Goldman Sachs Group Inc. and Kohlberg Kravis Roberts & Co. have backed out of their $8 billion buyout of audio equipment maker Harman International Industries Inc. of Washington.
Envestnet Asset Management Inc. is bringing the PMC brand name back and giving the unit its own sales force.
After being beaten down as a result of the subprime-mortgage mess, junk bonds now look like big winners following last week’s interest rate cut by the Federal Reserve.
Some financial advisers are relying on an old strategy called a grantor-retained annuity trust to help rich clients who want to pass their assets on to their children free of estate tax.
Financial planners applauded last week’s dramatic one-half-percentage-point cut in the federal funds rate by the Federal Reserve Board, saying the move provides an opportunity to calm nervous investors and help clear up their debt problems.
Broker-dealers will need to beef up compliance and oversight of variable annuity sales by their representatives at the start of next year.
With the deadline for ending fee-based brokerage accounts looming, big brokerage firms are scrambling to move their customers into advisory accounts.
Despite initial resistance, a few independent-broker-dealer firms have begun to allow their financial advisers to serve as fiduciaries, following pressure from the advisers themselves.
Financial advisers are questioning the decision of TD Ameritrade Holding Corp. to keep them in the dark after hackers gained access to their clients’ Social Security numbers, account numbers, phone numbers and e-mail addresses.
