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.
By Mindy Diamond, WealthManagement.com – Recent moves by Goldman Sachs appear to indicate the firm is preparing to enter the custody space. What does this mean for financial advisors and the wealth management industry?
There have been reports of some significant changes brewing at Goldman Sachs that seem to indicate that the firm is going all-in on the RIA custody business. What does that mean for Goldman Private Wealth Advisors and the industry at large?
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.
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.
Mindy Diamond Quoted – By Danielle Verbrigghe, FundFire – RBC has launched a new wealth management technology platform for its registered investment advisor (RIA) and independent broker-dealer clients. This comes as the firm has taken other steps aimed at expanding its RIA custody channel. The RIA custodian market is dominated by four big players, Charles Schwab, TD Ameritrade, Fidelity and Pershing, explains Mindy Diamond, president and CEO of Diamond Consultants, a financial advisor recruiting firm that does work in the independent advisor channel. That can make it tough for other firms focused on growing in the RIA channel to gain market share.
