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Vanguard warns its phone-reliant investors of 'termination' -- ...

Vanguard warns its phone-reliant investors of 'termination' -- ...

June 20, 2024 - Daily Newsletter for RIABiz subscribers

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
12 hours ago 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. …

HEALTH AND WEALTH
Ken Fisher: While my health is excellent, this transaction with an atypically l…
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.
Sunday 6.16.24 Brooke Southall

Ken Fisher is finally taking some chips off the table but will retain an iron grip on Fisher Investments.

PIPING HOT
Omar Aguilar [Schwab photo]: 'We have the luxury to have amazing distribution c…
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.
Friday 6.14.24 Brooke Southall

Charles Schwab Corp. is using an old division as a major source of new assets by using the oldest strategy in the brokerage industry to fresh effect.

PERFORMANCE REPORT
Eric Poirier: We see an enormous growth opportunity to serve way more RIAs than…
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.
Friday 6.14.24 Oisin Breen

Addepar remains on the march as the fastest growing, biggest spending and most dazzling tech firm in the RIA industry – but there is a void yet to fill.

MOST RECENT ARTICLES
The founder, owner and chair of the $275-billion AUM firm likely got '20X,' an M&A source says, continuing a trend where top RIA players are still in control.
The buyer, Yext, likes aspects of the San Francisco startup and believes it can apply a quick-fix with AI -- and will reward Hearsay investors with $95 million, if it produces earnings bump.
The reemerging San Francisco super bank will be the first wirehouse-owner to court RIAs openly, though Merrill Lynch's Broadcort and Bear Stearns once operated similar businesses in the shadows.







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