Advisor News

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Wall Street texting habit sticks banks with rare $1 billion bill
FINTECH JUL 15, 2022
Wall Street texting habit sticks banks with rare $1 billion bill

The sweeping civil probes rank among the largest-ever penalties levied against US banks for record-keeping lapses.

By Bloomberg
Americans' finances still uneven, but many fare better, Finra finds
REGULATION AND LEGISLATION JUL 15, 2022
Americans' finances still uneven, but many fare better, Finra finds

A study by the group’s education arm sees greater financial literacy resulting in greater capability.

By InvestmentNews
'Great Resignation,' Covid-19 forcing employers to sweeten benefits
RETIREMENT PLANNING JUL 14, 2022
'Great Resignation,' Covid-19 forcing employers to sweeten benefits

Nonmedical and nontraditional workplace benefits are expected to grow 20% by 2026 as a result of increased competition for workers and heightened employee expectations, according to a recent report from Limra and EY.

By Gregg Greenberg
SEC weighs waiving some rules to regulate crypto, Gensler says
ALTERNATIVES JUL 14, 2022
SEC weighs waiving some rules to regulate crypto, Gensler says

The SEC chief says disclosures can be tailored for digital firms. He mentioned that such an approach is used for asset-backed securities and equity offerings.

By Bloomberg
SEC takes steps to free up proxy advisers, shareholder proposals
REGULATION AND LEGISLATION JUL 14, 2022
SEC takes steps to free up proxy advisers, shareholder proposals

The agency approved rules that free proxy advisers from restrictions placed on them at the end of the Trump administration; it also amended the reasons companies can use to try to keep shareholder proposals off their ballots.

By Bloomberg
Morgan Stanley expects $200 million fine for misuse of personal devices
FINTECH JUL 14, 2022
Morgan Stanley expects $200 million fine for misuse of personal devices

Meanwhile, the firm's wealth management franchise reported positives for the second quarter despite the broad stock market decline seen so far this year.

By Bloomberg
American companies still lack retirement plans: AARP
RETIREMENT PLANNING JUL 14, 2022
American companies still lack retirement plans: AARP

Close to half of U.S. private-sector employees ages 18 to 64 work for a company that doesn't offer either a traditional pension or a retirement savings plan.

By Gregg Greenberg
Wealthy business owners are at center of fight over Biden’s tax plan
RETIREMENT PLANNING JUL 13, 2022
Wealthy business owners are at center of fight over Biden’s tax plan

Senate Majority Leader Chuck Schumer’s tax plan is key to the Democrats’ economic package.

By Bloomberg
Edelman Financial Engines names new head of technology
RETIREMENT PLANNING JUL 13, 2022
Edelman Financial Engines names new head of technology

One of the largest investment advisers in the U.S. has promoted a relative newcomer to oversee the firm’s technology.

By Ryan W. Neal
Finra bars would-be brokers for cheating on online qualification exams
PRACTICE MANAGEMENT JUL 13, 2022
Finra bars would-be brokers for cheating on online qualification exams

It's the first time the regulator has taken an enforcement action related to remote test taking.

By Mark Schoeff Jr.
Coming soon: Single-stock ETFs for traders but not investors
EQUITIES JUL 13, 2022
Coming soon: Single-stock ETFs for traders but not investors

The first examples of this new strain of ETF creativity could hit the markets within days, giving day traders another toy and financial advisers another headache.

By Jeff Benjamin
Compliance meets Slack and Zoom
OPINION JUL 13, 2022
Compliance meets Slack and Zoom

As collaboration platforms replace email as the primary form of internal communications, firms must take the necessary steps to protect themselves and their employees.

By Robert Cruz
Merrill duo managing $300 million goes indie with Raymond James
INDEPENDENT BROKER DEALERS JUL 13, 2022
Merrill duo managing $300 million goes indie with Raymond James

Old Town Advisors in Albuquerque, New Mexico, is affiliating through OSJ Concurrent Advisors.

By InvestmentNews
Social Security COLA could top 10% in 2023
RETIREMENT PLANNING JUL 13, 2022
Social Security COLA could top 10% in 2023

Current inflationary trends point to the biggest benefit increase in 41 years, with June CPI showing a 9.1% jump over the last 12 months.

By Mary Beth Franklin
401(k) contributions lagging, especially among millennials: BofA survey
RETIREMENT PLANNING JUL 13, 2022
401(k) contributions lagging, especially among millennials: BofA survey

The majority of eligible employees participate in 401(k) plans, but there's much room for improvement when it comes to how much they contribute.

By Gregg Greenberg
Advisory firm held liable for breaching fiduciary duty in UIT action brought by SEC
REGULATION AND LEGISLATION JUL 12, 2022
Advisory firm held liable for breaching fiduciary duty in UIT action brought by SEC

The regulator accused the firm of 'double-dipping' by receiving both advisory fees and fees generated from products with high transactional costs.

By Mark Schoeff Jr.
Tom Naratil to leave UBS
PRACTICE MANAGEMENT JUL 12, 2022
Tom Naratil to leave UBS

Iqbal Khan, who had served as co-president of Global Wealth Management with Naratil, was promoted to president. Naureen Hassan will succeed Naratil as president of UBS Americas.

By Bruce Kelly
Schwab enhances digital onboarding to support multiple account opening
FINTECH JUL 12, 2022
Schwab enhances digital onboarding to support multiple account opening

The latest update to Schwab Advisor Services' digital onboarding technology lets independent financial advisers open and fund up to 10 new client accounts in a single workflow.

By Ryan W. Neal
Americans worried about inflation, but not as much as advisers: Survey
RETIREMENT PLANNING JUL 12, 2022
Americans worried about inflation, but not as much as advisers: Survey

Americans ages 45 to 75 are worried about the dual risks of high inflation reducing spending power in retirement or a recession impacting retirement income.

By Gregg Greenberg
Protective launches variable annuity with deferral options
RETIREMENT PLANNING JUL 12, 2022
Protective launches variable annuity with deferral options

The product, which has been branded Protective Aspirations, allows holders to maximize either retirement income or growth potential.

By InvestmentNews