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Is the inflation crisis over?
INDUSTRY NEWS JUL 12, 2023
Is the inflation crisis over?

Latest Bureau of Labor Statistics CPI figures defy expectations as housing, insurance power ahead.

By Matthew Sellers
Allworth Financial adds $260M father-daughter RIA firm to fast-growing footprint
RIAS JUL 12, 2023
Allworth Financial adds $260M father-daughter RIA firm to fast-growing footprint

With women controlling an increasing share of wealth, the addition of another female partner-advisor is important for Allworth

By Steve Randall
US inflation expectations boost stocks ahead of data
INDUSTRY NEWS JUL 12, 2023
US inflation expectations boost stocks ahead of data

Bond yields and the greenback have eased on hopes of slowing price rises.

By Bloomberg
Money market funds to avoid new 'swing pricing' rules
MUTUAL FUNDS JUL 12, 2023
Money market funds to avoid new 'swing pricing' rules

The SEC is due to finalize its rules Wednesday with Wall Street now expecting a victory on a key component.

By Bloomberg
$100 million bond aims to rid Miami Beach of spring break rep
INDUSTRY NEWS JUL 12, 2023
$100 million bond aims to rid Miami Beach of spring break rep

The city is hoping investors will back its plans to boost cultural projects such as ballet and art museums

By Bloomberg
Verizon 401(k) lawsuit settles for $30 million
RETIREMENT PLANNING JUL 11, 2023
Verizon 401(k) lawsuit settles for $30 million

The settlement sends an uncomfortable message to retirement plan advisors and other fiduciaries, an observer says.

By Emile Hallez
Aretha Franklin's estate planning deserves no respect
RETIREMENT PLANNING JUL 11, 2023
Aretha Franklin's estate planning deserves no respect

Hot on the heels of the Presley family’s document drama, a similar quarrel was decided this week in court regarding the last wishes of Aretha Franklin, who died in 2018.

By Gregg Greenberg
Stock rally, high rates have advisors rethinking covered call strategies
EQUITIES JUL 11, 2023
Stock rally, high rates have advisors rethinking covered call strategies

Hedging equities with option income loses some luster, but still works for certain clients.

By Jeff Benjamin
Six states impose $4.2M fine on Raymond James for excessive fees
BROKER DEALERS JUL 11, 2023
Six states impose $4.2M fine on Raymond James for excessive fees

The firm was also ordered to return $8.25 million to retail customers.

By Mark Schoeff Jr.
Merrill Lynch smacked with $12 million penalty for reporting violations
PRACTICE MANAGEMENT JUL 11, 2023
Merrill Lynch smacked with $12 million penalty for reporting violations

According to the SEC and Finra, for years Merrill botched the reporting threshold for potential suspicious transactions.

By Bruce Kelly
CFPB slams BofA with quarter-billion-dollar settlement
WIREHOUSES JUL 11, 2023
CFPB slams BofA with quarter-billion-dollar settlement

The bureau will keep $90 million, with the rest going to consumers, Office of the Comptroller of the Currency.

By Matthew Sellers
Social Security rules for divorced spouses
RETIREMENT PLANNING JUL 11, 2023
Social Security rules for divorced spouses

First rule: There must be at least a decade between 'I do' and 'I don’t.'

By Mary Beth Franklin
Advisor leaves Ameriprise for LPL after 25 years, citing greater freedom
BROKER DEALERS JUL 11, 2023
Advisor leaves Ameriprise for LPL after 25 years, citing greater freedom

Jason Johnson founded 509 Wealth Management in 1998 and manages approximately $400 million in assets.

By Steve Randall
Credit Suisse investor makes Monumental investment in NBA, NHL teams
INDUSTRY NEWS JUL 11, 2023
Credit Suisse investor makes Monumental investment in NBA, NHL teams

A giant international player that doubled down on the failed bank now heads for U.S. hockey, basketball.

By Matthew Sellers
Schwab sharpens focus on distinct needs of wealthiest client groups
PRACTICE MANAGEMENT JUL 11, 2023
Schwab sharpens focus on distinct needs of wealthiest client groups

The firm has launched two brands to differentiate between high-net-worth and ultra-high-net-worth clients

By Steve Randall
Interest-rate long haul weakens US equity futures
INDUSTRY NEWS JUL 11, 2023
Interest-rate long haul weakens US equity futures

Even stronger data from China is not enough to add a spark to markets early Tuesday

By Bloomberg
Fed officials sound hawkish tone on rate hikes
INDUSTRY NEWS JUL 11, 2023
Fed officials sound hawkish tone on rate hikes

Further increases are looking more likely as the central bank tries to tame inflation

By Bloomberg
Why are FX market hedges failing to perform?
INDUSTRY NEWS JUL 11, 2023
Why are FX market hedges failing to perform?

JPMorgan Chase says investors who bought currency hedges are seeing underperformance

By Bloomberg
Financial industry, regulators likely to clash over rules slated for second half
RETIREMENT PLANNING JUL 10, 2023
Financial industry, regulators likely to clash over rules slated for second half

The Labor Department's advice rule is likely to lead to controversy over whether a recommendation to roll funds from a 401(k) to an IRA constitutes advice.

By Mark Schoeff Jr.
RIA M&A stumbles in the second quarter
RIAS JUL 10, 2023
RIA M&A stumbles in the second quarter

Acquirers say the highest-quality firms still command high valuations, while the rest are seeing new deal structures.

By Jeff Benjamin