and got more specific about just how much the Tamp was a money pit.
Friday 8.2.24 Brooke Southall

Morningstar made a hard decision to dump its budding $12-billion TAMP – and absorb $3.3 million of related severance costs – but it may salvage as much as $100 million from the asset sale to AssetMark.

CAPTIVATING STORY
Rick Kent: We believe that this transition will better position us to offer inn…
Dan Arnold derided the idea of 'captive' advisors; analysts still call the break-up a 'headscratcher'
Friday 8.2.24 Lisa Shidler

Brooke Southall: You had to wonder what and where a shoe was going to drop when even-keeled Dan Arnold spoke on July 25th with rare venom about clients soon to be cut loose from the LPL herd. Their crime: ‘Misalignment’ …

MOST RECENT ARTICLES
Schwab, choosing its words carefully, will launch an ultra-short income ETF, its first active fixed-income ETF on or about Aug. 13.
The 39 year-old vice presidential candidate's investment into the anti-ESG ETF-maker Strive Asset Management draws him closer to its owner, Ramaswamy, 38.
Schwab, Morgan Stanley, LPL and Wells Fargo are among the firms feeling the heat and facing the conundrum around overreliance on a chief revenue source.







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