Industry News

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NEWS RIAS AUG 30, 2017
RIAs weigh pros and cons of offering trust services

With demand limited, most advisers outsource it to lawyers and accountants, but some see value in adding it to their menu of services.

By Jeff Benjamin
NEWS REGULATION AND LEGISLATION AUG 30, 2017
DOL fiduciary rule: Agency says it will come up with new ways to comply during delay period

Labor Department says it also needs more time to look at any 'undue burden' the rule may cause.

By Mark Schoeff Jr.
NEWS RETIREMENT PLANNING AUG 30, 2017
Most plan sponsors like their advisers, but 38% want to switch, says Fidelity

Survey finds top concerns are reducing plan expenses and managing fiduciary responsibilities.

By InvestmentNews
NEWS RIAS AUG 30, 2017
Lincoln Financial loses $300 million, 20 reps to ProEquities

Summit Financial ends 17-year relationship with Lincoln Financial.

By Jeff Benjamin
NEWS TAX AUG 30, 2017
Trump kicks off effort to sell a tax plan that is short on details

Urges Congress not to miss "once-in-a-generation opportunity."

By Bloomberg
NEWS ESG AUG 29, 2017
XY Planning Network launches TAMP for young investors

Platform designed to serve its members' next-generation clients will incorporate robo-advice and socially responsible investing options.

By Liz Skinner
NEWS INDUSTRY NEWS AUG 29, 2017
Merrill team managing $311 million goes hybrid

Scottsdale, Ariz., duo affiliates with LPL and Stratos Wealth Partners.

By Bloomberg
NEWS INDUSTRY NEWS AUG 29, 2017
Former HSBC broker barred for alleged senior scam

Finra says Jaime Rodriguez bought two apartments with $200,000 from blind, elderly customer.

By InvestmentNews
NEWS INDUSTRY NEWS AUG 29, 2017
BlackRock finds steep risk in U.S. investment portfolios

Even piles of investments that appear diverse could suffer big losses in the event of another market crash.

By Bloomberg
NEWS INDUSTRY NEWS AUG 29, 2017
Warren Buffett converts Bank of America warrants to buy $16.5 billion stake in bank

Mr. Buffett previously invested $5 billion in Bank of America in 2011

By Bloomberg
NEWS INDUSTRY NEWS AUG 29, 2017
Raymond James adds Chicago advisers from Baird, JP Morgan

Reps collectively managed $423 million at their former firms.

By InvestmentNews
NEWS RIAS AUG 29, 2017
Connecticut RIA gets five years for scam

Aaron Johnson took $620,000 in excessive fees from clients.

By InvestmentNews
NEWS RETIREMENT PLANNING AUG 29, 2017
DOL fiduciary rule: The 5 biggest things to watch for if BICE's class-action provision is killed

The Trump administration is signaling its intent to remove the fiduciary rule's provision regarding class-action litigation. Here's what broker-dealers and RIAs need to know.

By Greg Iacurci
NEWS REGULATION AND LEGISLATION AUG 29, 2017
OMB approves proposal for 18-month delay of DOL fiduciary rule's second phase

One observer says agency is trying to give certainty to markets; another asserts it is executing pre-determined course to water down regulation.

By Mark Schoeff Jr.
NEWS REGULATION AND LEGISLATION AUG 28, 2017
Opponents of DOL fiduciary rule raise same concerns about CFP Board proposal

Financial Services Institute says extra supervision would result in a 'CFP tax,' while mother of Labor Department regulation cheers revisions to standards of conduct.

By Mark Schoeff Jr.
NEWS RIAS AUG 28, 2017
Merrill Lynch loses $600 million team to Texas RIA

The three-member adviser team expands the footprint of Syntal Capital Partners.

By InvestmentNews
NEWS INDUSTRY NEWS AUG 28, 2017
Economists predict long-term effects of Harvey will remain local

Forecasts of costly damage for the oil-producing region, but wider consequences unlikely.

By Bloomberg
NEWS INDUSTRY NEWS AUG 28, 2017
New charges against Dawn Bennett allege a $20 million scheme to defraud 46 investors

Ms. Bennett allegedly spent some of her ill-gotten gains on luxury goods, mystics and $500,000-a-year suite at AT&T Stadium in Dallas.

By InvestmentNews
NEWS TAX AUG 25, 2017
Killing estate tax could kill charitable giving

In 2010, when the estate tax was temporarily repealed, gross charitable bequests in IRS tax filings dropped 37 percent, and some fear it could happen again.

By Bloomberg
NEWS RETIREMENT PLANNING AUG 25, 2017
Investment consultants have poor record recommending funds

On average, their choices tended to return about 1.12 percentage points less than the ones they didn't recommend, according to a new study.

By Bloomberg