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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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custodian

LPL Unveils Pure-Play Custodial Service for Fee-Only RIAs

LPL Unveils Pure-Play Custodial Service for Fee-Only RIAs

Barbara Herman Quoted – By Diana Britton, WealthManagement.com – While LPL Financial has custodied assets for registered investment advisors since 2008, it was largely to support the fledgling hybrid advisory business of its registered reps. But as it has across the industry, that advisory business has grown fast.

RIA, IBD or somewhere in between: Which version of independence is right for you?

RIA, IBD or somewhere in between: Which version of independence is right for you?

By Wendy Leung, ThinkAdvisor – As the interest in attaining freedom, flexibility and control continues to surge among advisors, new independent models are being born at a rapid pace to accommodate them, providing more choice than ever before.

Goldman Sachs pushes into the independent advisory channel

Goldman Sachs pushes into the independent advisory channel

Louis Diamond Quoted – By Ian Wenik, Citywire – Goldman Sachs, RIA custodian? Industry experts told Citywire that this might be the thinking underlying the financial services goliath’s latest acquisition: Folio Financial, an online broker and custodian in McLean, Va. Financial terms of the transaction, which Folio revealed on Thursday, were not disclosed.

Goldman Sachs splashes out on Folio in RIA custody move and gets a few robo-advisors into the bargain, days after Schwab buys Motif

Goldman Sachs splashes out on Folio in RIA custody move and gets a few robo-advisors into the bargain, days after Schwab buys Motif

Louis Diamond Quoted – By Oisin Breen, RIABiz – Goldman Sachs took another big step into the RIA business with the acquisition of custodian Folio Institutional. The New York giant revealed its acquisition of Folio Financial Inc. today (May 14), with an expected close in the third quarter this year — and the latest overt move by Goldman CEO David Solomon to make his company much more like Fidelity Investments or Charles Schwab & Co.

Dan Arnold is ready to meet ‘zero’ commission challenge — albeit only for RIAs at LPL Financial

Dan Arnold is ready to meet ‘zero’ commission challenge — albeit only for RIAs at LPL Financial

Louis Diamond Quoted – By Brooke Southall, RIABiz – LPL Financial is going to zig  to Charles Schwab & Co’s zag on zero commissions — by matching the move–but only in its RIA custody unit. The Fort Mill, S.C., broker-dealer  is “likely…doing something to address” Schwab’s price cut, said Dan Arnold, CEO of LPL Financial in response to a direct question on the matter this week from Alex Blostein, the Goldman Sachs research analyst who covers the big broker-dealer.

What Schwab’s free trade move means for RIAs

What Schwab’s free trade move means for RIAs

By Louis Diamond, Citywire – Charles Schwab’s announcement on Tuesday to eliminate trading fees on stocks, ETFs, and options sent waves through the media and soon after pushed competitors TD Ameritrade and E*TRADE to follow suit. The industry still awaits news on the other two largest RIA custodians – Pershing Advisor Solutions and Fidelity Custody & Clearing Services – and how they will respond to Schwab’s strategy. Yet many in the wealth management space – regardless of channel affiliation – are left wondering what this really means for their businesses.

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