Industry News

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LPL to open tech center in Austin, Texas
NEWS BROKER DEALERS MAY 13, 2020
LPL to open tech center in Austin, Texas

Firm is looking to hire now before site is completed

By InvestmentNews
401(k) investors warm to stock funds as market rises: report
NEWS RETIREMENT PLANNING MAY 13, 2020
401(k) investors warm to stock funds as market rises: report

Investors are still worried about the market, but trading in 401(k) plans favored equities on most days in April

By Emile Hallez
REIT sales tank during COVID-19, but one broker-dealer is still selling
NEWS ALTERNATIVES MAY 13, 2020
REIT sales tank during COVID-19, but one broker-dealer is still selling

Sales of nontraded REITs crashed in April, falling to just $310 million

By Bruce Kelly
Lawyers slow to embrace Zoom for Finra arbitration hearings
NEWS REGULATION AND LEGISLATION MAY 13, 2020
Lawyers slow to embrace Zoom for Finra arbitration hearings

In-person sessions, suspended during the pandemic, allow for better presentation of evidence and arguments, they say

By Mark Schoeff Jr.
COVID-19 market tests basic TDF design
NEWS RETIREMENT PLANNING MAY 13, 2020
COVID-19 market tests basic TDF design

'Through-retirement' target-date funds for those near retirement saw bigger losses this year than 'to-retirement' products of the same vintage

By Emile Hallez
Powell plays down possibility of negative Fed rates
NEWS REGULATION AND LEGISLATION MAY 13, 2020
Powell plays down possibility of negative Fed rates

The Fed chairman cited the risk that the pandemic will cause the U.S. lasting economic harm

By Bloomberg
Robo-adviser TradingFront launches on Interactive Brokers
NEWS FINTECH MAY 13, 2020
Robo-adviser TradingFront launches on Interactive Brokers

The robo-adviser is designed to serve small to midsize independent advisers at an attractive price point

By Sean Allocca
Fiduciary lessons from COVID-19 crisis
NEWS OPINION MAY 13, 2020
Fiduciary lessons from COVID-19 crisis

The handling of the pandemic provides plenty of examples of how to build (or lose) client trust

By Fred Barstein
What COVID-19 college refunds and online classes mean for 529 plans
NEWS TAX MAY 12, 2020
What COVID-19 college refunds and online classes mean for 529 plans

Parents should consider putting partial refunds back into 529 accounts or applying it to fall tuition – unless students take a gap year

By Emile Hallez
Fat fees, conflicts made sales of GPB private placements 'illegal': investor complaint
NEWS ALTERNATIVES MAY 12, 2020
Fat fees, conflicts made sales of GPB private placements 'illegal': investor complaint

GPB’s strategy was destined to fail, according to the lawsuit

By Bruce Kelly
The ABCs of coronavirus-related distributions
NEWS IRA ALERT MAY 12, 2020
The ABCs of coronavirus-related distributions

Who qualifies to pull money penalty-free from IRAs and company retirement plans under the relief provided by the CARES Act

By Ed Slott
Advisers look past the glitter, debate gold's value as a long-term investment
NEWS EQUITIES MAY 12, 2020
Advisers look past the glitter, debate gold's value as a long-term investment

So far this year the precious metal has beaten the S&P 500 by 24 percentage points

By Jeff Benjamin
No Social Security cost-of-living boost likely in 2021
NEWS RETIREMENT PLANNING MAY 12, 2020
No Social Security cost-of-living boost likely in 2021

The plunge in oil prices is expected to eliminate any benefit increase for next year

By Mary Beth Franklin
Morgan Stanley hit with $5 million penalty for misleading clients in wrap account program
NEWS PRACTICE MANAGEMENT MAY 12, 2020
Morgan Stanley hit with $5 million penalty for misleading clients in wrap account program

The SEC charged the wirehouse with not fully disclosing fees for five years

By Jeff Benjamin
Two Wells Fargo FiNet reps managing $315 million move to LPL
NEWS BROKER DEALERS MAY 12, 2020
Two Wells Fargo FiNet reps managing $315 million move to LPL

Brian Wall and Joe Nastasi will merge their practices in the Kansas City, Mo., area

By InvestmentNews
Showdown in 2nd Circuit over Reg BI
NEWS OPINION MAY 12, 2020
Showdown in 2nd Circuit over Reg BI

The smart money is betting the SEC will prevail in the challenge to its new rules scheduled to take effect June 30

By Barry R. Temkin
Gold ETFs attract record amounts of cash
NEWS ALTERNATIVES MAY 12, 2020
Gold ETFs attract record amounts of cash

Stocks have bounced back, but investors keep pouring money into gold exchange-traded funds

By Bloomberg
BlackRock says PNC to sell stake, plans $1.1 billion buyback
NEWS INDUSTRY NEWS MAY 11, 2020
BlackRock says PNC to sell stake, plans $1.1 billion buyback

PNC acquired the world's largest asset manager for $240 million in 1995

By Bloomberg
Finra delays launch of online securities licensing exams
NEWS REGULATION AND LEGISLATION MAY 11, 2020
Finra delays launch of online securities licensing exams

An update on the regulator's website says more time needed for system testing

By Mark Schoeff Jr.
Plaintiff in failed 401(k) suit files new case against ADP
NEWS RETIREMENT PLANNING MAY 11, 2020
Plaintiff in failed 401(k) suit files new case against ADP

McCaffree Financial, which unsuccessfully sued Principal Life, recently brought an unrelated case against ADP

By Emile Hallez