If the business of providing custody services to registered investment advisors is as difficult as Charles Schwab’s top custody executive says it is, why are so many well-capitalized companies so eager to get into it?
When Envestnet, the industry’s largest turnkey asset management platform (TAMP), announced in 2022 it was working with New Zealand firm FNZ to enter the Schwab-dominated market, Schwab senior vice president Bernie Clark feigned incredulity.
“Envestnet…
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