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.
The independent broker-dealer, backed by Reverence Capital Partners, is suing an annuity company owned, in part, by the same private equity firm.
