Industry News

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Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch
NEWS REGULATION AND LEGISLATION SEP 06, 2018
Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

Commonwealth and JPMorgan reevaluate use of commissions in retirement accounts.

By Bruce Kelly
Trump administration hypocrisy on retirement security
NEWS RETIREMENT PLANNING SEP 06, 2018
Trump administration hypocrisy on retirement security

The president is trying to expand access to workplace retirement savings, but has acted contrary to this goal in the past.

By Greg Iacurci
DOL fiduciary rule caused $14 billion in stock losses for investment firms: report
NEWS RETIREMENT PLANNING SEP 05, 2018
DOL fiduciary rule caused $14 billion in stock losses for investment firms: report

But the election of Donald Trump gained those firms back $56 billion in market value, as investors expected a rollback of financial regulations.

By Greg Iacurci
Merrill Lynch can't reverse progress on eliminating conflicts of interest
NEWS REGULATION AND LEGISLATION SEP 05, 2018
Merrill Lynch can't reverse progress on eliminating conflicts of interest

The wirehouse said it would lift its ban on charging comissions on retirement accounts, but it's too late to return to the old days.

By Nir Kaissar
In latest A-share discount snafu, broker-dealer pays $1.37 million to clients
NEWS PRACTICE MANAGEMENT SEP 05, 2018
In latest A-share discount snafu, broker-dealer pays $1.37 million to clients

Lincoln Investment Planning overcharged certain clients for 7 1/2 years.

By Bruce Kelly
Financial adviser pleads guilty in NCAA basketball corruption case
NEWS RIAS SEP 05, 2018
Financial adviser pleads guilty in NCAA basketball corruption case

Munish Sood attempted to win the business of student-athletes with bribes.

By Bruce Kelly
Elad Roisman confirmed by Senate for SEC seat
NEWS REGULATION AND LEGISLATION SEP 05, 2018
Elad Roisman confirmed by Senate for SEC seat

Republican replaces Michael Piwowar, puts panel at full strength for now

By Mark Schoeff Jr.
JPMorgan Chase reaches settlement in race case
NEWS PRACTICE MANAGEMENT SEP 04, 2018
JPMorgan Chase reaches settlement in race case

The largest U.S. bank agrees to pay $19.5 million to members of class-action lawsuit alleging racial discrimination that's 'uniform and national in scope'

By Bloomberg
Live Oak Bank starts its own RIA
NEWS RIAS SEP 04, 2018
Live Oak Bank starts its own RIA

North Carolina bank, which makes loans to RIAs, launches Live Oak Private Wealth with $400 million under management

By Jeff Benjamin
Open MEPs would be game-changer for 401(k) advisers
NEWS RETIREMENT PLANNING SEP 04, 2018
Open MEPs would be game-changer for 401(k) advisers

Advisers could leverage these retirement plans to reduce cost, administration and fiduciary liability for clients, and eventually use them as a branding opportunity.

By Greg Iacurci
Securities America snags $650 million hybrid from LPL
NEWS RIAS SEP 04, 2018
Securities America snags $650 million hybrid from LPL

Patriot Financial Group has 33 advisers operating in Massachusetts, Rhode Island and Connecticut.

By Bloomberg
Millionaire boom in Asia pushes highest rate hike in decade for wealth managers
NEWS INDUSTRY NEWS SEP 04, 2018
Millionaire boom in Asia pushes highest rate hike in decade for wealth managers

Those willing to jump to rival are seeing increases of 30% or more in Hong Kong and Singapore.

By Bloomberg
Fidelity sees two zero-fee index funds rake in almost $1 billion in first month
NEWS INDUSTRY NEWS SEP 04, 2018
Fidelity sees two zero-fee index funds rake in almost $1 billion in first month

The Fidelity Zero Total Market Index Fund attracted $753.5 million, while the Fidelity Zero International Index Fund drew in $234.2 million.

By Bloomberg
Under a cloud at Merrill Lynch, two brokers find new home at giant hybrid
NEWS INDUSTRY NEWS SEP 04, 2018
Under a cloud at Merrill Lynch, two brokers find new home at giant hybrid

The two were part of four teams signed by Stratos Wealth Network.

By Bruce Kelly
With history as a guide, September puts advisers on notice
NEWS RIAS SEP 04, 2018
With history as a guide, September puts advisers on notice

'Banana peel month' has seen some big market slips

By Jeff Benjamin
Janney lands $445 million team from Wells Fargo Advisors
NEWS INDUSTRY NEWS SEP 04, 2018
Janney lands $445 million team from Wells Fargo Advisors

The five professionals will join Janney in its offices in Connecticut and New York.

By Bloomberg
Stifel lands financial advisers from UBS, Merrill Lynch, Wells Fargo Advisors
NEWS INDUSTRY NEWS SEP 04, 2018
Stifel lands financial advisers from UBS, Merrill Lynch, Wells Fargo Advisors

The three financial advisers managed $520 million in client assets.

By Sarah Min
Three disruptions reshaping fixed-income markets
NEWS FIXED INCOME SEP 04, 2018
Three disruptions reshaping fixed-income markets

Explosion in the amount of market data available will increase the role of technology in bond investing.

By Bloomberg
Apex will soon custody cryptocurrency assets
NEWS RIAS SEP 04, 2018
Apex will soon custody cryptocurrency assets

Online brokerages and digital advisers using Apex will be able to open accounts to buy and trade bitcoin for clients.

By Ryan W. Neal
NEWS FINTECH SEP 01, 2018
Are schools adequately preparing next-gen advisers?

Though degree programs for financial planning have made gains, professors, students and advisers suggest areas for improvement.

By Greg Iacurci