Industry News

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$4.5B team from Bank of America Private Bank joins RIA
NEWS RIAS SEP 05, 2023
$4.5B team from Bank of America Private Bank joins RIA

The five-member team joining Fidelis Capital will operate from an office in Washington, D.C.

By InvestmentNews
Former Wells Fargo exec Tolstedt deserves prison in accounts scandal, US says
NEWS WIREHOUSES SEP 05, 2023
Former Wells Fargo exec Tolstedt deserves prison in accounts scandal, US says

Carrie Tolstedt, the bank's former head of retail banking, pled guilty this year to obstructing the investigation of the bank's fake accounts.

By Bloomberg
Want to invest in part of a luxury auto? There's a new platform for that
NEWS INDUSTRY NEWS SEP 05, 2023
Want to invest in part of a luxury auto? There's a new platform for that

Investors can now own a piece of rare, luxury, investment-grade vehicles.

By Steve Randall
Focus Financial Partners eyes new growth as $7B take-private completes
NEWS RIAS SEP 05, 2023
Focus Financial Partners eyes new growth as $7B take-private completes

The firm has been acquired by Clayton Dubilier & Rice and Stone Point Capital affiliated funds.

By Steve Randall
Hold tight! Financial services set to grow to $37.5 trillion by 2027
NEWS INDUSTRY NEWS SEP 05, 2023
Hold tight! Financial services set to grow to $37.5 trillion by 2027

Substantial global growth of 7.5% CAGR is anticipated in a new report.

By Steve Randall
Goldman slashes US recession risk amid positive data
NEWS INDUSTRY NEWS SEP 05, 2023
Goldman slashes US recession risk amid positive data

Wall Street bank believes Fed may now pause rates.

By Bloomberg
Global banks lagging on climate change action, report warns
NEWS INDUSTRY NEWS SEP 05, 2023
Global banks lagging on climate change action, report warns

The industry is too opaque in its disclosures, leaving investors guessing.

By Bloomberg
Asset managers struggle without ESG registration
NEWS INDUSTRY NEWS SEP 05, 2023
Asset managers struggle without ESG registration

Firms trying to sell in the EU are finding it hard without credentials.

By Bloomberg
One step forward, one step back for use of crypto in retirement accounts
NEWS RETIREMENT PLANNING SEP 01, 2023
One step forward, one step back for use of crypto in retirement accounts

'Crypto is on a journey from a niche asset class to a mainstream asset class,' says an advisor.

By Mark Schoeff Jr.
Finra fines, censures New Jersey broker-dealer for violating Reg BI
NEWS PRACTICE MANAGEMENT SEP 01, 2023
Finra fines, censures New Jersey broker-dealer for violating Reg BI

Network 1 Financial Securities did not have a written system to identify and flag excessive trading, resulting in $533,500 in commissions for the firm, regulator says.

By Ryan W. Neal
Another key executive to leave Goldman asset and wealth group?
NEWS PRACTICE MANAGEMENT SEP 01, 2023
Another key executive to leave Goldman asset and wealth group?

The New York Post report comes after a string of executives have left the group in recent months.

By Bruce Kelly
US house prices gain after 2 months, affordability weakest since 1984
NEWS INDUSTRY NEWS SEP 01, 2023
US house prices gain after 2 months, affordability weakest since 1984

Buying a home is becoming an increasingly elusive part of the American Dream.

By Steve Randall
Business leaders show growing optimism in US economy
NEWS INDUSTRY NEWS SEP 01, 2023
Business leaders show growing optimism in US economy

The share of executives calling for recession by year-end has also dropped sharply.

By Steve Randall
Stocks gain ahead of US jobs report
NEWS EQUITIES SEP 01, 2023
Stocks gain ahead of US jobs report

Markets await signal for economy and likely Fed direction.

By Bloomberg
Bitcoin ETF approval will spark a battle for lowest fees
NEWS ALTERNATIVES SEP 01, 2023
Bitcoin ETF approval will spark a battle for lowest fees

With the products looking similar, fees will be the difference.

By Bloomberg
Apollo Global positions for family office push
NEWS INDUSTRY NEWS SEP 01, 2023
Apollo Global positions for family office push

The firm has hired a BlackRock veteran to spearhead the advance.

By Bloomberg
Barclays directly targets private credit funds
NEWS INDUSTRY NEWS SEP 01, 2023
Barclays directly targets private credit funds

The bank has set aside cash to fund corporate debt purchase.

By Bloomberg
What proxy votes show about how dead ESG is
NEWS OPINION AUG 31, 2023
What proxy votes show about how dead ESG is

Support is down among big fund companies, but they haven't really changed their stances, and they're far from leading on sustainability issues.

By Emile Hallez
Sorry, Fed Chair Powell, financial advisors watch their own economic indicators
NEWS INDUSTRY NEWS AUG 31, 2023
Sorry, Fed Chair Powell, financial advisors watch their own economic indicators

Advisors rely on signposts including the volume of calls they're getting from worried clients and how full the parking lot is at the mall.

By Gregg Greenberg
LPL snatches $280m advisory team from Cetera
NEWS BROKER DEALERS AUG 31, 2023
LPL snatches $280m advisory team from Cetera

Legacy Wealth Advisors was looking for an easier place to do business and differentiated service, founder Kevin Loyd said.

By Ryan W. Neal