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GameStop hearing underlines partisan divide on legislative action
The atmospherics suggested that if bills emerge, they will have a difficult path through the narrowly divided House and Senate.
Attracting Next Gen clients will require advisers heed three trends
Tech-driven personalization, enhanced user experiences, and ESG served as key themes during InvestmentNews’ inaugural Next Gen Summit.
Ex-Janney broker stole $400,000 from clients to pay gambling debt: Feds
The broker transferred funds from the investment account of a couple whose portfolio he managed directly into bank accounts he controlled, according to the Department of Justice.
Larry Kudlow joins The Bahnsen Group as an adviser
Firm head and former Trump economic adviser share ‘love of free markets’
Warren presses Finra to review whether forced arbitration harms Robinhood customers
'Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court, rather than in closed-door proceedings that are too often rigged against claimants,' Warren wrote in a letter to Finra CEO Robert W. Cook.
Two FiNet teams managing $1.06 billion move to Raymond James
A group with seven advisers in West Virginia and a solo adviser in Ohio switch affiliations.
401(k) savings went up in 2020, but so did retirement worries
Despite new figures showing higher savings rates and account balances, just over half of people said they are worried about how the pandemic will affect their financial security in retirement.
Putnam latest old-school fund firm to sell semitransparent ETFs
The 84-year-old fund complex enters the ETF market with four funds, including two ESG strategies, and joins a host of fund companies seeking opportunities in the semitransparent space.
Focus Financial sees another bang-up year for RIA M&A in 2021
'Our pipeline is excellent,' said CEO Rudy Adolf during a conference call Thursday morning. 'Quite frankly, in many ways, we are busier than ever.'
Latest gold ETF times the market so advisers don’t have to
The fund rebalances gold and cash based on recent market volatility. It marks the first product from Wilshire Phoenix after the firm spent much of the past two years trying to get a bitcoin ETF approved by the SEC.
Massachusetts RIA managing $625 million merges into Moneta
The principals of The Berry Group, which is based in Worcester, will join the firm as partners.
Team managing $350 million makes U-turn to LPL
Foran Financial Group of Somerville, New Jersey, is rejoining the independent broker-dealer after spending six years at Raymond James.
OregonSaves gets passing grade in new academic paper
The program, which was launched in 2017, represented nearly $85 million in assets among 88,000 funded accounts at the end of 2020, according to figures from the state. It was the first of several automatic IRA systems that states have rolled out for private-sector workers who otherwise would not have access to a workplace retirement plan.
Brokers sold GPB private placements using the worst tactics in Wall Street’s playbook
Client appreciation dinners are all well and good, but private suites at Madison Square Garden are clearly beyond the pale.
LPL updates branding message
'Your Greatness Is Our Goal' is the independent broker-dealer's new theme, referring to the value it brings to its advisers.
DC industry must cooperate to offer emergency savings accounts
The case for emergency savings accounts has always been compelling. When low- to moderate-income workers run into problems, they either take out loans or make hardship withdrawals, contributing to plan leakage. The pandemic only highlighted the issue.
Advisers, clients not on same page about guaranteed income: Survey
Last year’s market plunge and quick recovery appear to have changed the way people feel about the value of guaranteed lifetime income, Cannex found. In February 2020, 71% of people said they found guaranteed lifetime income highly valuable, but that figure had dropped to 63% by August.
Fidelity, Schwab donors set record for charitable giving in response to pandemic
Covid-19 also changed giving targets, as donors supported organizations that provided food and other necessities for people who experienced economic setbacks due to the outbreak.
AIG is seeing interest in life and retirement business
The company said that year that it would separate the life and retirement unit from its sprawling property-casualty operation, furthering the dismantling of the insurance giant.
Wells Fargo gets Fed nod for overhaul plan
Fed officials reportedly privately signaled the bank that they accept its proposal for overhauling risk management and governance, which would move Wells a step closer to getting the cap on its assets lifted.
