According to InvestmentNews data, since Rockefeller Capital's launch in early 2018 to the end of March, the clear bulk of its hired advisers have come from CEO Greg Fleming's two former firms.
While the firm is planning to hire financial advisers in 2021, it may see a slowdown in the typical number of new advisers that join the firm in a given year.
President Joe Biden is considering a proposal to almost doubling the capital gains tax rate for wealthy individuals to 39.6%. The looming increase could add urgency to the market.
Called Totus Wealth Management, the group had been registered until the end of last month with MML Investors Services, the broker-dealer arm of MassMutual, the insurance company, according to BrokerCheck.
The B-D's $1.3 million settlement with the regulator involves its failure to supervise adequately a complex series of transactions involving variable annuities and whole life insurance policies.
The financial services firm is back in the ballpark for pay packages to experienced, employee financial-adviser recruits, according to its CEO. Recruiting bonuses are typically in the form of a percentage of an adviser’s annual fees and commissions.
The wirehouse reported strong results, but also disclosed a significant hit from trading losses after the implosion of the family office and hedge fund Archegos Capital Management.
For years, Wells Fargo Advisors has touted its in-house investment management and planning platform for clients and advisers, called Envision. Now, it is introducing the outside eMoney Advisor.
Last year, the 25 largest independent broker-dealers reported $26.6 billion in revenue, an increase of 4.3% from 2019. Although financial results were far from spectacular, growth at leading IBDs last year was resilient in the face of the Covid-19 pandemic and the havoc it caused for the broader stock market.
The newcomers had criticized Blucora for mishandling the broker-dealer, Avantax, calling it a potential 'gem of the wealth management industry.' The shareholders reelected the 10 current board members.
