Advisor News

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Hub International acquires $2.3 billion RIA
RIA NEWS AUG 05, 2022
Hub International acquires $2.3 billion RIA

WealthPlan Advisors, based in Scottsdale, Arizona, provides retirement plan and investing consulting services to nearly 600 clients.

By InvestmentNews
Finra fines Morgan Stanley $325,000 over research errors
WIREHOUSES AUG 05, 2022
Finra fines Morgan Stanley $325,000 over research errors

The regulator censured the firm for publishing research reports that included inaccurate historical stock ratings.

By InvestmentNews
Cash revenue helps AssetMark offset market losses for record quarter
FINTECH AUG 04, 2022
Cash revenue helps AssetMark offset market losses for record quarter

While the choppy market performance dented total platform assets, rising interest rates have boosted the spread the TAMP earns on cash held by its proprietary custodian.

By Ryan W. Neal
Roe v. Wade highlights how some advisers navigate controversial issues on social media
FINTECH AUG 04, 2022
Roe v. Wade highlights how some advisers navigate controversial issues on social media

Social media offers financial advisers a way to establish a personal brand and build connections with clients and prospects, but dealing with hot-button topics like abortion can be tricky.

By Ryan W. Neal
Confusion over Social Security taxes and earning limits
RETIREMENT PLANNING AUG 04, 2022
Confusion over Social Security taxes and earning limits

Social Security's earnings restrictions disappear once individuals reach their full retirement age, but FICA taxes on income do not.

By Mary Beth Franklin
Revised Finra expungement proposal gains support of previous critics
REGULATION AND LEGISLATION AUG 04, 2022
Revised Finra expungement proposal gains support of previous critics

A major modification to the proposal would allow state regulators to participate in arbitration hearings that determine whether to clear a broker's record of a customer dispute.

By Mark Schoeff Jr.
Wells Fargo wins appeal of controversial court decision
REGULATION AND LEGISLATION AUG 04, 2022
Wells Fargo wins appeal of controversial court decision

The Georgia Court of Appeals ruled 3-to-0 that an earlier decision had not provided a proper basis for vacating the arbitration award Wells Fargo won in 2019.

By Bruce Kelly
BlackRock partners with Coinbase to expand into crypto
ALTERNATIVES AUG 04, 2022
BlackRock partners with Coinbase to expand into crypto

Institutional investors will be able to use BlackRock's Aladdin investment management system to oversee their exposure to bitcoin along with assets such as stocks and bonds.

By Bloomberg
Merger creates $2.7 billion Ohio RIA
RIA NEWS AUG 04, 2022
Merger creates $2.7 billion Ohio RIA

MGO Investment Advisors joins with One Seven; Merchant Investment takes a minority stake in the new firm.

By InvestmentNews
Morningstar probed by Missouri over its ESG evaluations
REGULATION AND LEGISLATION AUG 04, 2022
Morningstar probed by Missouri over its ESG evaluations

The state attorney general is looking at whether the company or its Sustainalytics unit violated a consumer protection law or another law that prevents the state from entering into contracts with companies that boycott goods or services from Israel.

By Bloomberg
Recruiting slowed in the first half while M&A soared
RIA NEWS AUG 03, 2022
Recruiting slowed in the first half while M&A soared

Volatile markets may be holding recruiting activity back from its breakneck pre-pandemic pace but mergers and acquisitions have more than rebounded from the 2020 low.

By Devin McGinley
LPL payout inches up as revenue per adviser dips
INDEPENDENT BROKER DEALERS AUG 03, 2022
LPL payout inches up as revenue per adviser dips

'Tis the season? LPL points to 'seasonality' to explain the slight bump in the rate of adviser pay in Q2.

By Bruce Kelly
Robinhood slashes 23% of workforce; chief product officer departs
FINTECH AUG 03, 2022
Robinhood slashes 23% of workforce; chief product officer departs

The app-based brokerage's reductions were concentrated in operations, marketing and program management functions.

By Bloomberg
SEC warns brokers, advisers to make ongoing efforts to identify, mitigate conflicts
PRACTICE MANAGEMENT AUG 03, 2022
SEC warns brokers, advisers to make ongoing efforts to identify, mitigate conflicts

Among the suggestions for mitigating conflicts are to avoid compensation incentives for selling certain products and to minimize incentives for favoring one type of product or account over another.

By Mark Schoeff Jr.
Senate bill would give CFTC more sway over crypto trading
ALTERNATIVES AUG 03, 2022
Senate bill would give CFTC more sway over crypto trading

The new proposal would give the derivatives regulator direct oversight of tokens that qualify as 'digital commodities.'

By Bloomberg
Edelman Financial Engines acquires $680 million Smart Investor
RIA NEWS AUG 03, 2022
Edelman Financial Engines acquires $680 million Smart Investor

Boston-based Edelman gets its second deal under its belt and says it's settling in to become a more aggressive buyer of RIAs.

By Jeff Benjamin
M&A deal structures have changed dramatically amid the bear market
OPINION AUG 02, 2022
M&A deal structures have changed dramatically amid the bear market

Dozens of transactions are still being completed every month despite the markets' slide, but they're being structured differently.

By Scott Hanson
Wells Fargo resumes using its diverse candidate guidelines
PRACTICE MANAGEMENT AUG 02, 2022
Wells Fargo resumes using its diverse candidate guidelines

The banking giant completes 6-week review of procedures after ‘fake interviews’ fracas.

By InvestmentNews
Finra proposes 3-year pilot program for remote office inspections
PRACTICE MANAGEMENT AUG 02, 2022
Finra proposes 3-year pilot program for remote office inspections

The initiative effectively extends the online supervision of branch and non-branch operations that Finra allowed during the pandemic.

By Mark Schoeff Jr.
iCapital expands menu of alternative investments with Simon acquisition
ALTERNATIVES AUG 02, 2022
iCapital expands menu of alternative investments with Simon acquisition

The addition of Simon brings the total number of asset managers and product manufacturers on the iCapital platform to nearly 300, according to the company.

By Ryan W. Neal