This Week in Wealth The Batnick breakdown
8 snips
Apr 9, 2026 
Michael Batnick, managing partner at Ritholtz Wealth Management and prolific podcaster, discusses Fidelity's Wealth Advisor Solutions review and the mechanics and risks of custodian referral programs. He explains Ritholtz’s internal succession choice and why the firm avoided private credit. Conversation covers advisor recruitment, aggregator buyouts, and industry outlook.
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Fidelity Reviewing Its Referral Network
- Fidelity is reviewing its Wealth Advisor Solutions referral network and may cut participating RIAs as it tightens criteria.
- The network had about 70 participants as of April 24 and Fidelity asked members to attest they don't use credential sharing software like Pontera.
Don't Rely Entirely On Custodian Referrals
- Avoid building a business model that depends wholly on custodian referral programs because policy changes can cut off your growth spigot.
- Michael Batnick warns firms are beholden to custodians' decisions and face real risk if referrals stop.
Ritholtz Executed Internal Succession Instead Of PE
- Ritholtz chose internal succession over outside capital and made nearly 30 employees equity owners to preserve independence.
- Michael Batnick credits Barry for selling shares internally to avoid PE pressure and protect culture and clients.