Advisor News

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IMA Wealth offers small-plan retirement program
RETIREMENT PLANNING MAY 20, 2022
IMA Wealth offers small-plan retirement program

Alerus serves as the designated 3(16) plan administrator and T. Rowe Price serves as record keeper.

By InvestmentNews
Morgan Stanley's Parametric moves the wirehouse into ETF management
RIA NEWS MAY 20, 2022
Morgan Stanley's Parametric moves the wirehouse into ETF management

Two filings show that Parametric is moving beyond its current focus on separate accounts and direct indexing to subadvise strategies for Innovator ETFs.

By Jeff Benjamin
No longer 'annuicide': How insurance products are reaching the fee-based channel
RIA NEWS MAY 20, 2022
No longer 'annuicide': How insurance products are reaching the fee-based channel

RIA Lab session looks at the insurance industry's evolution toward providing custodial-like relationships with advisers.

By Jeff Benjamin
Fintech Bytes: Fidelity, Riskalyze, Snappy Krakken
FINTECH MAY 20, 2022
Fintech Bytes: Fidelity, Riskalyze, Snappy Krakken

A roundup of quick news items for the weekend, along with a bit of commentary from yours truly.

By Ryan W. Neal
Convergence of health care costs and retirement planning
RETIREMENT PLANNING MAY 19, 2022
Convergence of health care costs and retirement planning

Software helps advisers incorporate clients' Medicare expenses into their retirement plans.

By Mary Beth Franklin
Merrill team managing $409 million joins Raymond James
INDEPENDENT BROKER DEALERS MAY 19, 2022
Merrill team managing $409 million joins Raymond James

The three advisers, based in Spokane, Washington, will operate as Panorama Wealth Management of Raymond James.

By InvestmentNews
DOL continues to have qualms about Fidelity’s crypto 401(k) product
RETIREMENT PLANNING MAY 19, 2022
DOL continues to have qualms about Fidelity’s crypto 401(k) product

DOL acting assistant secretary Ali Khawar isn't reassured by the consumer safeguards included in Fidelity's Bitcoin offering for retirement plans.

By Mark Schoeff Jr.
Advisor Group to buy large bank broker
INDEPENDENT BROKER DEALERS MAY 19, 2022
Advisor Group to buy large bank broker

Infinex Investments Inc. has 750 financial advisers at bank and credit union programs who control more than $30 billion in client assets.

By Bruce Kelly
Retirement savings up in a down market, says Fidelity
RETIREMENT PLANNING MAY 19, 2022
Retirement savings up in a down market, says Fidelity

More people were saving for retirement in Q1, data show. Unfortunately, the market's sell-off caused them to lose money.

By Gregg Greenberg
Court ruling darkens constitutional cloud hanging over SEC judges
REGULATION AND LEGISLATION MAY 19, 2022
Court ruling darkens constitutional cloud hanging over SEC judges

The Fifth Circuit Court of Appeals said the agency's house of in-house judges violated a hedge fund manager's constitutional right to a jury trial.

By Bloomberg
Digital brokerage Ally Invest launches human wealth management
FINTECH MAY 18, 2022
Digital brokerage Ally Invest launches human wealth management

Investors with a minimum of $100,000 can receive financial planning and ongoing guidance from an adviser for an annual fee ranging from 0.75% to 0.85%.

By Ryan W. Neal
Consumer groups call for SEC probe of RIAs' use of mandatory arbitration
RIA NEWS MAY 18, 2022
Consumer groups call for SEC probe of RIAs' use of mandatory arbitration

RIAs aren't adequately disclosing arbitration clauses in client contracts and are forcing clients into expensive dispute forums, the groups said.

By Mark Schoeff Jr.
Big GPB fund reports — finally — and posts revenue and income growth
ALTERNATIVES MAY 18, 2022
Big GPB fund reports — finally — and posts revenue and income growth

After the partnership missed its deadline to file audited financial statements in 2018 for its two largest private funds, the entire GPB enterprise struggled.

By Bruce Kelly
iCapital receives patents for data security innovations
FINTECH MAY 18, 2022
iCapital receives patents for data security innovations

Financial advisers are increasingly worried about securing client information and the consequences of a data breach, but iCapital has a new idea about how to make it safer for advisers to access its network of alternative assets.

By Ryan W. Neal
SEC pries into over 100 traders', bankers' phones in texting probe
REGULATION AND LEGISLATION MAY 18, 2022
SEC pries into over 100 traders', bankers' phones in texting probe

The agency has been sending firms lists of key positions including heads of certain investment banking teams or trading desks.

By Bloomberg
Thinking about selling your RIA firm? Recent sellers share 3 key considerations
OPINION MAY 18, 2022
Thinking about selling your RIA firm? Recent sellers share 3 key considerations

Perhaps the biggest concern for RIAs contemplating a sale is how it would affect their employees and clients.

By Michael Bilotta
Allianz to sell US fund management unit to Voya after SEC ban
REGULATION AND LEGISLATION MAY 17, 2022
Allianz to sell US fund management unit to Voya after SEC ban

Voya Investment Management will add about $120 billion of assets under management as well as some investment teams.

By Bloomberg
Smarsh acquires tech to help firms monitor messaging apps
FINTECH MAY 17, 2022
Smarsh acquires tech to help firms monitor messaging apps

The Telemessage technology, combined with existing services from Smarsh, will assist in the ongoing struggle to monitor private messaging apps used by employees at financial services firms.

By Ryan W. Neal
Broker-dealers face risks aplenty, regulators warn
ALTERNATIVES MAY 17, 2022
Broker-dealers face risks aplenty, regulators warn

Firms should be watching out for employees chatting on WhatsApp, as well as brokers in need of heightened supervision and complex products being sold to retail customers.

By Bruce Kelly
Allianz unit to plead guilty, pay billions over hedge fund loss
REGULATION AND LEGISLATION MAY 17, 2022
Allianz unit to plead guilty, pay billions over hedge fund loss

The agreement calls for the firm to forfeit $463 million and pay $3.2 billion in restitution to victims of the fraud as well as a $2.3 billion penalty.

By Bloomberg