Industry News

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Envestnet acquires MoneyGuide for $500 million
NEWS FINTECH MAR 14, 2019
Envestnet acquires MoneyGuide for $500 million

Deal will allow Envestnet to deepen integrations between MoneyGuide and its other wealth management solutions.

By Ryan W. Neal
Brookfield buys Oaktree to build an alternatives giant
NEWS ALTERNATIVES MAR 13, 2019
Brookfield buys Oaktree to build an alternatives giant

The deal produces a combination that can rival Blackstone Group.

By Bloomberg
First Republic snags another Wall Street veteran, this time from J.P. Morgan
NEWS INDUSTRY NEWS MAR 13, 2019
First Republic snags another Wall Street veteran, this time from J.P. Morgan

Michael S. Lee will run the New York territory for First Republic's wealth management business.

By Bruce Kelly
Brown University settles 403(b) lawsuit for $3.5 million
NEWS RETIREMENT PLANNING MAR 13, 2019
Brown University settles 403(b) lawsuit for $3.5 million

Brown is one of a handful of universities to settle claims over alleged retirement plan mismanagement.

By Greg Iacurci
Mortgage industry seeks to revive most hated loan in America
NEWS RETIREMENT PLANNING MAR 13, 2019
Mortgage industry seeks to revive most hated loan in America

Replacing actors such as Tom Selleck in TV ads, academics with interests in the industy are putting a positive spin on reverse mortgages.

By Bloomberg
Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule
NEWS REGULATION AND LEGISLATION MAR 13, 2019
Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule

Wirehouse says it would not be able to work there under state's current proposal.

By Bruce Kelly
Advisers see college admissions scandal as tip of the iceberg
NEWS RIAS MAR 13, 2019
Advisers see college admissions scandal as tip of the iceberg

Parents' conduct is described as 'disgusting' but not surprising given the current state of higher education.

By Jeff Benjamin
Finra set to propose new rules targeting rogue brokerages
NEWS INDUSTRY NEWS MAR 13, 2019
Finra set to propose new rules targeting rogue brokerages

Board says the measures will be published for comment 'soon.'

By Mark Schoeff Jr.
Clients don't trust you? Here's a perfect product to pitch
NEWS LIFE INSURANCE AND ANNUITIES MAR 13, 2019
Clients don't trust you? Here's a perfect product to pitch

Berkley FinSecure says its anti-embezzlement policy is a first.

By InvestmentNews
Opponents of Maryland fiduciary bill tell lawmakers to wait on SEC
NEWS REGULATION AND LEGISLATION MAR 13, 2019
Opponents of Maryland fiduciary bill tell lawmakers to wait on SEC

Supporter praises state for stepping in where federal regulator falls short.

By Mark Schoeff Jr.
Super OSJ controlling $175 million in assets moves to Securities America
NEWS INDUSTRY NEWS MAR 12, 2019
Super OSJ controlling $175 million in assets moves to Securities America

Lanzetta Group's 11 advisers formerly were affiliated with Questar Capital.

By InvestmentNews
Concerns about GPB Capital trash hauling business come to the fore
NEWS ALTERNATIVES MAR 12, 2019
Concerns about GPB Capital trash hauling business come to the fore

What did IBDs that sold GPB private placements know about its trash hauling companies?

By Bruce Kelly
ACLI comes off bench to support legislation requiring employers offer access to retirement plans
NEWS LIFE INSURANCE AND ANNUITIES MAR 12, 2019
ACLI comes off bench to support legislation requiring employers offer access to retirement plans

Life insurance organization argues automatic plans would be 'marketplace solution,' not big government.

By Mark Schoeff Jr.
Lipper plans ESG scoring system for mutual funds
NEWS RIAS MAR 12, 2019
Lipper plans ESG scoring system for mutual funds

Citing the growing appeal of sustainable investing, Lipper aims set the bar for ESG ratings

By Jeff Benjamin
Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing
NEWS WIREHOUSES MAR 12, 2019
Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing

Republicans and Democrats grill Tim Sloan for more than four hours.

By Bloomberg
Former Pimco CEO charged in college admissions bribery scheme
NEWS INDUSTRY NEWS MAR 12, 2019
Former Pimco CEO charged in college admissions bribery scheme

Douglas Hodge allegedly paid hundreds of thousands of dollars to get two of his children admitted to the University of Southern California.

By Ryan W. Neal
Wells Fargo CEO disputes claim the bank is too big to manage
NEWS WIREHOUSES MAR 12, 2019
Wells Fargo CEO disputes claim the bank is too big to manage

Sloan tells the House Financial Services Committee that Wells is working to address regulators' concerns.

By Bloomberg
Forget zero fees. This ETF is offering to pay investors
NEWS ETFS MAR 12, 2019
Forget zero fees. This ETF is offering to pay investors

Salt Financial plans a low-volatility stock ETF that will give people 50 cents for every $1,000 they invest

By Bloomberg
Things to watch as Tim Sloan of Wells Fargo testifies before Congress
NEWS WIREHOUSES MAR 11, 2019
Things to watch as Tim Sloan of Wells Fargo testifies before Congress

House Financial Services committee will grill the CEO Tuesday about the progress he's made in resolving the bank's scandals.

By Bloomberg
Future of advice is wealth planning across the household
NEWS RIAS MAR 11, 2019
Future of advice is wealth planning across the household

MMI report: Advisers will need tech to manage all client accounts together as one.

By Ryan W. Neal