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Schwab Wealth Advisory (SWA) unveils 'corkage' fee on third-party SMAs, typically .35%, as slew of changes add to 'elegant' master plan to convert DIY book to fees

The new Schwab price schedule, much like Fidelity's 'wrap manager,' goes into effect in 2027 and aligns with the aggressive SWA hiring, new remote SWA call centers ...
RIABiz

MassMutual helps Flourish find white knight buyer and regain 'standalone' status just months ahead of Phase II rollout that makes its 1,300 RIA clients more like a giant ...

The Springfield, Mass. life insurer is passing the 'controlling interest' baton to private equity on the verge of RIA play to assault the bank fortress walls of checking and lending, nationally -- wit ...
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SEC seeks to rescind 2010 'pay-to-play' rule, paving the way for investment advisors to again bid for public pension contracts while making political donations to officials ...

The rule grew out of a major 2009 New York state pension scandal involving bribes and kickbacks for pension contracts and gets applied in SEC sweeps ...
RIABiz

Wells Fargo follows Morgan Stanley out the door, prompting Forbes and Shook to freeze all 2026 advisor rankings amid fallout from $6-million editor payout

Forbes and Shook Research suspended all 2026 advisor rankings following a $6 million secret payout scandal. Wells Fargo followed Morgan Stanley in withdrawing from the rankings, triggering a potential ...
RIABiz

Charles Schwab & Co. took out full-page WSJ ad promising to 'hire thousands more financial consultants' last week; this week it said RIAs will no longer receive sub-$5-million ...

Schwab will feed its wealth manager all sub-$5 million leads starting 2027, and consoled RIAs by promising skyrocketing $10-million and $25-million referrals will keep coming their way. Schwab is ...
RIABiz

Salim Ramji (strategically) bends to the will of RIAs by allowing them latitude to remodel Vanguard model portfolios and let three favorite RIA partners -- Orion, Black Diamond ...

Vanguard CEO Salim Ramji now permits RIAs to customize model portfolios by replacing house funds with third-party managers. Strategic partnerships with Orion, Black Diamond, and Vestmark facilitate ...
RIABiz

Will Trout

After Fidelity shutdown its password-sharing business model last year, Pontera's new tack is a 'non-discretionary service' while it waits out a CFPB decision on bank data-sharing fees and offers APIs ...
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CAIS lands $170-million from Vista Equity at $2-billion valuation, double the last raise, but amount rekindles questions about whether private equity firms pay premium for ...

The New York City alts marketplace has raised half the sum at double the rate of four years ago, but it can point to growing RIA adoption to justify the valuation -- even if it's still burning cash ...
RIABiz

Choreo may win up to $5 billion of SpaceX IPO wealth by bulk sale but likely made a devil's bargain -- a low fee for a high-maintenance clientele, analyst says

Ed O'Gorman: It now exists as a proven model – and once a model works in wealth management, it tends to spread. Key Points Choreo secured up to $5 billion from SpaceX IPO wealth via bulk sale. The RIA ...
RIABiz

Cerulli reveals giant leak in RIA assets, and Mark Tibergien explains why plugging a hole draining the Boomer 'Great Wealth Transfer' may be a harder than ever

Mark Tibergien: 'Several of my friends have been on real spending benders lately.' Brooke's Note: Any RIA industry success story would have to note two giant tailwinds. One of them is the tireless ...