Foundation Source Appoints Industry Veterans Pamela Norley and Charles “Chip” Roame to Board of Directors
Foundation Source, the nation's largest provider of cloud-based SaaS solutions and management services for private foundations, today announced the appointment of two new members to its Board of Directors: Pamela (Pam) Norley, former President of Fidelity Charitable, and Charles (Chip) Roame, Founder and Managing Partner of Tiburon Strategic Advisors and Tiburon CEO Summits. Article summarizes Tiburon managing partner appointment to the board of directors of Foundation Source.

What's Next for Morgan Stanley's Wealth Biz, Andy Saperstein
After having been passed over for the job of replacing CEO James Gorman, will Morgan Stanley's co-president and wealth management head seek a new opportunity elsewhere? And does a shift in power at the top mean changes in wealth management? Article quotes Tiburon saying that the wealth & investment management units have been converging at Morgan Stanley and throughout the industry, with that trend likely to continue.

Allworth Gets its Man in John Bunch, Who Takes Over as CEO 'With Bases Loaded and Nobody Out' But Faces a High Bar
Co-founders Scott Hanson and Pat McClain of the $18-billion RIA got the former TD Ameritrade retail chief on his way home from a stint in the UK. Article quotes Tiburon saying that John Bunch is a proven operator and is likely a perfect match for Allworth Financial.

We Need to Talk About Method Man and Redman's Performance at Future Proof
"For a conference billing itself as the future and inclusive to all, this was the opposite and seemed tone-deaf," says one person who attended the concert. Article mentions unacceptable behavior by fireside chat participant at Tiburon CEO Summit XXXVII.

Bill Crager Makes Critical Hire of 'Step Back From the Numbers,' Joshua Warren, Replacing 'Brother' Pete D'Arrigo at CFO. Warren Had a Big Role at BlackRock -- Envestnet's Biggest Stakeholder
The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder. Article quotes Tiburon saying that Josh Ryan appears a perfect fit for Envestnet given his experience at BlackRock,and his arrival bodes well for some fresh thinking at Envestnet around distribution, indexing, alternatives, technology, and margins.

The Race to Win Wealth in the Workplace
Wealth management firms once ceded the ground in workplace retirement plans to Fidelity, Schwab and Vanguard. Not anymore. Article quotes Tiburon saying that workplace benefits is one of three big trends driving wealth management asset growth, and smart companies should learn from Fidelity, Schwab, and Morgan Stanley in the workplace.

Michael Durbin Wastes No Time Building $1.2 Billion Bridge Back to Fidelity From Cetera by Taking Private IBD to Get Past Pershing Exclusivity and Expand Addressable Market
Poached from Fidelity to serve as Cetera CEO -- to seek inorganic growth with Genstar cash -- Durbin is buying the old H.D. Vest-Blucora tax-preparer IBD for $1.2 billion, after it went for about $600 million in 2015 and got overhauls. Article quotes Tiburon saying that Cetera Holdings CEO Mike Durbin could lead Cetera to buy more independent broker/dealers and also to diversify into other businesses, including employee financial advisors, fee-based financial advisor (RIA) acquisitions, product companies, and/or retirement businesses.

Why Cetera's $1B Avantax Deal Is a Powerful Move
The deal brings Cetera a new custodial relationship and platform, according to CEO Adam Antoniades and others. Article quotes Tiburon saying that Cetera's multi-custodial platform will allow it to more easily acquire other Fidelity-using independent broker/dealers

All Eyes on Schwab: 8 Things Experts Are Watching on TD Integration Weekend
As TD Ameritrade advisors and their clients' accounts were about to move to the Charles Schwab platform as part of the long-planned conversion over the Labor Day weekend, a few industry experts told ThinkAdvisor they were keeping an eye out for any positive or ominous signs about whether the integration was running smoothly or not. Article quotes Tiburon saying that TD Ameritrade fee-based financial advisor (RIA) clients may seek to blame others if problems arise following the platform transition.

Focus Financial Closes Sale to Private Equity, Exiting Public Market
After more than five years trading on the public market, Focus Financial Partners, a pioneering aggregator of registered investment advisors, has completed its sale to a private-equity firm, with trading in the stock ending this week. Article quotes Tiburon saying that Focus Financial Partners' fee-based financial advisor (RIA) aggregation model was valued lower by the public markets than those firms offering a centralized management model.

Has Creative Planning's Mallouk 'Nailed It' With Goldman Sachs Deal?
The $245 billion RIA is set to add the former United Capital's $29 billion in assets and its practice management platform. Article quotes Tiburon saying that Creative Planning has proven to be a successful acquiror and the risk of losing financial advisors is mitigated by the independent nature of the company.

Chip & Skip's Excellent Adventure Marches on in Jackson Hole
For some, a good challenge and a good time beat the deathly drone of sponsored sales pitches disguised as educational sessions. Article summarizes Chip & Skip Excellent Adventure 12.0 in Jackson Hole, WY, featuring the Teton Village to Marion Lake via Granite Canyon hike.

Six Schwab Integration Worries of TD Ameritrade Advisors: Advisors' Advice
With less than two weeks to go before TD Ameritrade advisors and their clients' accounts are scheduled to move to the Charles Schwab platform, there are still a few things that at least some advisors of each firm remain concerned about. Article quotes Tiburon saying that The Charles Schwab Corporation has spent billions of dollars in preparation for the platform move, retaining the best features from both platforms.

Why Advisory Assets, Retail Clients Are Leaving Schwab
The report from Charles Schwab Corporation of lower flows of client money as it integrates TD Ameritrade into its business was not surprising to industry experts, who explained a few reasons for the attrition of retail and advisory clients' assets. Article quotes Tiburon saying that the news of lower client flows likely represents The Charles Schwab Corporation's discipline to resign from serving clients with a lower revenue commission model.

Charles Schwab Corporation Quickly Follows its Conversion of TD Ameritrade's Retail Investors with $4-Billion [Annual Fees] Cross-Sell Plan and a Sales Schematic to Execute it
The $8-trillion Westlake Texas giant will add $3-billion to $4-billion in annual revenue, and it's started with segementing the richest DIYers into 'Schwab Private Client Services' and 'Schwab Private Wealth Services' to handle their 'overall experience.' Article quotes Tiburon saying that this strategy represents The Charles Schwab Corporation recognizing the importance of segmenting and improving the offerings for its upscale self-serve retail clients.

An RIA Megamerger is Coming
A popular parlor game among wealth management executives is handicapping which two giant RIAs will reshape the industry by joining forces. Such a megamerger is likely to happen in the next 12-to-36 months, according to top industry executives surveyed by Barron's Advisor. Article quotes Tiburon saying that the consolidation of the fee-based financial advisor (RIA) consolidators is coming as private equity owners will seek to grow faster and/or exit, leading to a major deal.

Industry Conferences Still Dealing with Sexism, Discrimination Concerns
Another troubling industry conference incident is giving reformers a chance to promote ongoing efforts to eliminate sexism and discrimination from events. Article mentions unacceptable behavior by fireside chat participant at Tiburon CEO Summit XXXVII.

Do Schwab's New HNW Services Threaten Advisors?
Experts debate if the offerings are handholding for wealthy DIY clients or competition for RIAs' hands-on services. Article quotes Tiburon saying that The Charles Schwab Corporation's strategy is a recognition of the importance of, and focus upon, its upscale self-serve retail clients.

Schwab Offers In-House Financial Consultants to All $1M+ Retail Clients
The company says eligible clients will automatically be enrolled in the Schwab Private Client and Schwab Private Wealth services programs and will have access to specialized services and benefits. Article quotes Tiburon saying that The Charles Schwab Corporation's strategy provides limited to no conflict with RIAs who take discretion and manage funds on behalf of clients.

Fidelity Investments May Finally Throttle Down its 'Crazy' Two-Year-Plus Hiring Binge in August after it Added a 'Schwabitrade' Worth of Staff and Grew to 42 Million Plan Participants -- More than Canada's Population!
CEO Abby Johnson acting upon the fire of 'demand' and 401(k) 'leadgen funnel' combined to fuel her Boston firm's 32,000-strong staffing spree, widening its gap over 'Schwabitrade' from 10,000 to more like 37,000 staff. Article quotes Tiburon saying that Fidelity Investments' strategy of capturing 401K plan participants and Baby Boomers heading towards retirement is a key element in its future success.

Why Are Fidelity, Schwab, Morgan Stanley And Vanguard So Far Ahead In New AUM?
Fidelity, Schwab, Morgan Stanley and Vanguard surpassed all others in new assets under management (AUM) in 2022. Three of those four are household names that probably surprised no one. But Morgan Stanley? Article highlights Tiburon Managing Partner Chip Roame's keynote presentation at Tiburon CEO Summit XLIV in Boston, MA., citing the major trends that the big four wealth managers are focusing on, including discount & online brokerage, managed accounts, and the workplace.

McKinsey & Co. Weighs in on the Future of RIAs -- Where it Has 'Zero Business' -- and Comes Up with the Same Boilerplate Prediction about the Demise of Mom-and-Pop Shops
The $10-billion revenue colossus pooh-poos $7 trillion of 'mom-and-pop' RIA assets after they take in 22% of all investable assets last year, from 16% base, according to McKinsey's own numbers. Article quotes Tiburon saying that large fee-based financial advisors (RIAs) are taking market share and will continue to dominate amid a continued pricing squeeze.

Schwab's Wealth Biz Expansion Makes Sense But Could Spur Conflict with RIAs: Analysts
In a search for new revenue sources, Charles Schwab intends to expand its wealth business, but doing so could put it in competition with the registered investment advisor firms on its platform, industry analysts and competitors argue. Article quotes Tiburon saying that The Charles Schwab Corporation has seen tremendous success over the past two decades and new service offerings for high net worth & ultra high net worth clients are a natural next step.

What Covid Taught Us About The Future Of Financial Advice
On the third anniversary of the start of the Covid-19 pandemic, I'm reflecting on how our world has changed and what that means for the future of financial advice. Article mentions the key trends for financial advisors mentioned in Tiburon Managing Partner Chip Roame's keynote presentation at Tiburon CEO Summit XLIII in Chicago, IL.

While Financial Firms Put "A Lot of Energy" Toward Diversity, Results Mixed
Two employment trends are running concurrently in financial services: intense competition for talent and an industry-wide push for diversity. Article summarizes recent Tiburon Webinar on wealth & investment management staffing & compensation strategies.

Who Will Become The Amazon Of Financial Advice?
I've thought a lot about which firm might emerge as the first Amazon in financial services - a company willing to break from the past, make a big bet on the future, invest billions in transforming outdated infrastructure, and put historic levels of digital and human capital behind elevating the customer experience and financial outcomes. Article mentions the key highlights from Tiburon Managing Partner Chip Roame's keynote presentation at Tiburon CEO Summit XLIII in Chicago, IL.

Investors Have Learned The Hard Way: Don't Rely On The Market
For years I have felt like that traveler who races ahead of the tour group, spins around, and thinks, "Why can't you all hurry up?" Article summarizes the key highlights from Tiburon CEO Summit XLIII in Chicago, IL.

Week in Preview, November 7 - November 13
Today, the Tiburon Strategic Advisors team will kick off the Tiburon CEO Summit XLIII. The three-day event is being held at the Four Seasons Hotel Chicago. Article mentions Tiburon's semi-annual Tiburon CEO Summit beginning in Chicago, IL.

Fidelity Investments' Plan to Hire 12,000 by October Hit Wall of Macro-Headwinds; No Problem, it Landed at 15,000; Schwab Keeps Hiring, Too
The Boston giant's people grab could be derailed by indigestion -- the inability to assimilate staff -- an analyst says; but it has yet to materialize so the hiring spree rolls on. Article quotes Tiburon saying that Fidelity is in three of the broader industry's growth engines and is using an innovative way to win in the industry's war for talent.

Mark Casady is Under the Gun to Spend his SPAC's $200 Million of Cash to Avoid October Deadline but a Recent SEC Filing Sounds an Ominous Note after CEO Departs
Lefteris reports that Jon Isaacson is taking over as CEO from Karl Roessner, the 'natural choice' to make a deal, according to Casady, though it's down to a few weeks. Article mentions Tiburon Managing Partner Chip Roame is an independent director of Lefteris Acquisition Corporation.

TAMPs Race to Build Comprehensive Wealth Management Platforms
After years of consolidation, the platforms that solve the puzzle could win future advisers and their assets. The ones that don't may find themselves acquired. Article summarizes recent Tiburon Research on FA Product TAMPs & Platform TAMPs,

Chuck Schwab Reveals Part B, Doubling-Down on Walt Bettinger by Making him Co-Chair, a Day After Part A - Wagering $15 Billion From the Schwab Corporate Treasury on the CEO's Future Leadership
The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties. Article quotes Tiburon saying that recent moves are a natural transition and puts Walt Bettinger in the driver's seat to build Schwab for the next decade assisted by Rick Wurster.

Halo Investing Adds Founder & Managing Partner of Tiburon Strategic Advisors and Tiburon CEO Summits To Advisory Board
Charles Roame joins the distinguished team of advisors for the award-winning technology platform. Article summarizes Tiburon managing partner appointment to the advisory board of Halo Investing.

Allspring Global Selects Three as Independent Directors
Allspring Global Investments, formerly the asset management unit of Wells Fargo spun off in November 2021, has appointed three independent directors - Nora Jordan, Kay Madati, and Charles (Chip) Roame - to complete its 11-member board. Article summarizes Tiburon managing partner appointment to board of Allspring Global Investments.

Direct Indexing Is Hot, Here's What It's Not
Investors are susceptible to "shiny object syndrome." They have been for years, from the 1980s, when various mutual funds and tax shelters took turns disappointing investors through the tech bubble and on to crypto. Article quotes Tiburon saying that tax planning is the new alpha in financial services.

Fidelity's Strategy to Own the Financial Advice Business by Owning 'a Crazy Lot of People' is Heading for 28,000 Hires in Two Years
Hiring 16,600 people last year just whetted the $11-trillion Boston company's appetite to make 12,000 more hires in a play to be a category killer in finance. Article quotes Tiburon saying that Fidelity has been growing net new assets at a high rate over the past year.

The Charles Schwab Corporation Files SEC Paperwork to Make Good on Rick Wurster Push for Investor Revolution in Mass Customization - with 40 Basis Points of Monetization
The Westlake, Texas broker-dealer and custodian of $8.5 trillion of AUA will cannibalize its own products and third-party partners but with eyes on a new value proposition. Article quotes Tiburon saying that Schwab has a long track record of being willing to cannibalize its own business.

Tiburon Founder Chip Roame Joins DPL Financial Partners Board
Industry titan brings decades of leadership experience and extensive industry connections to commission-free insurance platform for fee-based financial advisors (RIAs). Article summarizes Tiburon managing partner appointment to board of DPL Financial Partners.

Vinovest Opens Diversified Wine Fund to Advisors
Financial advisors and their clients can get access to fine wine through Vinovest's actively managed fund or through bespoke strategies customized around time horizons or ESG preferences. Article quotes Tiburon saying that wine provides both superior returns to the markets and a level of diversification.