Jessica Mathews

The firm credited keeping its offices open during COVID-19 as a major selling point as FAs industrywide kept making moves and repapering their clients.

The bank allegedly made “hundreds of millions of dollars” by investing client assets in underperforming proprietary and affiliated funds without disclosing conflicts to clients.

Regulatory shifts, M&A, new technology — there’s a lot on the horizon for the industry.

Waddell & Reed had been working in recent years to transform its “proprietary broker-dealer into a fully competitive independent wealth manager.”

The firm’s new business highlights the beginnings of a shift in the custody marketplace due to a series of consolidations.

Jon Stein was a pioneer of the robo advice industry, building a $25 billion firm over the past decade.

The deal underlines the bank’s focus on Folio's clearing and custody capabilities, as well as its 450 RIAs.

The custodian is upping the number of scholarships set aside for women and people of color.

More clients are also looking for financial advice within the custodian’s retail channel, which offers a robo advisor and full-service wealth management arm.

Advisors will face a drastically changed industry landscape and Schwab, already an industry leader, will play an even more outsized role in the marketplace.