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RIA Industry News from around the Nation
What's Happening Today
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Wells Fargo to Merge Wealth Management Sales Regions
Wells Fargo Advisors continues cost-cutting by consolidating management of its private client group, slimming to eight from 12 sales regions. Read More The... Read more »Published: March 4, 2021 - 9:30 pm - ●
Fired by Wirehouse for Unapproved Outside Business, Texas Broker Relocates to Stifel
Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.... Read more »Published: March 4, 2021 - 5:51 pm - ●
Dimensional to Unleash ETF Juggernaut in June
Quant giant Dimensional Fund Advisors has laid out the timeline for converting nearly $26 billion worth of mutual funds into exchange-traded funds, a watershed... Read more »Published: March 4, 2021 - 2:11 pm - ●
Morning Brief: Tech Stocks Lead Market Decline as Inflation Fears Rise
Top stories from around the web. Read More The post Morning Brief: Tech Stocks Lead Market Decline as Inflation Fears Rise appeared first... Read more »Published: March 4, 2021 - 11:00 am Recruiting Loans Climb at Ameriprise, LPL
Ameriprise recorded a 10.8% year-over-year increase in forgivable recruiting loans in 2020, while LPL’s loan balances climbed 24%. Read More The post Recruiting... Read more »Published: March 3, 2021 - 9:15 pmNorthwestern Mutual team managing $400 million goes indie
Unique Wealth in St. Petersburg, Florida, has affiliated with Dynasty Financial Partners and will use Pershing as its custodian. The post Northwestern... Read more »Published: March 3, 2021 - 5:51 pmBiden SEC Doubles Down on Operational Resiliency amid Catastrophes
2021 firm examination priorities add array of climate-related and disclosure issues to traditional focus on sales practices involving high-risk securities. Read More The... Read more »
Published: March 3, 2021 - 5:40 pmMorning Brief: Stocks Give Back Some March Gains as Tech Falls
Top stories from around the web. Read More The post Morning Brief: Stocks Give Back Some March Gains as Tech Falls appeared first... Read more »Published: March 3, 2021 - 11:00 am$6-Mln Merrill Team Breaks Away to Launch RIA in Pennsylvania
Eight-person group includes four advisors who had been managing $1.2 billion in client assets, according to an announcement on Tuesday. Read More The... Read more »Published: March 2, 2021 - 7:38 pmSnowden Snags Wells Fargo Int’l Broker Managing $360 Million in Miami
Armando Ureña and his team in Coral Gables switched to Snowden Lane Partners ahead of Wells’ shuttering of its foreign client business.... Read more »Published: March 2, 2021 - 7:27 pmMerrill Lynch team managing $1.25 billion goes indie
Amplius Wealth Advisors in Blue Bell, Pennsylvania, affiliates with Dynasty Financial Partners. The post Merrill Lynch team managing $1.25 billion goes indie... Read more »Published: March 2, 2021 - 7:04 pmGensler Says Scrutinizing Trading Apps Would Be Focus at SEC
Gary Gensler, President Joe Biden’s pick for the U.S. Securities and Exchange Commission, said ensuring retail investors are protected when using trading... Read more »Published: March 2, 2021 - 5:02 pmThe 401k Fiduciary Dilemma: More Participation Or More Savings?
The mistaken promise of participation may have an all-too-familiar ring to corporate retirement plan veterans. The post The 401k Fiduciary Dilemma: More... Read more »Published: March 2, 2021 - 5:03 amFirm culture, and why it’s key
Check out what the firms that made the Best Places to Work list this year are doing to make employees happy. The... Read more »Published: March 1, 2021 - 1:45 pmFiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 2/26/21
Re: Retirement, it's Reagan redux, plus ESG and asset allocation... How could you miss this? The post FiduciaryNews.com Trending Topics for ERISA... Read more »Published: March 1, 2021 - 5:03 amPE firm takes stake in Signet Financial
Merchant Investment Management will own a minority share of the $850 million New Jersey-based registered investment adviser. The post PE firm takes... Read more »Published: February 26, 2021 - 4:03 pmDemand for RIA talent drives compensation higher: Schwab
Latest benchmarking study shows compensation representing 74% of RIA expenses and growing by 4% annually. The post Demand for RIA talent drives... Read more »Published: February 25, 2021 - 7:54 pmRIA managing $172 million joins Carson Partners
Oregon’s Price Financial Group will use Carson's resources, including infrastructure and technology. The post RIA managing $172 million joins Carson Partners appeared... Read more »Published: February 24, 2021 - 5:07 pmWhy The 401k Fiduciary Can No Longer Remain Apathetic Concerning PEPs
You might think you can ignore PEPs. And you might be in for a surprise. The post Why The 401k Fiduciary Can... Read more »Published: February 23, 2021 - 5:03 amRockefeller nabs $450 million Merrill Lynch team
The pair of advisers in Denver marks the registered investment advisory firm’s first foray into Colorado. The post Rockefeller nabs $450 million... Read more »Published: February 22, 2021 - 9:11 pmWhat the Biden administration might do on financial regulation
InvestmentNews webcast discusses SEC Chair nominee Gary Gensler’s potential agenda and other regulation the Biden administration will push to benefit investors and... Read more »Published: February 22, 2021 - 7:23 pmThe unquenchable thirst for wealth management
With M&A in the RIA space setting records, the focus turns naturally to the seemingly irreversible influence of private equity money. The... Read more »Published: February 22, 2021 - 1:00 pmFiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 2/19/21
Government-sponsored retirement, fiduciary lives for another day, and a new king of Wall Street. The post FiduciaryNews.com Trending Topics for ERISA Plan... Read more »Published: February 21, 2021 - 5:03 amLarry Kudlow joins The Bahnsen Group as an adviser
Firm head and former Trump economic adviser share ‘love of free markets’ The post Larry Kudlow joins The Bahnsen Group as an... Read more »Published: February 19, 2021 - 5:39 pmFocus Financial sees another bang-up year for RIA M&A in 2021
'Our pipeline is excellent,' said CEO Rudy Adolf during a conference call Thursday morning. 'Quite frankly, in many ways, we are busier... Read more »Published: February 18, 2021 - 6:15 pmMassachusetts RIA managing $625 million merges into Moneta
The principals of The Berry Group, which is based in Worcester, will join the firm as partners. The post Massachusetts RIA managing... Read more »Published: February 18, 2021 - 4:42 pmExclusive Interview: Jack Towarnicky on HSAs, Sidecars, and 401k “Liquidity Without Leakage”
Long industry veteran tells it like it is. How will his comments change your thoughts on these important subjects? The post Exclusive... Read more »Published: February 17, 2021 - 5:03 amFiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 2/12/21
Regulatory Reset, Fiduciary Status Quo, and the Investment Unknown The post FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 2/12/21 appeared... Read more »Published: February 16, 2021 - 5:03 amLiving the ‘lifestyle practice’ dream
Why a 64-year-old RIA doesn't worry about building scale and has no plans to retire, even though he could fetch about $5... Read more »Published: February 12, 2021 - 4:06 pmCresset hires $500 million Goldman adviser
Hanley Sayers will join the registered investment advisory firm in Houston, expanding Cresset's footprint to Texas. The post Cresset hires $500 million... Read more »Published: February 11, 2021 - 4:26 pm
NEWS
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Dow Plunges Nearly 700 Points After Powell’s Speech Fails To Ease Investor Worries
Dow Plunges Nearly 700 Points After Powell’s Speech Fails To Ease Investor Worries The Fed chair said recently rising bond yields were... Read more »
Published: March 5, 2021 - 12:15 am - ●
SEC Announces Enforcement Task Force Focused on Climate and ESG Issues
The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The... Read more »
Published: March 4, 2021 - 6:36 pm - ●
SEC Issues Over $5 Million to Joint Whistleblowers Located Abroad
The Securities and Exchange Commission today announced an award of over $5 million to joint whistleblowers whose tip caused the opening of... Read more »
Published: March 4, 2021 - 4:21 pm SEC Investor Advisory Committee to Meet Remotely On March 11
The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on March 11 by remote means. The meeting will begin at 10:00... Read more »
Published: March 3, 2021 - 5:46 pmGamestop Investigations?
Interesting question - but I have to answer with a question - Do something about what? About a group of investors sharing... Read more »
Published: March 3, 2021 - 5:36 pmSEC Division of Examinations Announces 2021 Examination Priorities
The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The... Read more »
Published: March 3, 2021 - 3:11 pmUsing Probability-Of-Success-Driven Guardrails To Manage Safe Retirement Spending
Retirement income guardrails strategies – i.e., planning strategies that predefine thresholds that would trigger an increase or decrease in retirement spending –... Read more »
Published: March 3, 2021 - 12:02 pmCan Robinhood Stop Trading in A Particular Stock?
Robinhood's customer agreement does not support a removal of GME from its trading platform.... Read more »
Published: March 2, 2021 - 6:30 pmSEC Charges Seven Individuals for $45 Million Fraudulent Scheme
The Securities and Exchange Commission today charged seven individuals and a technology company in connection with a fraudulent scheme to gain control... Read more »
Published: March 2, 2021 - 2:16 pm#FASuccess Ep 218: Jumpstarting Growth By Getting Paid To Market Your Own Expertise, With Maura Griffin
Welcome back to the 218th episode of the Financial Advisor Success Podcast! My guest on today’s podcast is Maura Griffin. Maura is... Read more »
Published: March 2, 2021 - 12:04 pmInvestment commentary topic: ETF controversy
Are you tired of only discussing recent market developments in your investment commentary? Look to your professional reading for ideas, as I... Read more »
Published: March 2, 2021 - 10:35 amAlibaba’s Results Cast Aside Jack Ma’s Omission From List Of Entrepreneurs
Alibaba’s Results Cast Aside Jack Ma’s Omission From List Of Entrepreneurs The notable news overnight was the release of the Shanghai Securities... Read more »
Published: March 1, 2021 - 6:36 pmSEC Awards Over $500,000 to Two Whistleblowers
The Securities and Exchange Commission today announced an award of over $500,000 to two whistleblowers whose tips revealed an ongoing fraud and... Read more »
Published: March 1, 2021 - 6:01 pmThe Latest In Financial #AdvisorTech (March 2021)
Happy New Year, and welcome to the March 2021 issue of the Latest News in Financial #AdvisorTech – where we look at... Read more »
Published: March 1, 2021 - 12:03 pmU.S. EB-5 Investor Immigration Needs Renewal And Overhaul
U.S. EB-5 Investor Immigration Needs Renewal And Overhaul America's EB-5 investor immigration program is now before Congress and needs to be renewed... Read more »
Published: February 28, 2021 - 11:36 pmChamath Palihapitiya's Clover Health Discloses New SEC Investigation And Responds To Short-Seller's Scathing Allegations
Chamath Palihapitiya's Clover Health Discloses New SEC Investigation And Responds To Short-Seller's Scathing Allegations The notice of investigation comes one day after... Read more »
Published: February 28, 2021 - 1:09 amFee Rate Advisory #3 for Fiscal Year 2021
Pursuant to Section 31(j)(2) of the Securities Exchange Act of 1934, the Commission has determined that a mid-year adjustment to the Section... Read more »
Published: February 26, 2021 - 9:36 pmSEC Suspends Trading in Multiple Issuers Based on Social Media and Trading Activity
As part of its continuing effort to respond to potential attempts to exploit investors during the recent market volatility, the Securities and... Read more »
Published: February 26, 2021 - 8:06 pmWeekend Reading for Financial Planners (Feb 27-28)
Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the big industry news that... Read more »
Published: February 26, 2021 - 7:50 pmHK Property Investor Goodwin Gaw Spies World Of Bargains On The Horizon
HK Property Investor Goodwin Gaw Spies World Of Bargains On The Horizon After a tough year at his property-focused private equity firm,... Read more »
Published: February 26, 2021 - 2:13 pm
BLOGS
What's Happening Today
Updated Hourly RIA News
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BUZZ Kill: Social Sentiment ETF Sinks on First Trading Day
The VanEck ETF touted by Dave Portnoy attracted lots of volume but never rebounded to its opening price. Related StoriesQuarter of Americans at... Read more »
Published: March 5, 2021 - 2:41 am - ●
Oisín's Bits: Betterment now a robo roll-up with Canadian IPO as catalyst • Insurers risk regulation for COVID-19 coverage delays • Vanguard shifts Asia focus to China's vast mom-pop retail market
Betterment rolls up a robo • The CFA warns insurers over COVID-19 life polices • Vanguard names Chinese fund head to pursue... Read more »Published: March 5, 2021 - 1:16 am - ●
Betterment Acquires Wealthsimple's U.S. Customers
The deal could add 17,400 customers with $190 million in assets. Related StoriesQuarter of Americans at a Loss When Enrolling in Medicare Plans:... Read more »
Published: March 4, 2021 - 11:08 pm - ●
Cathie Wood's Ark Innovation ETF Erases 2021 Gains
The drop reflects a selloff in the tech sector as bond yields rise and inflation worries grow. Related StoriesQuarter of Americans at a... Read more »
Published: March 4, 2021 - 11:03 pm - ●
CFP Board Center for Financial Planning Launches Diversity Scholarship
The scholarship will cover the cost of the Dalton Review CFP exam review course for 10 recipients per year. Related StoriesQuarter of Americans... Read more »
Published: March 4, 2021 - 10:56 pm - ●
Bipartisan Bill Bans Stock Ownership for Members of Congress
Congressional members could retain their stocks if they transferred them to a blind trust. Related StoriesQuarter of Americans at a Loss When Enrolling... Read more »
Published: March 4, 2021 - 10:09 pm - ●
Senate Removes Cap on Retirement Plan Contribution Limits From Stimulus Bill
Senate Majority Leader Chuck Schumer has offered a substitute amendment. ... Read more »
Published: March 4, 2021 - 10:00 pm - ●
Wells Fargo to Merge Wealth Management Sales Regions
Wells Fargo Advisors continues cost-cutting by consolidating management of its private client group, slimming to eight from 12 sales regions. Read More The... Read more »Published: March 4, 2021 - 9:30 pm - ●
Scaled-Back Stimulus Payments Would Create Tricky Tax Situation
The quick phase-out of the payments creates a distortion for certain families near the income limit, according to tax expert Jeffrey Levine. ... Read more »
Published: March 4, 2021 - 9:22 pm - ●
You Advise Your Clients to Sell High. Why Not Take Your Own Advice?
If you've been building your advisory business for decades, now may be the ideal time to sell your practice. Related StoriesHealthy Financial Habits... Read more »
Published: March 4, 2021 - 8:38 pm - ●
Quarter of Americans at a Loss When Enrolling in Medicare Plans: Survey
Enrollees use and trust licensed agents most in their buying decisions, the survey found. Related StoriesFidelity Launches 2 New Actively Managed Bond ETFs... Read more »
Published: March 4, 2021 - 8:24 pm - ●
Ex-Cetera CEO Larry Roth to Advise Cloud Tech Firm: Tech Roundup
Also, Cetera broker-dealers can now use the Simon Annuities insurtech platform as part of a new deal. Related StoriesFidelity Launches 2 New Actively... Read more »
Published: March 4, 2021 - 6:58 pm - ●
Fidelity Launches 2 New Actively Managed Bond ETFs
Both ETFs focus on investment grade bonds and are fully transparent about holdings. Related StoriesStimulus Bill Freezes Retirement Plan Contribution Limits - EnclosureTwo... Read more »
Published: March 4, 2021 - 6:39 pm - ●
Fired by Wirehouse for Unapproved Outside Business, Texas Broker Relocates to Stifel
Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.... Read more »Published: March 4, 2021 - 5:51 pm - ●
AssetMark to Buy Voyant for $145M
Through the deal, the turnkey asset management platform provider will pick up financial planning and client digital engagement tools. Related StoriesStimulus Bill Freezes... Read more »
Published: March 4, 2021 - 3:26 pm - ●
Total U.S. Annuity Industry Considerations Fall
Considerations at the 25 biggest annuity issuers may have dropped about 5%. Related StoriesStimulus Bill Freezes Retirement Plan Contribution Limits - EnclosureTwo Impact... Read more »
Published: March 4, 2021 - 2:30 pm - ●
Raymond James Insurance Group Names New President
Doug Brigman, previously manager of the employee channel's Tampa Bay Complex, succeeds Scott Stolz, who retired in December. Related StoriesAssetMark Names New CEO... Read more »
Published: March 4, 2021 - 2:15 pm - ●
Dimensional to Unleash ETF Juggernaut in June
Quant giant Dimensional Fund Advisors has laid out the timeline for converting nearly $26 billion worth of mutual funds into exchange-traded funds, a watershed... Read more »Published: March 4, 2021 - 2:11 pm - ●
3 Moves That Can Trip Up Even the Best Leaders
Keep in mind that decisions can be undone, and waiting for the perfect choice means you delay taking action. Related Stories5 Questions to... Read more »
Published: March 4, 2021 - 2:07 pm - ●
Morning Brief: Tech Stocks Lead Market Decline as Inflation Fears Rise
Top stories from around the web. Read More The post Morning Brief: Tech Stocks Lead Market Decline as Inflation Fears Rise appeared first... Read more »Published: March 4, 2021 - 11:00 am - ●
Forecasters Predict COVID-19 Case Counts Will Keep Falling
A free website lets users choose and chart their favorite pandemic modelers. Related StoriesStimulus Bill Freezes Retirement Plan Contribution Limits - EnclosureTwo Impact... Read more »
Published: March 4, 2021 - 5:50 am - ●
Prudential PLC Plans to Part With Jackson by June 30
Laura Prieskorn, Jackson's new CEO, says the firm is preparing to roll out a registered index-linked annuity. Related StoriesStimulus Bill Freezes Retirement Plan... Read more »
Published: March 4, 2021 - 5:48 am - ●
Healthy Financial Habits Start Young
One way to promote retirement readiness is to talk to members of Generation Alpha. Related StoriesHealthCare.com Gets a New CEO - EnclosureIs Buffett... Read more »
Published: March 4, 2021 - 5:34 am Former Morgan Stanley, Schwab Exec Named First VP of New York Fed
Naureen Hassan recently served as chief digital officer for Morgan Stanley Wealth Management; earlier she held executive roles at Charles Schwab in... Read more »
Published: March 3, 2021 - 10:37 pmStimulus Bill Freezes Retirement Plan Contribution Limits
The freeze, which would take effect in 2031, is a "budget gimmick," retirement plan lobbyist Brian Graff says. Related StoriesTwo Impact Investing RIAs... Read more »
Published: March 3, 2021 - 9:18 pmSchwab upends traditional 'basis point fees' for RIA recruitment and pushes the headhunters to negotiate with advisors for a cut of soft-dollars
The custodian to 10,000 RIAs follows a like move by Fidelity to bring RIAs into the loop on how much recruiters are... Read more »Published: March 3, 2021 - 9:17 pmRecruiting Loans Climb at Ameriprise, LPL
Ameriprise recorded a 10.8% year-over-year increase in forgivable recruiting loans in 2020, while LPL’s loan balances climbed 24%. Read More The post Recruiting... Read more »Published: March 3, 2021 - 9:15 pmFINRA Bars Ex-LPL Rep Accused of Investing Client's Money in Ponzi Scheme
The former broker allegedly moved a client's IRA to a different administrator and used forged documentation to invest the money. Related StoriesTwo Impact... Read more »
Published: March 3, 2021 - 8:06 pmTwo Impact Investing RIAs to Merge
Rachel Robasciotti and Maya Philipson will join Abacus Wealth as director of advocacy engagement and strategic advisor, respectively. Related StoriesBob Doll to Retire... Read more »
Published: March 3, 2021 - 8:02 pmPPP Doesn't Help the Right People, Small-Business Owners Say
The Biden administration has announced changes to make the program more equitable. ... Read more »
Published: March 3, 2021 - 7:16 pm
NEWS
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