Industry News

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Connecticut-based People's United Bank to acquire Gerstein Fisher
NEWS INDUSTRY NEWS JUL 21, 2016
Connecticut-based People's United Bank to acquire Gerstein Fisher

People's United Bank is expected to finish the transaction by the end of this year via its subsidiary.

By Tanvi Acharya
Hottest emerging-markets funds spice things up with Latin America
NEWS MUTUAL FUNDS JUL 21, 2016
Hottest emerging-markets funds spice things up with Latin America

Brandes, Invesco funds add a helping of Brazil.

By John Waggoner
NEWS RETIREMENT PLANNING JUL 21, 2016
Debt dims boomers' retirement prospects

New study shows ongoing bills impede savings and boost baby boomers' retirement income needs.

By Mary Beth Franklin
NEWS EQUITIES JUL 21, 2016
Why it does and doesn't matter if fund managers invest in their own funds

<i>Breakfast with Benjamin</i> Should you care if a portfolio manager is investing in a fund he or she is managing? It depends.

By Jeff Benjamin
Hillary Clinton rips 'reckless' Donald Trump, says he would drive U.S. economy into a recession
NEWS INDUSTRY NEWS JUL 21, 2016
Hillary Clinton rips 'reckless' Donald Trump, says he would drive U.S. economy into a recession

Ms. Clinton trashed the presumptive GOP nominee's management skills at a time when his campaign is in turmoil over weak fundraising and upheaval within his inner circle.

By Bloomberg
Under new fiduciary rule, DOL has reason to pay attention to reverse churning
NEWS RETIREMENT PLANNING JUL 21, 2016
Under new fiduciary rule, DOL has reason to pay attention to reverse churning

Another reminder of the need to become well-versed on the fiduciary rule's conditions for rollover advice.

By Blaine F. Aikin
Feeling financially secure isn't tied to a number on a bank statement
NEWS PRACTICE MANAGEMENT JUL 21, 2016
Feeling financially secure isn't tied to a number on a bank statement

While advisers can't make clients feel more secure, they can help them focus on the things they can control to feel more assured.

By Carl Richards
NEWS RETIREMENT PLANNING JUL 21, 2016
Why filial laws are a 'sleeping giant' that could prompt long-term-care planning

The laws create the possibility that clients' their long-term-care expenses may be shouldered by their children

By Greg Iacurci
Why the DOL fiduciary rule will lead to more ETF innovation
NEWS OPINION JUL 21, 2016
Why the DOL fiduciary rule will lead to more ETF innovation

Asset managers must expand the depth and breadth of their offerings&#160;to become more relevant and differentiated.

By Thomas Hoops
Wells Fargo recruits $400M team from Merrill
NEWS PRACTICE MANAGEMENT JUL 20, 2016
Wells Fargo recruits $400M team from Merrill

Robert Duncan, Bradley Newman and Zachary Breverman opened Duncan-Newman Associates in Agoura Hills, Calif.

By Tanvi Acharya
Betterment reaches $5 billion mark, a first for independent robo-advisers
NEWS INDUSTRY NEWS JUL 20, 2016
Betterment reaches $5 billion mark, a first for independent robo-advisers

By Bloomberg
American Century employees sue for excessive 401(k) fees
NEWS RETIREMENT PLANNING JUL 20, 2016
American Century employees sue for excessive 401(k) fees

Plaintiffs allege the asset management firm populated the retirement plan with proprietary investments for its own gain.

By Greg Iacurci
Dismissal of small 401(k) plan excessive-fee lawsuit 'highly atypical'
NEWS RETIREMENT PLANNING JUL 20, 2016
Dismissal of small 401(k) plan excessive-fee lawsuit 'highly atypical'

The case, which involved a $9 million plan, was voluntarily dismissed by plaintiffs in an unusual turn of events.

By Greg Iacurci
Transamerica settles 401(k) excessive-fee lawsuit with its employees for $3.8 million
NEWS RETIREMENT PLANNING JUL 20, 2016
Transamerica settles 401(k) excessive-fee lawsuit with its employees for $3.8 million

The retirement plan provider joins a list of other financial firms that have settled excessive-fee lawsuits with their own employees.

By Greg Iacurci
Vanguard CEO Bill McNabb tells advisers to embrace robos or fall behind
NEWS FINTECH JUL 20, 2016
Vanguard CEO Bill McNabb tells advisers to embrace robos or fall behind

Forget desktops. The future is about mobile and phones.

By Jeff Benjamin
NEWS RETIREMENT PLANNING JUL 19, 2016
Franklin Templeton sued by employees for self-dealing in 401(k) plan

The asset management firm joins the likes of American Century Investments and New York Life, which were also sued by employees for using proprietary funds in their 401(k) plans.

By Greg Iacurci
Learning and profiting from Gen X
NEWS PRACTICE MANAGEMENT JUL 19, 2016
Learning and profiting from Gen X

Too many of us have not evolved and still have firms built to serve baby boomers.

By Joe Duran
New York Life sued by employees claiming excessive 401(k) fees
NEWS RETIREMENT PLANNING JUL 19, 2016
New York Life sued by employees claiming excessive 401(k) fees

Employees are suing for alleged self-dealing and fees charged by a company-affiliated index fund, which plaintiffs claim enriched New York Life at the expense of employees' retirement savings.

By Greg Iacurci
Why financial advisers should focus on readiness before growth
NEWS OPINION JUL 19, 2016
Why financial advisers should focus on readiness before growth

Adding significant growth can put a strain on a firm's infrastructure without proper preparedness.

By Sheryl Rowling
NEWS EQUITIES JUL 18, 2016
Goldman says U.S. investors should keep their portfolios local

Plus: Diversification varies when it comes to ETFs, Wall Street starts cutting pay, and the next President will need to figure out how to handle Congress

By Jeff Benjamin