Charles Schwab received the highest score among 20 full-service investment firms rated by J.D. Power and Associates. The firm scored an 837 (out of 1,000), followed by Edward Jones and Fidelity Investments at 822 and UBS Financial Services at 810. The 14th annual survey measured responses in January from more than 6,000 investors based on seven factors: financial advisor, account information, investment performance, product offerings, commissions and fees, website and problem resolution. The study that found overall investor satisfaction was essentially flat in 2016 compared to 2015 (804 this year vs. 807 in 2015) despite the lagging financial markets to begin the year. Still, more than double the number of investors described their financial situation as better than a year ago as opposed to worse. (29 percent better; 12 percent worse). Fifty-nine percent of investors said their financial situation was about the same.
Private Client Services Adds LA-Based Castle Wealth Advisors
Louisville-Ky.-based hybrid RIA Private Client Services ($161 million in assets, as of its latest ADV) has added its first California firm to his broker/dealer platform, according to Louisville's business paper The Lane Report. Los Angeles-based Castle Wealth Advisors, founded by Heather Castle, adds to PCS' West Coast operations, including locations in Las Vegas, Oregon and three in Washington State. Castle, a 10-year industry veteran, previously worked at Stifel Nicolaus, Morgan Keegan and Fidelity Brokerage Services before breaking away. She brings along with her Castle Wealth's Managing Director and COO Tiffany Lee. "Breaking away from a wire house takes a lot of work to do it right,” Castle said. “We needed an easy to work with, experienced, and reputable broker dealer that is friendly to RIAs. Equally as important, we wanted a broker dealer who is committed to working with independent advisors to help them build their practices. PCS is the perfect fit for us.”
Redstone Competency Case Settles
Billionaire Viacom founder Sumner Redstone and his ex-girlfriend Manuela Herzer have agreed to settle their conflict over his competency out of court, according to The Hollywood Reporter. Although specific terms aren’t available, Herzer will reportedly receive a significant sum of money (albeit less than $70 million, according to Shari Redstone), Shari will assume control of her father’s healthcare decisions and Philippe Dauman will be reaffirmed as CEO of Viacom despite the company’s recent poor performance. The parties sought to avoid protracted fighting over Sumner’s physical and mental health during his life, but this agreement will likely do little to curb the inevitable storm of litigation that will ensue after his death.
Architectural Record recently had an inside look at a mansion in the Lincoln Park neighborhood of Chicago. The home’s steel staircase, high ceilings, bamboo garden and “lushly landscaped outdoor spaces” could only be good enough for one Chicago-made billionaire: Joe Mansueto. Indeed, Curbed Chicago reports that the house was commissioned by the Morningstar founder. The mansion, which Curbed says looks more like a Silicon Valley campus than a single family home, took eight lots to create. “The clients’ story is a familiar one,” writes Architectural Record’s Beth Broome. “For years, the couple occupied a three-bedroom condominium in the area. As their family grew to include three children, they embarked on a search to find more space.” The Mansuetos hired Tigerman McCurry Architects to build the home, the same company that designed their apartment interior and vacation home.
