Industry News

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Stocks steady as all eyes are on US jobs data
NEWS INDUSTRY NEWS SEP 05, 2024
Stocks steady as all eyes are on US jobs data

Friday's stats will help inform Fed's upcoming rates decision.

OPEC+ set to postpone oil supply hike as prices slide
NEWS INDUSTRY NEWS SEP 05, 2024
OPEC+ set to postpone oil supply hike as prices slide

Cartel was due to increase output in October.

BofA's investment in e-trading for bonds is paying off
NEWS INDUSTRY NEWS SEP 05, 2024
BofA's investment in e-trading for bonds is paying off

Wall Street bank is seeing strong trading volumes in Europe.

Morgan Stanley pulls back on plastic pollution targets
NEWS INDUSTRY NEWS SEP 05, 2024
Morgan Stanley pulls back on plastic pollution targets

Bank no longer has a specific goal for this area of sustainable financing.

Banks are ceding their wealth funnel advantage, says Cerulli
NEWS PRACTICE MANAGEMENT SEP 04, 2024
Banks are ceding their wealth funnel advantage, says Cerulli

A growing gap between clients' use of traditional deposit accounts and wealth management services hints at an untapped opportunity.

By Leo Almazora
Post CEO role, 'Omani' Carson talks psychedelics and sustainability
NEWS RIAS SEP 04, 2024
Post CEO role, 'Omani' Carson talks psychedelics and sustainability

Ron Carson, who goes by Omani outside of financial services, is holding spiritual retreats and wants to build an intentional community called "Omya." He also recently became part owner of a soccer team.

By Emile Hallez
SEC's battle for hedge fund fee transparency dies in Supreme Court
NEWS ALTERNATIVES SEP 04, 2024
SEC's battle for hedge fund fee transparency dies in Supreme Court

The federal securities regulator earns praise from industry groups as its legal battle for private fund disclosure requirements comes to an end.

By Bloomberg
Barred B-D owner back in hot water with SEC in alleged healthcare fraud
NEWS BROKER DEALERS SEP 04, 2024
Barred B-D owner back in hot water with SEC in alleged healthcare fraud

"These types of brokers and executives are the scourge of the industry," said one plaintiff's attorney.

By Bruce Kelly
The ultra-rich will control $9.5T by 2030, says Deloitte
NEWS INDUSTRY NEWS SEP 04, 2024
The ultra-rich will control $9.5T by 2030, says Deloitte

The consultancy's bullish forecast, driven by an acceleration in family offices, predicts a 73 percent jump in UHNW wealth in the coming years.

By Bloomberg
Wisconsin advisor to serve 4.5 years for $1.8M con
NEWS REGULATION AND LEGISLATION SEP 04, 2024
Wisconsin advisor to serve 4.5 years for $1.8M con

The advisor lied to unsuspecting clients, including vulnerable retirees, for over 20 years to fund his gambling, cars, collectibles and other personal expenses.

By Leo Almazora
Clearlake Capital to expand private credit capabilities with $5.1B AUM acquisition
NEWS INDUSTRY NEWS SEP 04, 2024
Clearlake Capital to expand private credit capabilities with $5.1B AUM acquisition

US firm's transaction expected to close by the end of 2024.

By Steve Randall
Wealthtech solutions market set for $6B growth from blockchain, AI
NEWS INDUSTRY NEWS SEP 04, 2024
Wealthtech solutions market set for $6B growth from blockchain, AI

Transformational impact on financial services will fuel increase through 2028.

By Steve Randall
Global stocks slide as investors shun big tech
NEWS INDUSTRY NEWS SEP 04, 2024
Global stocks slide as investors shun big tech

US economy is also high on the agenda amid growth fears.

Wall Street's T+1 switch isn't going as smoothly as hoped
NEWS INDUSTRY NEWS SEP 04, 2024
Wall Street's T+1 switch isn't going as smoothly as hoped

Citigroup survey reveals bumpy transition for many industry players.

Gold in decline as traders weigh market conditions
NEWS INDUSTRY NEWS SEP 04, 2024
Gold in decline as traders weigh market conditions

Broad sell-off has hit even the safest of havens.

BofA joins peers in downgrading China growth
NEWS INDUSTRY NEWS SEP 04, 2024
BofA joins peers in downgrading China growth

Wall Street titans are calling for growth below 5%.

Advisors weigh in on Vice President's wealth tax proposal
NEWS TAX SEP 03, 2024
Advisors weigh in on Vice President's wealth tax proposal

Vice President Kamala Harris's proposed tax on billionaires creates a lot of questions for financial advisors, especially when it comes to taxing unrealized capital gains.

By Gregg Greenberg
Raymond James agrees to $1.8M in Finra fines over supervision failures
NEWS BROKER DEALERS SEP 03, 2024
Raymond James agrees to $1.8M in Finra fines over supervision failures

Some customer complaints went unreported, and many mutual fund purchases were not reviewed, according to the self-regulatory organization.

By Emile Hallez
Recruiting is all in the family for Jodie Papike
NEWS BROKER DEALERS SEP 03, 2024
Recruiting is all in the family for Jodie Papike

"I have small firm roots, just look at my dad," Jodie Papike said.

By Bruce Kelly
Which Wall Street leader is the only one to be among America's big bonus CEOs?
NEWS INDUSTRY NEWS SEP 03, 2024
Which Wall Street leader is the only one to be among America's big bonus CEOs?

New analysis reveals which companies pay the biggest bonuses to their leaders.

By Steve Randall