Aug. 25: Envestnet and Yodlee software face a lawsuit over how Yodlee collects, uses and secures consumer data.
Aug. 28: Focus Financial Partners saysit is acquiring InterOcean, a $2.5 billionChicago-based RIA.
Sept. 1: RIA Creative Planning buysTrue Wealth Management, a $1.6 billion wealth firm in Atlanta, its largestacquisition to date; the deal is its eighthpurchase of the year and comes sevenmonths after it sold a minority stake toGeneral Atlantic.
Sept. 2: Hearsay Systems’ Clara Shihhas passed the CEO baton to Mike Boese.
Shih — who started the tech firm focusedon the use of compliant messaging byfinancial services firms in 2009 with SteveGarrity — will stay on the board of directors and serve as executive chairperson.
Sept. 3: Custodians Schwab andFidelity Institutional join the OrionPortfolio Solutions turnkey asset management platform.
Sept. 10: Citigroup says Jane
Fraser will be its
next CEO, making
her the first
woman to lead
a large Wall
Street bank.
She will take the
reins from current
Chief Executive Michael Corbat
in February 2021. “The glass
ceiling in banking maybe is
finally cracking,” says CNBC’s
Jim Cramer on “Squawk on the
Street.” “This is revolutionary,
and we can’t deny it.”
Sept. 15: Raymond James trims nearly
4% of its global workforce of about
13,900, or roughly 500 positions. Mostof the job cuts affect those in corporateroles across the U.S. and abroad.
“Among the most difficult choices I havemade [this year] … is the decision that wasshared with affected associates this morning — that we are eliminating their jobs aspart of overall cost controls,” according toChairman and CEO Paul Reilly.
Sept. 25: The merger between OrionAdvisor Solutions and Brinker Capitalcloses, less than three months after itwas first announced.
Sept. 28: Raymond James moves tocombine its investment advisor and custody & clearing businesses into the newlycreated RIA & Custody Services Division.
Sept. 29: Envestnet hires DanaD’Auria, CFA, as co-chiefinvestment officer. Theformer Symmetry Partnersmanaging director also willserve on the investment committee of Envestnet | PMC.
Sept. 30: The Fed gives Schwabregulatory approval for the TDAmeritrade purchase.
Bank of America-Merrill taps two co-heads to lead its training efforts and creates the Advisory Division to focus ondeveloping “early career advisors” within its Wealth Management business.
Oct. 1: Focus Financial Partnersstrikes a deal to buy Fairway WealthManagement, a $1.6 billion RIA. Theacquisition is the fifth “partner” dealand 15th transaction of 2020.
Oct. 2: Morgan Stanley completes itsacquisition of E-Trade.
Oct. 5: Carson Group raises morefunding to make more minority investments in advisory firms that join itspartnership program and help thesefirms make their own acquisition.
Oct. 6: Schwab completes its purchase of
TD Ameritrade for $22 billion, $4 billion
less than when it first announced plans for
the deal. The full integration of the two
firms should take 18-36 months; its head-
quarters will move from San Francisco to
Westlake, Texas, on Jan. 1, 2021.
LPL Financial says BMO HarrisFinancial Advisors is set to move some
$14 billion in brokerage and advisoryassets and 115 financial advisors onto itsplatform by the middle of next year.
Oct. 7: Dynasty Financial Partners saysit will soon close up shop in New York,as it aims to streamline operations in St.
Petersburg, Florida.
Oct. 9: TD Ameritrade
Institutional President
Tom Nally and seven
other TD Ameritrade
executives are set
to leave the firm;
Schwab plans to have
the 19-member Schwab
Executive Council lead the
combined entity.
Oct. 14: Wells Fargo says several hundredadvisors have been included in the bank’srecent layoffs. It ended the third quarterwith 12,908 financial advisors, down 815from a year ago and 391 from the priorquarter. Wells Fargo Advisors’ currentheadcount is down by 2,178 advisors, or
14%, from Sept. 30, 2016, when news of itsfake-accounts scandal broke widely.
“While this change [from the prior quarter] represents retirements and somenatural advisor attrition, it also includesthe displacement of a sizable group ofsalary/bonus advisors as a result of thecompany’s work to become as efficientas we can,” explains a spokesperson.
Oct. 20: Fidelity’s eMoney Advisorsoftware business says it plans to rollout a financial planning and wellnessapp called Incentive. Six firms aretaking part in its pilot program, withbroader availability set for January.
