Industry News

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RBC snags giant $5.5 billion team from UBS in Atlanta
NEWS PRACTICE MANAGEMENT AUG 18, 2023
RBC snags giant $5.5 billion team from UBS in Atlanta

The ESOP Group, founded in 1989, specializes in working with business owners on the sale of their businesses.

By Bruce Kelly
Largest federal union backs O'Malley for Social Security commissioner
NEWS REGULATION AND LEGISLATION AUG 18, 2023
Largest federal union backs O'Malley for Social Security commissioner

The AFGE represents 43,000 employees of the Social Security Administration.

By Gregg Greenberg
Market performance pushes DB pension plans further into positive territory
NEWS INDUSTRY NEWS AUG 18, 2023
Market performance pushes DB pension plans further into positive territory

Milliman reports a further rise in defined-benefit plans' funded ratio.

By Steve Randall
Almost half of student loan debtors want more help to ease 'national crisis'
NEWS INDUSTRY NEWS AUG 18, 2023
Almost half of student loan debtors want more help to ease 'national crisis'

Even among those without outstanding education borrowing, a sizable share say it's a crisis.

By Steve Randall
Advisors shouldn't talk to clients about aging, most don't like it
NEWS RETIREMENT PLANNING AUG 18, 2023
Advisors shouldn't talk to clients about aging, most don't like it

Growing old ain't what it used to be, and neither is retirement planning.

By Steve Randall
Risk assets tumble as Fed, China cause concern
NEWS INDUSTRY NEWS AUG 18, 2023
Risk assets tumble as Fed, China cause concern

Markets being hit by a 'perfect storm' says Barclays analyst.

By Bloomberg
Bitcoin plunge as Musk SpaceX sale is reported
NEWS INDUSTRY NEWS AUG 18, 2023
Bitcoin plunge as Musk SpaceX sale is reported

Cryptocurrency falls up to 8% in trading.

By Bloomberg
401(k) millionaires stage comeback in Q2 with market gains
NEWS RETIREMENT PLANNING AUG 17, 2023
401(k) millionaires stage comeback in Q2 with market gains

This year's double-digit gains in the S&P 500 have helped swell retirement balances, Fidelity says.

By Bloomberg
Frustrated large RIAs want more from custodians
NEWS RIAS AUG 17, 2023
Frustrated large RIAs want more from custodians

In a poll of 29 firms representing a collective $6 trillion in assets, fewer than half reported feeling satisfied with native tools.

By Ryan W. Neal
Ex-Wells chief Kowach wants 100 advisors at new firm &Partners
NEWS RIAS AUG 17, 2023
Ex-Wells chief Kowach wants 100 advisors at new firm &Partners

The new firm's pay 'is significantly enhanced from the industry norms,' according to an investor presentation.

By Bruce Kelly
Back off, Burry! Advisors not buying into ‘Big Short’ fund manager’s bearish call
NEWS INDUSTRY NEWS AUG 17, 2023
Back off, Burry! Advisors not buying into ‘Big Short’ fund manager’s bearish call

Burry's $1.6 billion bet on Wall Street collapse has been branded 'carnival barking' by a guy who 'got just one thing right, once.'

By Gregg Greenberg
House Republicans take anti-ESG campaign to CalPERS
NEWS RETIREMENT PLANNING AUG 17, 2023
House Republicans take anti-ESG campaign to CalPERS

The California Public Employees’ Retirement System has turned over thousands of pages of documents in recent months to Congress.

By Bloomberg
Edward Jones to offer banking services
NEWS INDUSTRY NEWS AUG 17, 2023
Edward Jones to offer banking services

The wealth management firm will offer its clients checking and savings accounts and potentially other banking products.

By Steve Randall
Equitable Advisors hires four advisors with combined $360M AUM
NEWS ADVISOR MOVES AUG 17, 2023
Equitable Advisors hires four advisors with combined $360M AUM

The four join the fast-growing wealth management business from separate firms.

By Steve Randall
CFP exam pass rate highest in 8 years but which states saw the most takers?
NEWS INDUSTRY NEWS AUG 17, 2023
CFP exam pass rate highest in 8 years but which states saw the most takers?

Demonstrating experience on the job was the top reason cited for trying for certification.

By Steve Randall
Stocks mixed following hawkish Fed, bond yields sell-off intensifies
NEWS INDUSTRY NEWS AUG 17, 2023
Stocks mixed following hawkish Fed, bond yields sell-off intensifies

Signs that the Fed could continue on a tighter path has prompted investors to rethink strategies.

By Bloomberg
Banks 'largely blind' to nature loss risks to portfolios, report warns
NEWS ESG AUG 17, 2023
Banks 'largely blind' to nature loss risks to portfolios, report warns

Financial firms' lack of oversight could result in higher costs, litigation and reputational damage.

By Bloomberg
Morgan Stanley cuts China forecast amid weaker investment
NEWS INDUSTRY NEWS AUG 17, 2023
Morgan Stanley cuts China forecast amid weaker investment

Wall Street firm says Chinese economy will lag into 2024.

By Bloomberg
Massachusetts tax could hit one-off millionaires but advisors keep levy in perspective
NEWS RETIREMENT PLANNING AUG 16, 2023
Massachusetts tax could hit one-off millionaires but advisors keep levy in perspective

'Most voters didn't realize the millionaires tax included one-time sudden windfalls like the sale of a home,' one advisor says.

By Mark Schoeff Jr.
Giant RIA AlTi Global shoots to boost cash-flow margin
NEWS RIAS AUG 16, 2023
Giant RIA AlTi Global shoots to boost cash-flow margin

'The streamlining of the business is very critical,' says CEO Mike Tiedemann.

By Bruce Kelly