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Financial Firms Leverage Assets to Attract RIA Custody Business

2 reports, 1 independent Updated Oct 15
Gone quiet Reached 2 outlets in its first 24 hours
Reports
2
Developments
1
Repetition
50%

New informationRepeats or wire copies

AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

Major financial firms are leveraging their existing assets and infrastructure to attract Registered Investment Advisor (RIA) business. Focus Financial Partners, which operates as a subsidiary, uses Fidelity Investments for its custodial services. Brett Bernstein, CEO of XML Financial Group, noted that firms are recognizing they can leverage existing resources to serve outside RIAs.

From americanbanker.com

Why it matters

Some supportBrind's analysis of the reports

Custody providers are competing to attract RIA business by utilizing different advantages, such as name recognition, technology integrations, and track records. This competition influences how financial advisors select a custodian for their operations.

From americanbanker.com

Who's involved

  • MerrillAmerican investing and wealth management division of Bank of America
  • Fidelity InvestmentsUS American multinational financial services corporation providing custodial services
  • Focus Financial PartnersU.S. financial services company that operates as a subsidiary utilizing Fidelity Investments for custody
  • LPL FinancialIndependent broker-dealer where Brett Bernstein previously worked

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The entities involved

Coverage

Newest first; wire copies grouped
1 more outlet ran the same wire story