Industry News

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Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule
NEWS WIREHOUSES AUG 30, 2018
Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

Wirehouse cites client demand and a new regulatory environment in deciding to abandon its pioneering stance on commission IRAs.

By Greg Iacurci
Boost Social Security Benefits: 8 Effective Strategies Revealed
NEWS RETIREMENT PLANNING AUG 30, 2018
Boost Social Security Benefits: 8 Effective Strategies Revealed

As Social Security celebrates its 83rd anniversary, here are steps individuals can take to increase their benefits.

By Mary Beth Franklin
Nudging Congress toward Social Security reform
NEWS RETIREMENT PLANNING AUG 30, 2018
Nudging Congress toward Social Security reform

Grassroots coalition encourages the public to demand improved retirement security.

By Mary Beth Franklin
Wells Fargo to combine bank and wirehouse reps under one roof
NEWS RIAS AUG 30, 2018
Wells Fargo to combine bank and wirehouse reps under one roof

Internal memo shows first stages of a $4 billion cost-cutting plan, but critics argue that blending the two divisions will be difficult.

By Jeff Benjamin
Crypto craze puts retirement savings at risk
NEWS RETIREMENT PLANNING AUG 29, 2018
Crypto craze puts retirement savings at risk

Regulators and Congress should protect investors by slamming the door shut on efforts to bring cryptocurrency into the world of retirement savings.

By Tim Chen
Using Social Security to fund paid parental leave is not the way to go
NEWS RETIREMENT PLANNING AUG 29, 2018
Using Social Security to fund paid parental leave is not the way to go

Marco Rubio's proposed bill would increase spending.

By Bloomberg
Advisers in a pickle over low-yielding cash sweep accounts
NEWS RIAS AUG 29, 2018
Advisers in a pickle over low-yielding cash sweep accounts

As interest rates climb, advisers are forced to rethink the cash management fund links to brokerages and custodians.

By Jeff Benjamin
LPL Financial picks up $360 million firm from First Allied Securities
NEWS INDUSTRY NEWS AUG 29, 2018
LPL Financial picks up $360 million firm from First Allied Securities

Sackman and Son Financial Services, operating out of Waukegan, Ill., says that LPL's self-clearing capabilities were a big factor in its decision to change firms.

By Sarah Min
Focus Financial sees 500 more RIAs as potential acquisitions
NEWS RIAS AUG 29, 2018
Focus Financial sees 500 more RIAs as potential acquisitions

In its first quarterly earnings call, CEO Rudy Adolf said the roll-up company had access to $825 million in cash and credit to buy more firms.

By Jeff Benjamin
Estimating the impact of early retirement on Social Security benefits
NEWS RETIREMENT PLANNING AUG 29, 2018
Estimating the impact of early retirement on Social Security benefits

Just use the government's online tool for a really eye-opening experience

By Mary Beth Franklin
SEC Regulation Best Interest an important step for our industry
NEWS REGULATION AND LEGISLATION AUG 29, 2018
SEC Regulation Best Interest an important step for our industry

The agency's approach allows firms to comply with new guidelines while while tailoring their practices to their own businesses and clients.

By Dale Brown
Half a dozen Midwest advisers bolt from Waddell & Reed
NEWS INDUSTRY NEWS AUG 28, 2018
Half a dozen Midwest advisers bolt from Waddell & Reed

The broker-dealer, which has seen an exodus of brokers in the last couple of years, lost six more experienced advisers last week.

By Bruce Kelly
'Ludicrous' deal adds insult to financial injury
NEWS INDUSTRY NEWS AUG 28, 2018
'Ludicrous' deal adds insult to financial injury

The 10,000 investors swindled out of $1.2 billion in Woodbridge scheme must pay double-digit interest rate to borrow against what they stand to recoup after assets are liquidated.

By Bloomberg
LPL lets more advisers do fiduciary 401(k) business
NEWS RETIREMENT PLANNING AUG 28, 2018
LPL lets more advisers do fiduciary 401(k) business

Strategy is an extension of efforts that began due to the DOL fiduciary rule, observers say.

By Greg Iacurci
Finra bars former Wells Fargo broker terminated for allegedly asking a client for a loan
NEWS INDUSTRY NEWS AUG 28, 2018
Finra bars former Wells Fargo broker terminated for allegedly asking a client for a loan

The Texas-based financial adviser failed to participate in regulator's investigation.

By Sarah Min
Fidelity breaks through $2 trillion in retirement assets
NEWS RETIREMENT PLANNING AUG 28, 2018
Fidelity breaks through $2 trillion in retirement assets

Record keeper widens the gap between itself and the bulk of its 401(k) competitors.

By Greg Iacurci
The biggest obstacle to America's retirement security
NEWS RETIREMENT PLANNING AUG 28, 2018
The biggest obstacle to America's retirement security

Senior executives aren't convinced of the importance of company retirement plans.

By Fred Barstein
Transamerica entities to pay $97 million to investors over model portfolio snafus
NEWS RIAS AUG 27, 2018
Transamerica entities to pay $97 million to investors over model portfolio snafus

SEC says that Transamerica units failed to inform investors that certain investment models were flawed and did not work as planned.

By Bruce Kelly
Some public employees face Social Security hurdles
NEWS RETIREMENT PLANNING AUG 27, 2018
Some public employees face Social Security hurdles

Pension offsets reduce Social Security benefits, but some qualify for exceptions.

By Mary Beth Franklin
Finding the right nudge for your clients
NEWS OPINION AUG 27, 2018
Finding the right nudge for your clients

Advisers are using insights from behavioral economics and social psychology to steer people's decisions in a direction that should benefit them.

By Alain Samson and Prasad Ramani