Team managing $2 billion splits from Ameritas
TFB Advisors spins off from Tax Favored Benefits as a new hybrid RIA, staffed by six advisers who had worked for years at Ameritas.
Massachusetts slaps MassMutual unit with $250,000 fine
Regulator says rep defrauded clients by saying variable annuities were commission free.
Geoffrey Brown stepping down as NAPFA CEO
The association's board will engage an interim CEO while it searches for a permanent successor.
Morgan Stanley files to offer its own ETFs
Decades after coining the term 'exchange-traded fund,' the firm plans to offer four socially conscious funds under the Calvert label.
Creative Planning acquires $5 billion Wipfli Financial Advisors
The deal is the firm's third-biggest transaction to date, and CEO Peter Mallouk says M&A activity is ramping up because most RIAs aren't growing organically.
Wall Street banks’ record fines reflect regulators’ frustrations over unmonitored messaging
SEC, CFTC worried that messages were being completely lost and would ultimately make it harder to look for wrongdoing.
Fleming’s Rockefeller plans to double number of adviser teams
The firm, which currently has 85 teams, is focusing on growth in places that have seen influx of wealthy residents in recent years, such as Charlotte, North Carolina, and Austin, Texas.
Anxiety over economy not stopping IRA growth: Fidelity
The number of IRAs on Fidelity’s platform increased in Q2 and the percentage of employees with 401(k) loans remained low for the fifth consecutive quarter.
Retooled scorecards will better measure women-led results, says new book
Women asset managers and corporate leaders assess risk and opportunity over a longer time frame, justifying new methods of measuring their results.
CFP Board cites 66% pass rate at July exam
Just 7% of the 2,596 people who took the CFP exam in July did so remotely.
$1.4 billion team joins Commonwealth from Principal
Strategic Financial Solutions has seven advisers and is based in Cedar Rapids, Iowa.
America faces retirement savings crisis as aging population keeps growing
In 2019, Boston College estimated there was a $7.1 trillion retirement savings shortfall among American households. That number likely hasn’t changed much since then and the situation is getting worse.
eMoney names Susan McKenna permanent CEO
The executive had been appointed interim CEO in March after former CEO Ed O’Brien announced he was returning to Fidelity to lead institutional technology.
Company size matters when it comes to retirement benefits
Just 46% of small companies offer a 401(k) or similar plan to employees, compared to 92% of large companies and 89% of midsize companies, a Transamerica study shows.
ESG funds being probed by SEC over ceding votes on social issues
The agency is asking companies offering ESG funds whether they lend out shares, which could impact their ability to cast ballots in corporate elections.
Wells Fargo plans retreat from mortgage business
The bank, which once made one out of every three home loans in the U.S., plans to trim its mortgage business after years of struggles with regulatory probes.
UBS duo managing $770 million goes indie with Sanctuary
The pair have opened Marble Wealth in Montgomery, Alabama, and have been joined by Adam Rogers, previously a portfolio manager at Retirement Systems of Alabama.
Cambridge Investment elevates three to office of the CEO
Colleen Bell, Jeff Vivacqua and Seth Miller become presidents of their respective divisions as part of a new organizational structure.
Wealthfront tops ranking of robos amid 2022 volatility
The two first quarters of this year showed some robos to be particularly resilient, according to the latest Robo Report from Condor Capital Wealth Management.
JPMorgan, Morgan Stanley clash on direction of stock rally
JP Morgan believes rally could run through end of year while Morgan Stanley sees disappointing earnings pushing stocks lower.
