Industry News

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Stocks slump following Fitch's US downgrade
NEWS INDUSTRY NEWS AUG 02, 2023
Stocks slump following Fitch's US downgrade

The rating agency's decision sparked a pullback from riskier assets.

By Bloomberg
BlackRock, MSCI probed by lawmakers over China investments
NEWS INDUSTRY NEWS AUG 02, 2023
BlackRock, MSCI probed by lawmakers over China investments

Congressional committee is investigating whether the asset managers facilitated investments into blacklisted firms.

By Bloomberg
Bitcoin rally could endure if US manages a soft landing
NEWS INDUSTRY NEWS AUG 02, 2023
Bitcoin rally could endure if US manages a soft landing

But further tightening by the Fed could put a swift end to the crypto rally.

By Bloomberg
Another summer rebrand: CI Private Wealth is now Corient
NEWS RIAS AUG 01, 2023
Another summer rebrand: CI Private Wealth is now Corient

'It's a weird little portmanteau,' one marketing executive said.

By Bruce Kelly
Goldman Sachs analyst is missing after Brooklyn concert
NEWS INDUSTRY NEWS AUG 01, 2023
Goldman Sachs analyst is missing after Brooklyn concert

John Castic disappeared around 3:00 a.m. Saturday.

By Ryan W. Neal
Raymond James signs up Merrill advisor managing about $360 million in assets
NEWS BROKER DEALERS AUG 01, 2023
Raymond James signs up Merrill advisor managing about $360 million in assets

Forbes-recognized advisor in Ponte Vedra, Florida, leaves bank for independent.

By InvestmentNews
Goldman wealth exec exits abruptly
NEWS PRACTICE MANAGEMENT AUG 01, 2023
Goldman wealth exec exits abruptly

Lisa Opoku, a Goldman partner, had been running the firm's family office for its top brass since last year.

By Bloomberg
Why are advisors overlooking Peak 65 women's retirement needs?
NEWS RETIREMENT PLANNING AUG 01, 2023
Why are advisors overlooking Peak 65 women's retirement needs?

'Advisors better wake up' — study reveals 61- to 65-year-old women are more likely to buy an annuity than men of the same age.

By Gregg Greenberg
401(k) balances highlight major wealth gap, GAO says
NEWS RETIREMENT PLANNING AUG 01, 2023
401(k) balances highlight major wealth gap, GAO says

State auto-IRAs and provisions of the Secure 2.0 Act could help, but there are numerous factors underlying wealth inequality.

By Emile Hallez
LPL Financial welcomes $650M Morgan Stanley advisor team for new business
NEWS BROKER DEALERS AUG 01, 2023
LPL Financial welcomes $650M Morgan Stanley advisor team for new business

The trio of advisors have launched their new firm, Pinnacle Private Wealth Advisors, in Bellevue, Washington.

By Steve Randall
Stocks down on mixed earnings, dollar up slightly
NEWS INDUSTRY NEWS AUG 01, 2023
Stocks down on mixed earnings, dollar up slightly

Apple and Amazon earnings are due this week.

By Bloomberg
FTX draft bankruptcy plan could see cash for creditors
NEWS INDUSTRY NEWS AUG 01, 2023
FTX draft bankruptcy plan could see cash for creditors

But the size of the pool of claims means they are unlikely to get back what they invested.

By Bloomberg
SEC charges New York rep with stealing $2.4M from elderly client
NEWS REGULATION AND LEGISLATION JUL 31, 2023
SEC charges New York rep with stealing $2.4M from elderly client

Charges 'about as serious as it gets' after advisor allegedly tricks client into signing a power of attorney to enable ripoff.

By Mark Schoeff Jr.
Advisors tilt toward ETFs, growth stocks and investment-grade bonds: Fidelity
NEWS RIAS JUL 31, 2023
Advisors tilt toward ETFs, growth stocks and investment-grade bonds: Fidelity

Advisors hail traditional benefits of ETFs while trend toward aggressive equity exposure shows how 'soft landing has replaced recession.'

By Jeff Benjamin
More turnover at top of Wells Fargo brokerage group
NEWS PRACTICE MANAGEMENT JUL 31, 2023
More turnover at top of Wells Fargo brokerage group

'New leadership has been making big strides,' says industry source.

By Bruce Kelly
Chasing retirement plan prospects with a minority business owner connection
NEWS RIAS JUL 31, 2023
Chasing retirement plan prospects with a minority business owner connection

Martin Smith blends his advisory niche with an old-school method of rolling up his sleeves and making lots of cold calls.

By Jeff Benjamin
Interest rate hikes, jobs forecast, commercial property death spiral, equity-risk premium worries
NEWS INDUSTRY NEWS JUL 31, 2023
Interest rate hikes, jobs forecast, commercial property death spiral, equity-risk premium worries

What you need to know for the week ahead.

By Matthew Sellers
Fraudsters prey on US veterans' lack of PACT Act benefit claims knowledge
NEWS INDUSTRY NEWS JUL 31, 2023
Fraudsters prey on US veterans' lack of PACT Act benefit claims knowledge

Veterans and their families are being targeted by criminals, according to an AARP report.

By Steve Randall
Kingswood US hires experienced industry duo to enhance in-house capabilities
NEWS RIAS JUL 31, 2023
Kingswood US hires experienced industry duo to enhance in-house capabilities

The expanded investment banking and capital markets team will focus on three key verticals.

By Steve Randall
Patchy signals on rates leave markets uncertain
NEWS INDUSTRY NEWS JUL 31, 2023
Patchy signals on rates leave markets uncertain

Mixed data is adding to the confusion for investors as the month ends.

By Bloomberg