Advisor News

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Debt ceiling brinkmanship not a concern for advisers
ALTERNATIVES OCT 07, 2021
Debt ceiling brinkmanship not a concern for advisers

The devastating consequences of a default make it unlikely to happen, advisers say. Inflation is a bigger threat.

By Mark Schoeff Jr.
BlackRock lands clients for its 401(k) annuity product
RETIREMENT PLANNING OCT 07, 2021
BlackRock lands clients for its 401(k) annuity product

The retirement plan sponsors that have signed on for the new service, which mixes target-date funds and annuities, collectively represent more than $7.5 billion in plan assets.

By Emile Hallez
Will RIAs or RPAs benefit more as retirement, wealth converge at workplace?
RETIREMENT PLANNING OCT 06, 2021
Will RIAs or RPAs benefit more as retirement, wealth converge at workplace?

RPA firms are selling at record profits, with deals flow expected to double in 2021, but it pales in comparison to the RIA market. So far, we have not seen any RIA aggregators, other than Captrust, show interest in the DC space.

By Fred Barstein
Ascensus to hire almost 400 employees
RETIREMENT PLANNING OCT 06, 2021
Ascensus to hire almost 400 employees

The hiring will occur by the end of 2022 and will involve all four of the company's lines of business.

By InvestmentNews
Almost half of retirees won't have enough income by 2090
RETIREMENT PLANNING OCT 06, 2021
Almost half of retirees won't have enough income by 2090

A report from the Urban Institute found Social Security cuts, tax increases, longer working years and higher savings levels are needed to keep retirees from funding crises in the coming years.

By Emile Hallez
Merrill workers who return to office and confirm vaccination can get $200
WIREHOUSES OCT 06, 2021
Merrill workers who return to office and confirm vaccination can get $200

The firm will give the $200 awards to client associates, administrative support and operations staff who have been vaccinated against Covid and show up in the office at least eight times between now and mid-November.

By Bloomberg
SEC freezes assets of California adviser, options firm
REGULATION AND LEGISLATION OCT 06, 2021
SEC freezes assets of California adviser, options firm

Ron Harrison’s clients lost money while he collected fees based on the purported gains he made by trading options, the agency charges.

By InvestmentNews
Advisers managing $3.1 billion join Janney in Q3
WIREHOUSES OCT 06, 2021
Advisers managing $3.1 billion join Janney in Q3

Most of 21 recruits came from Truist, Wells Fargo and Merrill Lynch.

By InvestmentNews
ESG space should welcome the regulatory spotlight
ETFS OCT 06, 2021
ESG space should welcome the regulatory spotlight

Support from corporate executives and slick marketing is no match for rules and regulation when it comes to managing sustainable portfolios.

By Jeff Benjamin
FiNet adviser managing $260 million moves to LPL
INDEPENDENT BROKER DEALERS OCT 06, 2021
FiNet adviser managing $260 million moves to LPL

Lindsey Rhea’s firm, Alia Wealth Partners, is based in Germantown, Tennessee.

By InvestmentNews
Robinhood says SEC faces high legal burden to change broker-app rules
REGULATION AND LEGISLATION OCT 06, 2021
Robinhood says SEC faces high legal burden to change broker-app rules

As the agency looks at whether game-like features used by the online trading platform lead to excessive trading by retail investors, Robinhood says additional regulation could be rejected by U.S. courts.

By Bloomberg
Getting to know you: Telling your story in your bio
OPINION OCT 06, 2021
Getting to know you: Telling your story in your bio

Advisers' biographies tend to be generic, filled with jargon and acronyms. Write a bio that gives prospects the information they need to decide whether they want to talk with you.

By Kristine McManus
SEC will ensure Reg BI fulfills best-interest promise: Gensler
ALTERNATIVES OCT 05, 2021
SEC will ensure Reg BI fulfills best-interest promise: Gensler

Rep. Ann Wagner, R-Mo., raised concerns about what Gensler's recent hiring of Barbara Roper means for the future of the Regulation Best Interest standard of conduct.

By Mark Schoeff Jr.
NASAA seeks comment on new rules for unpaid arbitration awards
REGULATION AND LEGISLATION OCT 05, 2021
NASAA seeks comment on new rules for unpaid arbitration awards

If the model rules were adopted, states would have more power to collect millions in fines.

By InvestmentNews
Annuity targeting RIAs applies living benefit to separate fund, ETF portfolios
RIA NEWS OCT 05, 2021
Annuity targeting RIAs applies living benefit to separate fund, ETF portfolios

RetireOne's contingent deferred annuity for the registered investment adviser market includes about 200 mutual funds, ETFs and model portfolios.

By Emile Hallez
Robinhood launches 24/7 phone support
FINTECH OCT 05, 2021
Robinhood launches 24/7 phone support

The free trading platform rolled out round the clock customer service following a recruiting spree of financial advisers turned customer service reps.

By Nicole Casperson
Barred adviser to fight elderly theft charges in court
LIFE INSURANCE AND ANNUITIES OCT 05, 2021
Barred adviser to fight elderly theft charges in court

Jeffrey Dampf was barred from the securities industry last week for not cooperating in Finra's investigation of allegations that he stole money from elderly clients.

By Bruce Kelly
Ameritas acquires record keeper
RETIREMENT PLANNING OCT 05, 2021
Ameritas acquires record keeper

Ponte Vedra Beach, Florida-based BlueStar Retirement Services also serves as a third-party administrator and provides multiple employer plans.

By InvestmentNews
Prudential reorganizes retirement business
RETIREMENT PLANNING OCT 05, 2021
Prudential reorganizes retirement business

After striking a deal to sell a large part of its retirement business to Empower, the company is creating one unit, Prudential Retirement Strategies, to serve institutional and individual customers.

By InvestmentNews
Ameriprise team managing $195 million jumps to Raymond James
INDEPENDENT BROKER DEALERS OCT 05, 2021
Ameriprise team managing $195 million jumps to Raymond James

Eric Cornell and Patrick Shea have formed their own firm, Helius Wealth, in Palm Beach Gardens, Florida.

By InvestmentNews