BlackCrown Inc., a small New York-based RIA that advises on mergers and acquisitions, has filed an antitrust lawsuit in Manhattan federal court that challenges the planned $26 billion acquisition of TD Ameritrade Holding Corp. by Charles Schwab & Co.
The lawsuit charges that the proposed deal would decimate smaller registered investment advisers that rely on Schwab and TD Ameritrade to serve as their custodians, according to a story by Bloomberg.
BlackCrown Inc. alleges that the acquisition would: “disenfranchise a great segment of the industry by effectively establishing a caste system,” worsen concentration, and have a significant impact on innovation.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
