May 7: Schwab strikes dealto buy Motif’s technologyand intellectual property.
May 11: Advisor Group plansto merge three former LadenburgThalmann BDs into Securities Americaby year-end.
May 14: Goldman Sachs says itplans to buy fintech platform andcustodian Folio Financial for anundisclosed amount.
May 15: Schwab and TD Ameritraderelease a supplement to their jointprospectus/proxy to help resolve eightlawsuits concerning an “incompleteand misleading registration statement.”
May 26: Schwab wraps us its
$1.6 billion purchase of USAAInvestment Management’sclient assets, which totalabout $80 billion owned byone million investors.
June 3: Schwab says it willlaunch a program to let advisors helpclients manage investments in HSAs.
June 4: The Justice Departmentapproves Schwab’s purchase of TDAmeritrade, as do the majority of bothfirms’ shareholders.
June 9: Schwab Stock Slices is introduced to let DIY investors buy partialshares of a single stock or up to 10stocks at once with no commissions.
June 28: Platform providerOrion Advisor Solutions saysit is merging with investmentmanager Brinker Capital toform a firm with some $40billion in managed assets.
The new entity will operate
as both a technology firm and
turnkey asset management
program (or TAMP) business,
according to Orion
CEO Eric Clarke
June 29: M&T Bank ofBuffalo says it will move its
$20 billion wealth business ontoLPL’s platform by mid-2021, the largest of some 800 bank and credit unionsto join LPL to date. The M&T businessincludes about 170 advisors.
July 6: Advisors working at
wholly owned offices of RIA
Carson Wealth, part of Carson
Group and led by Ron Carson,
must have a certified
five years of joining
it, according to an
July 15: Dani Fava,head of innovationfor TD AmeritradeInstitutional, departsand joins Envestnetone week later.
July 28: In its third deal of the year,Hightower Advisors buys part of FrontierInvestment Management, a Dallas-basedwealth advisory firm with nine offices and
$3.3 billion in assets under management.
MoneyGuide and Envestnet Analyticsare providing free plan analytics toclients of MoneyGuide with planningusage, key metrics and update patterns.
Orion Advisor Solutions unveils a newOrion Client Portal, which is integratedwith Apex Clearing’s digital custodyand clearing engine.
Aug. 5: Skip Schweiss, TD
Ameritrade Institutional’s manag-
ing director of Retirement
Plan Solutions and Advisor
Advocacy, leaves the firm.
LPL Financial officially
launches its employee advisor
channel for those who want to
own their book of business and
be W2 staff with payouts of about 50%
to 70% of revenues. The model is tied to
its purchase of Allen & Company in 2019.
Carson Group is donating $500,000 tothe Association of African AmericanFinancial Advisors Foundation to support initiatives at historically Blackcolleges and universities (HBCUs) andhelp more African American students“forge successful careers” in the financial planning sector, says the firm.
Aug. 6: Schwab says that TDAmeritrade’s thinkorswim and thinkpipestrading platforms and tools will be partof what it offers clients of RIAs and otherinvestors following its acquisition of aformer rival, set to wrap up by year-end.
Aug. 20: LPL CEO Dan Arnoldsays the firm plans to spend
$1 billion a year to help advi-
sors compete during the
pandemic and afterwards,
as client expectations rise in
response to how today’s tech-
nology giants (such as Amazon,
Netflix and eBay) do business.
Schwab rolls out a free self-guided digital financial planning tool for investorsand financial planning hub.
Schwab says it now offers all clientsfree digital financial plans to help themmove toward their retirement goals.
Aug. 21: Wells Fargo starts its firstround of job cuts.
Aug. 23: Fidelity Institutional launchesa fully digital fixed income trading solution for advisors called Bond Beacon.