Advisor News

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Do RPAs need wealth management to survive?
RETIREMENT PLANNING AUG 18, 2021
Do RPAs need wealth management to survive?

Few have figured out how to serve the participants who cannot afford traditional advice. Managed accounts are just a start.

By Fred Barstein
T-Mobile data breach highlights cybersecurity issues for clients
FINTECH AUG 18, 2021
T-Mobile data breach highlights cybersecurity issues for clients

Advisers should be proactively discussing the attack with clients to protect those that have current or past association, experts say. There are simple tips for clients to follow.

By Nicole Casperson
Cyber insurance for 401(k)s rises in cost, demand
RETIREMENT PLANNING AUG 18, 2021
Cyber insurance for 401(k)s rises in cost, demand

Coverage is now harder to get, and it costs more, largely due to the higher volume of attacks that resulted in higher loss ratios for insurers.

By Emile Hallez
Morgan Stanley snags elite Merrill Lynch team in Utah
PRACTICE MANAGEMENT AUG 18, 2021
Morgan Stanley snags elite Merrill Lynch team in Utah

While Morgan Stanley had backed away from recruiting advisers from direct competitors in recent years, the company has recently returned to the market for top-flight advisers.

By Bruce Kelly
Senator proposing new taxes on wealthy says idea is popular
REGULATION AND LEGISLATION AUG 18, 2021
Senator proposing new taxes on wealthy says idea is popular

But Sen. Chris Van Hollen, D-Md., says it's too soon to tell whether his proposals will be adopted in the $3.5 trillion budget bill working its way through Congress.

By Mark Schoeff Jr.
SEC charges Florida RIA with fraud
RIA NEWS AUG 18, 2021
SEC charges Florida RIA with fraud

Fusion Analytics and head Michael Conte misled investors, agency charges.

By InvestmentNews
SEC charges New York investment firm and its founder with fraud
REGULATION AND LEGISLATION AUG 18, 2021
SEC charges New York investment firm and its founder with fraud

Battery Private and Jeffrey Slothower allegedly misappropriated $1 million in two separate schemes.

By InvestmentNews
How inflation affects Social Security, Medicare and taxes
RETIREMENT PLANNING AUG 18, 2021
How inflation affects Social Security, Medicare and taxes

Higher benefits resulting from a cost-of-living adjustment could be offset by bigger Medicare premiums and larger tax bills.

By Mary Beth Franklin
5 reasons why every app is becoming a financial services app
OPINION AUG 18, 2021
5 reasons why every app is becoming a financial services app

Embedded finance has become popular, and profitable, as companies combine savings, lending, insurance, investing and planning services into nontraditional apps, like Walmart Inc. and Uber Technologies Inc.

By Dani Fava
Goldman masks, scrutiny at Morgan Stanley as delta spreads
PRACTICE MANAGEMENT AUG 18, 2021
Goldman masks, scrutiny at Morgan Stanley as delta spreads

Morgan Stanley just informed its staff that they will soon have to provide proof of having been vaccinated against Covid to enter its buildings.

By Bloomberg
Appeals court reverses dismissal in NYU lawsuit
RETIREMENT PLANNING AUG 17, 2021
Appeals court reverses dismissal in NYU lawsuit

The development in the 403(b) plan case is considered a victory for the law firm Schlichter Bogard & Denton, which several years ago led a legal crusade against universities and other plan sponsors.

By Emile Hallez
'Guaranteed income' preferred over 'annuities'
RETIREMENT PLANNING AUG 17, 2021
'Guaranteed income' preferred over 'annuities'

The insurance industry recognizes that the word 'annuity' is not always received well. But that's only part of what hampers the products, according to two recent reports.

By Emile Hallez
Fidelity is on TikTok jockeying for Generation Z
FINTECH AUG 17, 2021
Fidelity is on TikTok jockeying for Generation Z

The discount brokerage posts short video clips on the social media app ranging from how-to guides for using the Fidelity Spire app to explainers of financial terminology.

By Nicole Casperson
Candidates for small-firm Finra board seat target regulatory burden
REGULATION AND LEGISLATION AUG 17, 2021
Candidates for small-firm Finra board seat target regulatory burden

Incumbent Paige Pierce and challenger Daniel Logue are competing in the only contested race in the election that concludes on Sept. 1.

By Mark Schoeff Jr.
Direct indexing emerges as must-have tool for tax management, ESG investing
RIA NEWS AUG 17, 2021
Direct indexing emerges as must-have tool for tax management, ESG investing

The trend toward offering customizable indexes puts direct indexing on a track for explosive growth, according to new research from Cerulli Associates.

By Jeff Benjamin
Financial adviser arrested on child pornography charges
REGULATION AND LEGISLATION AUG 17, 2021
Financial adviser arrested on child pornography charges

The adviser, Nicholas Spagnoletti, used his personal cellphone to upload, possess and distribute images of child pornography, according to the Morris County Prosecutor's Office in New Jersey.

By Bruce Kelly
Why the M&A clock is ticking faster than ever
OPINION AUG 17, 2021
Why the M&A clock is ticking faster than ever

Firms interested in selling have increased dramatically, but going into the end of this year, it may be hard to find the specialized contractors needed to complete a deal, like bankers, lawyers and accountants.

By Scott Hanson
Two named to top posts at AIG unit
RETIREMENT PLANNING AUG 17, 2021
Two named to top posts at AIG unit

Bryan Pinsky will lead individual retirement at AIG Life & Retirement, while Tim Heslin will head the U.S. life insurance business.

By InvestmentNews
Sales fintech Seismic pushes valuation to $3 billion
FINTECH AUG 16, 2021
Sales fintech Seismic pushes valuation to $3 billion

The company is designed to personalize sales interactions and has doubled its valuation in a year after fresh funding and a new acquisition.

By Nicole Casperson
The DOL is asking 401(k)s about uncashed checks
RETIREMENT PLANNING AUG 16, 2021
The DOL is asking 401(k)s about uncashed checks

The letters sent to plan sponsors have not included deadlines for recouping the funds, although the DOL is requesting confirmation that the participants are reunited with their money, according to one law firm.

By Emile Hallez