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.

Funding is getting tighter as advisors look towards marketing automation as an engine for growth.

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

The firm’s investment management division is bringing 55ip under its roof just two months since launching a partnership with the fintech firm.

As part of a two-step deal involving Australian investment bank Macquarie Group, LPL will pick up 900 advisors and $63 billion in assets.

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

“Platforms like this you would typically see at the larger broker-dealers and maybe the wirehouses,” says Gary Gallagher, the firm’s head of investment and managed solutions.

Executives provided advisors an update. The company has separately said it cut more than 200 retail branches at the end of last month.

Funding for wealthtech is also picking up, with firms attracting $1.5 billion across 62 deals in the third quarter.

From the fate of Veo One to account openings, here’s what Schwab’s leaders had to say.

CEO Dan Arnold cites growth in traditional channels and in recently launched models that could bring even more opportunities.

The nation’s largest IBD made its first tech deal this year for a firm that has $120 billion in assets on its platform.

The company said no additional layoffs would take place this year, but it left the door open to future staffing changes at the newly combined enterprise.

If approved for an IPO, the blank check company will face stiff competition among the growing ranks of RIA acquirers.

The move represents the third largest out of the IBD channel in 2020, according to company recruiting announcements tracked by Financial Planning.

New ownership of the popular platform could open the door for new tech leadership, but don’t count Schwab out yet.

Genstar Capital Managing Partner Tony Salewski spoke openly with advisors about the firm’s investment strategy for the IBD network.

Renewed recruiting efforts and pumped-up tech are boosting headcount and fee-based assets.

The acquisition established a $6 trillion-giant operating as a mutual fund company, RIA custodian, bank, retail brokerage and national wealth management firm.