This week's wealthtech news roundup highlights both the benefits that can come with breaking away, and the pain that can accompany pairing up.
With new research from Fidelity Investments finding that the overwhelming majority of advisors who decide to go independent are happy with the choice and say they have more control over their future, the firm has rolled out a new online hub dedicated to all things independence.
The hub includes an RIA valuation tool and new releases, alongside fresh guidance from Fidelity for independent advisors who need help building a solid tech stack.
Fidelity leaders say they're doing all this because, despite how often advisors sing the praises of going independent, only half of advisors consider themselves knowledgeable about firm types and independent models.
Also new this week, the first Charles Schwab earnings update in the wake of a $1.3 trillion TD Ameritrade account transition celebrated by leaders as a snooze festconfirms that the merger is weighing on the firm's net new assets.
Schwab has seen net new asset totals drop following the Labor Day weekend event, and CEO Walt Bettinger said the company has taken on about 80% of the former Ameritrade's business. Some customers have left and taken their assets with them.
But Bettinger said the rate of attrition isn't as bad as they expected, and there are signs that things are starting to turn around.
Check out both stories and much more, only at Financial Planning.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great weekend, everyone!
Regards,
Justin |  | Justin Mack
Reporter, Financial Planning
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| By Staff report 3 min read | New research from Fidelity Investments finds that advisors speak highly of independence but lack the knowledge to do it with confidence. Read story → |
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| | | By Nilesh Vaidya 3 min read | Firms overly reliant on ultrawealthy clients need to ramp up their digital capabilities to attract the growing segment of clients with between $250,000 and $1 million in assets. Read story → |
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| | | By Staff report 2 min read | Tens of billions of dollars in taxable assets on Raymond James' managed account platform will get upgraded tools by mid-2024, the firms say. Read story → |
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| | | By Catherine Leffert | How to use, govern and adopt AI were some of the main themes from the Monday event. Read story → |
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| These short demos showcase new capabilities to improve workflow and client interactions, and grow your firm. Watch now → |
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| | | By Brian Wallheimer 6 min read | Proponents expect crypto to gain legitimacy and come to clients at lower costs if the SEC signs off as it's expected to do. Read story → |
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