Advisor News

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Shlomo Benartzi to chair Acorns behavioral economics committee
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
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
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
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
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.
Wells Fargo chair denies rumors bank is seeking to replace CEO
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
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
Envestnet Tamarac partners with Schwab, TD on digital account openings
FINTECH SEP 20, 2018
Envestnet Tamarac partners with Schwab, TD on digital account openings

Auto-filling documents designed to make onboarding more efficient for RIAs and more convenient for clients.

By Ryan W. Neal
Square eyes the digital investing space
FINTECH SEP 20, 2018
Square eyes the digital investing space

With 7 million people using its cash app, some as their only bank account, the company could disrupt the robo-advice market.

By Ryan W. Neal
It's past time for the wealth management industry to help the economically vulnerable
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
RIA 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
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
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
Bank of America to sell alternative operations with $20 billion to iCapital
ALTERNATIVES SEP 19, 2018
Bank of America to sell alternative operations with $20 billion to iCapital

The operations for feeder funds pool client money to invest in hedge funds and private equity.

By Bloomberg
Why advisers should market philanthropic giving to entrepreneurs
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
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
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
Betterment links its tool for advisers with outside tech provider
FINTECH SEP 19, 2018
Betterment links its tool for advisers with outside tech provider

What can this financial planning tool offer Betterment for Advisors' clients?

By Ryan W. Neal
Creative Planning fined for failure to monitor radio ads and its president's personal accounts
RIA 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
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