Industry News

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Invesco said to be in talks to purchase OppenheimerFunds
INVESTING MUTUAL FUNDS SEP 21, 2018
Invesco said to be in talks to purchase OppenheimerFunds

MassMutual's sale of the unit has been estimated to fetch $5 billion.

By Bloomberg
Shlomo Benartzi to chair Acorns behavioral economics committee
ADVISOR NEWS RETIREMENT PLANNING SEP 21, 2018
Shlomo Benartzi to chair Acorns behavioral economics committee

Behavioral economist will lead robo-adviser's Money Lab, a project to develop products that help people save and invest.

By Ryan W. Neal
Clayton declines to set timeline for final SEC advice rule
ADVISOR NEWS REGULATION AND LEGISLATION SEP 21, 2018
Clayton declines to set timeline for final SEC advice rule

Agency's chairman says, 'We have work to do,' following investor roundtable in Baltimore.

By Mark Schoeff Jr.
How advisers can help cancer patients tackle financial distress
ADVISOR NEWS OPINION SEP 21, 2018
How advisers can help cancer patients tackle financial distress

The Foundation for Financial Planning is calling for a national response to the potential financial ruin of families fighting the disease through the Pro Bono for Cancer Campaign

By Jon Dauphiné
Orthodontists aren't smiling about teeth-straightening startups
ADVISOR NEWS RETIREMENT PLANNING SEP 20, 2018
Orthodontists aren't smiling about teeth-straightening startups

Companies like SmileDirectClub will correct misaligned teeth for much less money.

By Bloomberg
Insurance executives push House to add annuity provision to tax reform bill
ADVISOR NEWS RETIREMENT PLANNING SEP 20, 2018
Insurance executives push House to add annuity provision to tax reform bill

Insurance executives back measure making it easier to add lifetime income features to workplace savings plans.

By Mark Schoeff Jr.
Chairman should leave Ladenburg Thalmann
RIAS INDUSTRY NEWS SEP 20, 2018
Chairman should leave Ladenburg Thalmann

The risk to Ladenburg Thalmann's reputation is too great for Dr. Phillip Frost to continue his association with the brokerage.

By Bruce Kelly
Wells Fargo chair denies rumors bank is seeking to replace CEO
ADVISOR NEWS WIREHOUSES SEP 20, 2018
Wells Fargo chair denies rumors bank is seeking to replace CEO

News report claimed the board had talked to former Goldman exec Gary Cohn about the job.

By Bloomberg
Wells Fargo plans to cut staff up to 10% within next three years
RIAS PRACTICE MANAGEMENT SEP 20, 2018
Wells Fargo plans to cut staff up to 10% within next three years

Bank is struggling to cut spending amid regulatory fines and higher legal costs stemming from scandals.

By Bloomberg
Former CEO of AllianceBernstein raises $4 billion to launch fund company
INVESTING MUTUAL FUNDS SEP 20, 2018
Former CEO of AllianceBernstein raises $4 billion to launch fund company

New fund company will link manager pay and investor fees to fund performance.

By Bloomberg
It's past time for the wealth management industry to help the economically vulnerable
ADVISOR NEWS OPINION SEP 20, 2018
It's past time for the wealth management industry to help the economically vulnerable

Firms could establish incentives for advisers to do pro bono work regularly, similar to the way law firms set expectations around such work

By Larry Roth
SEC charges $54 million Louisiana RIA and owners for cherry-picking scheme
RIAS INDUSTRY NEWS SEP 20, 2018
SEC charges $54 million Louisiana RIA and owners for cherry-picking scheme

Wesley Kyle Perkins and Priscilla Gilmore Perkins, husband and wife owners of World Tree Financial, allegedly benefited themselves by handpicking the most profitable trades.

By Greg Iacurci
Indexed annuity sales grow among wirehouses, independent broker-dealers
ADVISOR NEWS INDEPENDENT BROKER DEALERS SEP 20, 2018
Indexed annuity sales grow among wirehouses, independent broker-dealers

A product design that's more palatable to brokers and a bigger roster of familiar carriers have raised the product profile for brokers.

By Greg Iacurci
SEC charges Michigan-based adviser in $2.7 million investment scam
ADVISOR NEWS REGULATION AND LEGISLATION SEP 19, 2018
SEC charges Michigan-based adviser in $2.7 million investment scam

Ernest J. Romer III allegedly defrauded at least 30 of his clients, including elderly retirees and unsophisticated advisers.

By Sarah Min
Why advisers should market philanthropic giving to entrepreneurs
ADVISOR NEWS OPINION SEP 19, 2018
Why advisers should market philanthropic giving to entrepreneurs

New study from Fidelity Charitable finds business owners donate more than average Americans.

By Sarah Min
Determining if a message from Social Security is a scam
ADVISOR NEWS RETIREMENT PLANNING SEP 19, 2018
Determining if a message from Social Security is a scam

Hint: Pay attention to emails, ignore phone calls.

By Mary Beth Franklin
All clients deserve advice that is in their best interest
ADVISOR NEWS OPINION SEP 19, 2018
All clients deserve advice that is in their best interest

Providing investment advice as a fiduciary goes beyond disclosure of conflicts of interest.

By Karen Barr
Creative Planning fined for failure to monitor radio ads and its president's personal accounts
RIAS INDUSTRY NEWS SEP 19, 2018
Creative Planning fined for failure to monitor radio ads and its president's personal accounts

SEC issues cease-and-desist order; Kansas-based RIA and Peter A. Mallouk required to pay civil penalties.

By Sarah Min
Universal life insurance lawsuits underscore product risk
INVESTING LIFE INSURANCE AND ANNUITIES SEP 19, 2018
Universal life insurance lawsuits underscore product risk

Universal life insurance lawsuits may cause you to rethink your policy.

By Jonathan Russell
Lawmakers want to reform rules around RMDs
ADVISOR NEWS RETIREMENT PLANNING SEP 18, 2018
Lawmakers want to reform rules around RMDs

One measure would scrap the "stretch IRA," which has helped financial advisers preserve retirement wealth passed on to heirs.

By Greg Iacurci