A few weeks ago, we asked how fintech companies will respond to the challenging market environment, one that most have never experienced before. Some startups have already made moves to prepare for an extended bear market, but now the crunch is coming to more established fintech brands.
Tuesday, Robinhood announced plans to eliminate nearly a quarter of its workforce — 780 people — and close down some offices just a year after the pandemic-related retail trading boom fueled Robinhood’s initial public offering. Robinhood also reduced head count by about 9% in April, bringing the total number of employees dismissed in 2022 to more than 1,000, according to Bloomberg.
Things continue to be difficult in the cryptocurrency world. Coinbase, the largest crypto exchange in the U.S., watched its value drop from $86 billion when it went public in the spring of 2021 down to $21 billion this week, according to the Wall Street Journal. However, Coinbase’s stock rebounded this week on news of a new partnership with BlackRock to offer bitcoin trading and management to institutional clients via BlackRock’s Aladdin technology.
Read on for the rest of the week’s news adviser fintech news, and please send an email or reach out to on Twitter to let me know what you think about Fintech Bytes.
Content management technology Laserfiche has a new program that will automatically create a digital transcription of audio and video content that advisers upload to it. Advisers can then perform a keyword search on the content, helping to find specific content for marketing or compliance purposes, as well as help any deaf or hearing-impaired employees.
Functionality like this makes sense as advisers increasingly rely on video for client meetings and digital marketing. As someone who often deals with recorded interviews, I can be the first to say that an automated transcription service can be a lifesaver — if it works well. These programs can sometimes be more trouble than they are worth, but if Laserfiche’s software does what it promises, maybe it will consider making a version for reporters.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
