On a tear! CI Financial scoops up U.S. RIAs at breathtaking pace Episode 23
Episode Summary
Kurt MacAlpine, CEO of Canada’s CI Financial, joins Jeff Benjamin and Bruce Kelly to talk about his company’s buying spree. CI Financial has struck 12 deals so far this year, purchasing U.S. RIAs large and small. They chat about Kurt’s mandate as the new CEO, CI’s strategy, and the RIA market in North America.
Episode Notes
1:00 — The appeal of the U.S. RIA market and CI Financial’s background
4:45 — The timing on a roll-up strategy in the RIA space
6:30 — Why focus more on the U.S. than Canada, and what’s the future acquisition pace?
10:30 — Talking CI’s acquisition criteria
12:00 — CI’s new U.S. listing and how it fits in
15:00 — The appeal of selling out to CI vs. private equity or other options
19:00 — CI’s referral program
21:30 — Where does CI go next?
24:00 — Why CI doesn’t look as closely at the brokerage space
Article: CI Financial lists on NYSE
Article: Mega-buyer CI Financial acquires Roosevelt Investments
Guest bio: Kurt MacAlpine has served as the Chief Executive Officer and Director of CI Financial since September 2019. He has extensive experience in the global asset and wealth management industry. As CEO, MacAlpine is on a three-pronged mission to modernize its asset management, globalize the company and expand wealth management.
More episodes
Episode 59
July 30, 2021
Nicole Casperson helps Jeff and Bruce break down the Robinhood IPO, and professor Luke Taylor from Wharton shares his research findings on the future of ESG performance.
Episode 58
July 26, 2021
R.J. Moore, CEO of Private Advisor Group, and Peter Yi from Northern Trust discuss the inflation outlook and RIA valuations
Episode 57
July 19, 2021
Compliance consultant Peggy Chait chats with Bruce and Jeff about Finra's effort to increase the diversity of the financial services industry. Teri Shepard from Carson Group talks about their new research on women in the RIA space.
Episode 56
July 12, 2021
Kara Murphy, formerly of United Capital and Goldman, joins to talk about her new role as chief investment officer at Kestra. Blair DuQuesnay of Ritholtz discusses the takeaways from Britney Spears' public plea to end her 13-year conservatorship.
Episode 55
July 06, 2021
Financial planning icon Ric Edelman, who created Edelman Financial Services in 1987 and merged it with Financial Engines in 2018 to create the mammoth Edelman Financial Engines, joins the podcast to share his plans now that he’s stepped down from daily duties at his namesake firm.
Episode 54
June 28, 2021
A conversation with Bob Smietana of the Religion News Service looks at how born-again-Christian and radio host Dave Ramsey fits into finance and religion. Sonya Dreizler joins Jeff and Bruce to chat about some of the challenges women face in the financial advice industry and how industry conferences can help.
Episode 53
June 21, 2021
George Moriarty, our chief content officer, makes his inaugural visit to the podcast to chat about Bruce's amazing Neal award. Recruiter Mindy Diamond talks about adviser movement, the wirehouses, compensation and why there aren't more female RIAs.
Episode 52
June 14, 2021
A wide-ranging conversation with Michael Kitces that covers niche practices, fees, brands and RIA valuations. Ben Harrison joins Jeff and Bruce to chat about the goings-on at Pershing, the Insight conference and custody issues.
Episode 51
June 07, 2021
Newly minted CIO Bob Doll of Crossmark joins to discuss his move. Susan Schroeder of WilmerHale, the former head of enforcement at Finra, chats about her memories of interesting enforcement actions at Finra and the Finra/SEC relationship.
Episode 50
May 24, 2021
Our 50th episode special! Two luminaries join Jeff to discuss their outlooks for the second half of the year. Equity outlooks, thoughts on inflation, crypto, sustainable investing and diversity in the industry are all addressed.
Episode 49
May 17, 2021
Andrew Komarow, financial planner, owner of Planning Across the Spectrum and autistic himself, shares his story and talks about the importance of financial planning for families with neurodivergent members. Kevin Keller, CEO of the CFP Board, joins to talk about the board's plans and the proliferation of sometimes questionable designations.
Episode 48
May 10, 2021
D.C. expert and policy wonk Mark Schoeff Jr. joins Bruce and Jeff to discuss the details of Biden's three big initiatives so far, The American Rescue, Jobs, and Families plans. The trio debate the merits of spending trillions to help Americans, and the tax ramifications.
Episode 47
May 03, 2021
Sean Allocca and Nicole Casperson look at the reasons many advisers are cautious when it comes to digital assets. Hannah Moore joins to give a one-year update on the FPA's resoundingly successful externship program.
Episode 46
April 26, 2021
With Jeff 'planting trees' on Earth Day, guest host Liz Skinner steps in to chat with Bruce and guest Dennis Gallant about Bruce's annual IBD report card. This year's theme? Fees. Commission to fee-only, fee-erosion, and how thus affects wirehouses.
Episode 45
April 19, 2021
The recent passing of 'The baddest broker of all time,' Bernie Madoff, reminds us that one bad broker can bring ruin to a firm. Ben Edwards, law professor at UNLV joins to discuss the 'one bad broker' rule and more. Amy Domini also chats with Jeff and Bruce about her historic career as one of the originals of ESG and why the overnight rise of ESG isn't so overnight.
Episode 44
April 12, 2021
Emile Hallez joins for a deep discussion on all things pooled employer plans (PEP). What role do PEPs play in the landscape, who uses them, the impact on RPAs, and more.
Episode 43
April 05, 2021
Many retail investors do not the difference between an equal-weighted index versus a cap-weighted index. Michael Willis explains why the difference matters. Shannon McLay joins to share her story of founding the disruptive and influential start-up looking to change the way financial planning is done.
Episode 42
March 29, 2021
Susan Antilla has spent more than 25 years writing about and exposing sexual harassment and discrimination on Wall Street. She joins the pod today to talk to Jeff and Bruce about her stellar career, her work, and progress made.
Episode 41
March 22, 2021
Erika chats with Jeff and Bruce about all things ESG investing, Impact, why it's important for advisers to go beyond the labels. Nicole Casperson joins to discuss SPACs and why so many celebrities are hitching their brand to the SPAC bandwagon.
Episode 40
March 15, 2021
Kurt Wolfe, securities attorney with Troutman Pepper, discusses the final updated rules from the SEC on adviser marketing. The rule hasn't changed in nearly 40 years, so Jeff, Bruce, and Kurt have plenty to discuss, including what is allowed in the new guidelines, differences for brokers vs. advisers, and more.
Episode 39
March 08, 2021
Nathan Parkins of Molei Financial & Fincap Advisers joins Jeff and Bruce to discuss the very real business of cannabis investing.
Episode 38
March 01, 2021
They may not be "hodling" by the end of the episode, but you'll learn not only some of the basics, but interesting details, why it works and whether crypto ETFs make any sense.
Episode 37
February 22, 2021
Les Brun, Co-Founder of Ariel Alternatives, shares his vision for "Project Black," the firm's initiative to invest in middle-market companies to scale the number of minority owned businesses.
Episode 36
February 12, 2021
Rick Ferri joins to discuss his latest call for a change in adviser fees.
Attorney Jason Kane discusses his firm's class action lawsuit against embattled GPB Capital.
Episode 35
February 08, 2021
Tyler Gellasch from Healthy Markets joins Jeff and Bruce to discuss what the potential regulatory fallout will be from the recent spate of social media fueled trading frenzies.
Episode 34
January 29, 2021
Paul Schatz joins to explain the nuances of the Gamestop saga.
There are reasons beyond just a Reddit group for the wild action, and Paul goes through all of it.
Episode 33
January 22, 2021
D.C. correspondent Mark Schoeff joins Bruce and Jeff to look at the full impact of the new Biden/Harris administration on the advisory business. What will change quickly, what won't, and what happens to Reg BI?
Episode 32
January 15, 2021
Nick Harness, CIO from Kestra Financial, discusses the recent SolarWinds security breach and cyber security for IBDs. Jeff Benjamin and Bruce also discuss political campaign donations being cutoff in the wake of the Capitol insurrection.
Episode 31
January 08, 2021
Bob Doll joins Jeff and Bruce for a solid conversation breaking down not only his 2021 market predictions, but his own story and his Nostradamus batting average.
Episode 30
January 04, 2021
Mark Bruno joins Jeff and Bruce to kick off 2021 with a detailed look at mergers and acquisitions in the RIA space.
Episode 29
December 21, 2020
From becoming woke, to hitting a black bear, to learning the thrilling and scary news that one is expecting during a pandemic, our staff members open up about their unique trials and triumphs this year.
Episode 28
December 16, 2020
The new idea of a Chief Governance Officer role. Would it add to the fiduciary load and does it provide revenue opportunities?
Episode 27
December 14, 2020
Patrick Mahoney, new CEO of the FPA, on the challenges and opportunities ahead for the FPA
Episode 26
December 07, 2020
Jeff Benjamin gets a makeover! For his portfolio that is. Christine Benz of Morningstar hosts an annual portfolio makeover, plus the boys talk to Steve Lamb about the ESG Film Festival
Episode 25
December 03, 2020
It seems like overnight that the retirement plan adviser mergers and acquisition market exploded fueled in part by a flood of private equity money.
Episode 24
November 30, 2020
Schwab's chief global investment strategist Jeffrey Kleintop joins Jeff Benjamin and Bruce Kelly to chat about the global markets and how they'll react to the U.S. elections, the ongoing pandemic and Black Friday.
Episode 23
November 23, 2020
Episode Summary Kurt MacAlpine, CEO of Canada’s CI Financial, joins Jeff Benjamin and Bruce Kelly to talk about his company’s buying spree. CI Financial has…
Episode 22
November 16, 2020
Jeff Benjamin and Bruce Kelly welcome Jon Dauphine from FFP to discuss his group's call asking for advisers to commit to at least 25 hours of pro bono work a year.
Episode 21
November 10, 2020
Jeff and Bruce talk with IN's D.C. correspondent, Mark Schoeff, about what advisers can expect from the incoming administration in terms of department heads, regulations, ESG and of course, taxes.
Episode 20
November 09, 2020
Nicole talks on how digital advice is a means to cross sell, and Todd dives deep into all things semitransparent ETF
Episode 19
November 02, 2020
If Democrats win the 2020 election, how will financial regulations be affected?
Episode 18
October 26, 2020
The story behind Josh Brown’s latest book, 'How I Invest My Money,' as well as other interesting stories
Episode 17
October 19, 2020
Hosts Jeff Benjamin and Bruce Kelly tackle the Wells Fargo riddle, with it's budget cuts that sent a sizable group of advisers packing. The Social Security trust funds, created to help pay future retirement benefits when payroll tax revenues alone are no longer sufficient, will run dry sooner than previously predicted due to the COVID-19 pandemic and the recession it triggered. Mary Beth Franklin joins to discuss her important cover story.
Episode 16
October 12, 2020
Hosts Jeff Benjamin and Bruce Kelly are joined by fellow InvestmentNews reporter Nicole Casperson to discuss what the Schwab-TD megamerger means for the overlapping custodial platforms.
Episode 15
October 05, 2020
Reporter Emile Hallez discusses his cover story about DNA and Biological-age testing and how it could reshape financial planning.
Episode 14
September 28, 2020
The legendary economist and author believes the current hot trend of ESG investing is ineffective and espensive.
Episode 13
September 21, 2020
This week we looking into the NFL Players Association rules for hiring financial advisers, along with the poor performance of active management. Hosts Jeff and Bruce also look at job cuts at Raymond James, a guest appearance by IN reporter Emile Hallez to discuss his latest cover story, and we grade Morningstar’s virtual conference.
Episode 12
September 14, 2020
This week we take deep dives into three hot topics with the help of two special guests. Mary Beth Franklin explains why it might make sense to increase the Social Security tax threshold along with the payout. Hosts Jeff Benjamin and Bruce Kelly discuss how the biggest banks are clamping down on giving and receiving perks. And InvestmentNews special projects editor Liz Skinner cuts through the noise of diversity and inclusion in financial services.
Episode 11
August 31, 2020
From Washington, D.C., special guest Mark Schoeff joins hosts Jeff Benjamin and Bruce Kelly to look at the fallout for the wealth management industry in the wake of both the Democratic and Republican national conventions
Episode 10
August 24, 2020
Financial advisers showing their political colors on social media should be prepared to suffer the consequences, which are rarely positive. Hosts Jeff Benjamin and Bruce Kelly also discuss the drop-off in broker recruiting, whether bonds still make sense, a bad broker, and how New York might recover from the Covid-19 beat down.
Episode 9
August 17, 2020
This week’s episode kicks off with a look at Merrill Lynch’s headache trying to manage broker trainees who are learning to cold call from home. Hosts Jeff Benjamin and Bruce Kelly also discuss how Morgan Stanley will absorb the ETrade custody business, the realities of buffered ETFs, the driving force behind RIA consolidation, and the incredible access to industry execs in the age of Covid.
Episode 8
August 11, 2020
Jeff Benjamin and Bruce Kelly analyze LPL Financial’s latest effort to stay ahead of the recruiting curve by offering what Bruce describes as a “big, juicy pork chop” to employee advisers. This episode also looks at the latest departure from TD Ameritrade, what will happen to ETrade’s custody business, and what’s up with all the 'chiefs' populating corporate America.
Episode 7
August 03, 2020
Co-hosts Jeff Benjamin and Bruce Kelly challenge InvestmentNews colleague Mark Schoeff on why ESG strategies often don’t find their way onto company sponsored retirement plan menus. This episode also looks at the sad regulatory record of Purshe Kaplan Sterling, why Vanguard shut down $1 billion mutual fund, what second-quarter earnings reports say about the future of wealth management, and how the lockdown is impacting industry gossip channels.
Episode 6
July 27, 2020
Jeff and Bruce get the details on Dani Fava’s celebrated move to Envestnet and why it matters to advisers. After that, they dissect the missing assets at GPB Capital, explain the pros and cons of zero-fee ETFs, look at the headaches of fintech platform consolidations, and ask whether Covid-19 is becoming a standard excuse for bad customer service.
Episode 5
July 20, 2020
This week Jeff and Bruce look at how certain taxes are ultimately paid by adviser clients, the slow start but new momentum of M&A activity in the RIA space, how Wells Fargo is cracking down on the use of the TikTok app, and what it’s like to start a new job in the middle of a pandemic.
Episode 4
July 13, 2020
This week’s episode takes a look at the use of PPP (Paycheck Protection Program) loans in financial services, the appeal of new semitransparent ETFs, Cetera’s recruiting efforts, the need for alternative investments, and what going back to the office looks like.
Episode 3
July 06, 2020
Why we think the introduction of Regulation Best Interest is not the end of the debate over how brokers and advisers are regulated. Our hosts also look at new data from TD Ameritrade about what is driving brokers toward the independent channel, what you can find in a company’s focus report, the true cost of free trading, and the love-hate relationship with public relations practitioners.
Episode 2
June 29, 2020
The momentum continues with the second weekly episode of the InvestmentNews Podcast, where senior columnists Jeff Benjamin and Bruce Kelly take opposing sides of some important issues facing the wealth management industry.
Episode 1
June 22, 2020
The inaugural episode of the InvestmentNews Podcast doesn't hold back; diving into essential topics for the financial advice industry from diversity to succession planning to potential layoffs and cost cutting to come at large firms that advisers rely on for service and technology.
