Charles is a specialist on financial advisory industry topics. He was an editor for Investment News and has also written for Financial Planning, Family Wealth Report, RIABiz, Barron’s, The New York Times and Reuters. Twitter: @paikert
While Swiss banking giant UBS AG has agreed to release information on 4,450 client accounts to settle a contentious lawsuit with the Internal Revenue Service that centered on alleged offshore tax evasion by the bank's clients, the IRS said that it may eye other banks for similar activities.
Assets in Section 529 college savings plans are beginning to recover from last year's sharp drop, climbing to an estimated $98.6 billion in the second quarter, up 15% from first quarter assets of $85.9 billion.
The painful process of recovering from investment fraud is being eased by recently issued IRS guidelines that accountants and tax experts say will greatly benefit fraud victims.
The U.S. and Swiss governments have reached an out-of-court settlement in the tax evasion case involving the Internal Revenue Service's request that UBS AG turn over the identities of 52,000 Americans who have accounts with the bank that may have been used to avoid paying U.S. taxes.
Edelman Financial Services LLC will open six offices in the New York metropolitan area on Labor Day.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
As if starting a wealth management firm amid this economic environment weren't hard enough, Solamere Advisors — which opened its doors in Charlotte, N.C., last month — has an additional challenge: 10 of its 11 financial advisers worked in Charlotte for scandal-plagued Stanford Financial Group Co. of Houston.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
The section 529 college savings plan industry is getting its ducks in a row before an Aug. 14 deadline for comments to be considered before the Department of the Treasury's Office of Economic Policy issues a report on the programs next month.
Tiger 21 LLC, a peer-to-peer networking organization for high-net-worth investors, said it will open a chapter in Chicago next month.
