Industry News

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Miami advisors fight over book of business
RIAS INDUSTRY NEWS MAY 23, 2024
Miami advisors fight over book of business

'Handshake' deal goes wrong for two south Florida advisors.

By Bruce Kelly
Integrity at heart of absolute return-based approach
RIAS INDUSTRY NEWS MAY 23, 2024
Integrity at heart of absolute return-based approach

'If we lose business doing the right thing, that's okay – but we certainly don't want to do that,' says CEO.

By Emily Douglas
Schwab to offer alternative investments for qualified investors
INVESTING ALTERNATIVES MAY 23, 2024
Schwab to offer alternative investments for qualified investors

Executives at the online brokerage giant unveiled plans to roll out a platform that includes private credit, PE, VC, and long-short funds.

By Bloomberg
Gorman to step down as Morgan Stanley chairman at end of year
RIAS INDUSTRY NEWS MAY 23, 2024
Gorman to step down as Morgan Stanley chairman at end of year

The decision to step down is seen as a vote of confidence in new CEO Ted Pick's leadership.

By Bloomberg
JPMorgan on the prowl for a partner in private credit
INVESTING ALTERNATIVES MAY 23, 2024
JPMorgan on the prowl for a partner in private credit

The banking behemoth is looking to extend its $3.6T asset management arm's reach in the piping-hot sector, according to sources.

By Bloomberg
What is Carson Group without Carson?
RIAS INDUSTRY NEWS MAY 23, 2024
What is Carson Group without Carson?

Leadership changes and damaging lawsuit happened just as the company's founder stepped out of the CEO role.

By Emile Hallez
Driving growth at Merrill Lynch's Charlotte office
RIAS INDUSTRY NEWS MAY 23, 2024
Driving growth at Merrill Lynch's Charlotte office

InvestmentNews Awards 2024, Advisor of the Year (Regional - Southeast): James Wolf, Merrill Lynch Wealth Management.

By Josh Welsh
Nvidia earnings fuel equities gains despite dovish Fed
RIAS INDUSTRY NEWS MAY 23, 2024
Nvidia earnings fuel equities gains despite dovish Fed

Tech firm's results reassured investors of AI boom.

By Bloomberg
One key decision by providers may weaken Ether ETF demand
RIAS INDUSTRY NEWS MAY 23, 2024
One key decision by providers may weaken Ether ETF demand

Investors may opt to buy the crypto direct as firms avoid 'staking' coins.

By Bloomberg
New York trial begins for Chinese tycoon accused of $1B fraud
RIAS INDUSTRY NEWS MAY 23, 2024
New York trial begins for Chinese tycoon accused of $1B fraud

Guo Wengui is accused of swindling investors in crypto scheme.

By Bloomberg
G-7 finance chiefs met but wont deal with public debt mountains
RIAS INDUSTRY NEWS MAY 23, 2024
G-7 finance chiefs met but wont deal with public debt mountains

With elections looming, officials are not keen to talk about huge borrowing.

By Bloomberg
‘Everything that I have sacrificed was worth it’
RIAS INDUSTRY NEWS MAY 22, 2024
‘Everything that I have sacrificed was worth it’

InvestmentNews Awards 2024, Advisor of the Year (Regional - Southeast): Nina O’Neal, AIM Advisors.

By Josh Welsh
Amid mixed economic outlook, RIAs eye guaranteed investment solutions
RIAS INDUSTRY NEWS MAY 22, 2024
Amid mixed economic outlook, RIAs eye guaranteed investment solutions

Research lifts lid on RIAs' use of annuities, growth strategies, and opportunity to take wallet share from banks.

By Leo Almazora
Wisc. broker facing charges over stealing town’s money
RIAS INDUSTRY NEWS MAY 22, 2024
Wisc. broker facing charges over stealing town’s money

In twist, the broker has blamed other members of a town board for allegedly allowing the theft.

By Bruce Kelly
Nvidia in focus as last hurdle in tech earnings victory lap
RIAS INDUSTRY NEWS MAY 22, 2024
Nvidia in focus as last hurdle in tech earnings victory lap

With Magnificent Seven stocks riding high, all eyes are on the AI chip giant as investors anticipate another earnings beat.

By Bloomberg
Equitable expands in California with ex-Lincoln advisor duo
RIAS INDUSTRY NEWS MAY 22, 2024
Equitable expands in California with ex-Lincoln advisor duo

The two advisors, who reportedly managed $177M, are transitioning as they commit to a long-term succession plan.

By Leo Almazora
Cetera affiliate Wilde Wealth bolsters ownership group
RIAS INDUSTRY NEWS MAY 22, 2024
Cetera affiliate Wilde Wealth bolsters ownership group

The Arizona-based planning firm with more than $3.4B in AUA hails the development as a strategic "win-win."

By Leo Almazora
SEC slaps NYSE parent firm with $10M penalty for cyber reporting failure
ADVISOR NEWS REGULATION AND LEGISLATION MAY 22, 2024
SEC slaps NYSE parent firm with $10M penalty for cyber reporting failure

The federal securities regulator says the exchange giant took four days to report a vulnerability in its network, violating its internal procedures.

By Leo Almazora
Massachusetts risks $1B in lost tax yearly amid wealth exodus
RIAS INDUSTRY NEWS MAY 22, 2024
Massachusetts risks $1B in lost tax yearly amid wealth exodus

A trend of exits from the state could see nearly 100,000 residents with a combined $19.2B in income leave annually by 2030.

By Bloomberg
SEC chair hails benefits of faster settlements, but not everyone is so sure
RIAS INDUSTRY NEWS MAY 22, 2024
SEC chair hails benefits of faster settlements, but not everyone is so sure

T+1 begins Monday but there are concerns about a new way of working.

By Steve Randall