Advisor News

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State-sponsored retirement plan proposed in Delaware
RETIREMENT PLANNING MAY 24, 2021
State-sponsored retirement plan proposed in Delaware

The bipartisan bill aims to help the 52% of employees in the state who don't have access to a retirement plan at work.

By InvestmentNews
How to earn contacts
OPINION MAY 24, 2021
How to earn contacts

If you take nothing else away from this article, hear this: People don’t care about your offer or your business — they care about themselves.

By Robert Sofia
Broker charged with churning to pay $160,000 penalty
REGULATION AND LEGISLATION MAY 24, 2021
Broker charged with churning to pay $160,000 penalty

SEC bars Emil Botvinnik, a former registered rep with Windsor Street Capital, as part of final judgment that includes $1.14 million disgorgement.

By InvestmentNews
AI in 2021: RIA use cases
FINTECH MAY 24, 2021
AI in 2021: RIA use cases

With just a few clicks, an adviser can submit a task on behalf of a client, something that would otherwise require extensive knowledge and time-consuming coordination between various operational teams.

By Nicole Casperson
Accelerating AI: Why advisers and automation need to collide
FINTECH MAY 24, 2021
Accelerating AI: Why advisers and automation need to collide

Advisory firms are moving to adopt AI tools to achieve their growth objectives, but it’s not easy, partly because firms lack the data connectivity that’s needed for AI to operate efficiently.

By Nicole Casperson
Senators reintroduce retirement bill
RETIREMENT PLANNING MAY 21, 2021
Senators reintroduce retirement bill

Bipartisan legislation proposed by Sens. Cardin and Portman aims to help boost savings.

By InvestmentNews
401(k) lawsuit claims Caesars gambled and lost
RETIREMENT PLANNING MAY 21, 2021
401(k) lawsuit claims Caesars gambled and lost

A class-action lawsuit alleges that the company breached its fiduciary duties in connection with a change in the investment menu. Most of the assets in the $1.4 billion plan went into Russell Investment target-date funds, according to the complaint.

By Emile Hallez
What the $50 million Altruist funding means for RIA custodians
FINTECH MAY 21, 2021
What the $50 million Altruist funding means for RIA custodians

With a new funding round and support from the asset management giant Vanguard, Altruist increases its potential to break up the RIA custodial oligopoly.

By Nicole Casperson
Debt over age 50 is on the rise
RETIREMENT PLANNING MAY 21, 2021
Debt over age 50 is on the rise

The median level of debt for people over age 50 has tripled over the past 30 years, according to a recent analysis by the Government Accountability Office.

By Emile Hallez
Wells Fargo team managing $468 million joins Raymond James
INDEPENDENT BROKER DEALERS MAY 21, 2021
Wells Fargo team managing $468 million joins Raymond James

The four-adviser group is moving to the firm’s employee unit in Augusta, Georgia and will operate as the Cypress Wealth Group.

By InvestmentNews
Biden orders climate risk strategy for financial assets
REGULATION AND LEGISLATION MAY 21, 2021
Biden orders climate risk strategy for financial assets

The executive order mandates an assessment of how to reduce climate risks to financial stability; the assessment would also detail plans financial regulators have for bolstering disclosures.

By Bloomberg
Morgan Stanley defies bank diversity trend
PRACTICE MANAGEMENT MAY 20, 2021
Morgan Stanley defies bank diversity trend

The leadership changes announced May 20 position a slate of potential successors to CEO James Gorman who are mostly white and male.

By Bloomberg
SEC charges BTIG with short-selling violations
REGULATION AND LEGISLATION MAY 20, 2021
SEC charges BTIG with short-selling violations

The agency says the New York institutional firm mismarked hedge fund orders.

By InvestmentNews
Legislators move to boost ESG in 401(k)s
RETIREMENT PLANNING MAY 20, 2021
Legislators move to boost ESG in 401(k)s

The legislation introduced Thursday would amend the Employee Retirement Income Security Act to specifically allow plans to consider ESG factors 'when they are expected to have an impact on investment outcomes, provided plans consider them in a prudent manner consistent with their fiduciary obligations.'

By Emile Hallez
Betterment launches Co-Pilot tool for advisers
FINTECH MAY 20, 2021
Betterment launches Co-Pilot tool for advisers

The latest launch by Betterment kicks off the fintech’s mission to rapidly grow its adviser-focused business line throughout the year.

By Nicole Casperson
Treasury calls for reporting crypto transfers over $10,000 to IRS
ALTERNATIVES MAY 20, 2021
Treasury calls for reporting crypto transfers over $10,000 to IRS

The announcement pared Bitcoin's rebound from Wednesday's rout, shaving about $3,000 from the token's price.

By Bloomberg
Emergency savings accounts draw attention of big-name employers
RETIREMENT PLANNING MAY 20, 2021
Emergency savings accounts draw attention of big-name employers

Best Buy and ADP have joined Voya, UPS, Mastercard and others in working with BlackRock's Emergency Savings Initiative.

By Emile Hallez
Talking to clients when crypto crumbles
OPINION MAY 20, 2021
Talking to clients when crypto crumbles

Advisers should empower their clients through exposure and education so they view crypto-assets like any other asset class.

By Tyrone Ross and Justin Castelli
Morgan Stanley CEO Gorman revamps leadership
PRACTICE MANAGEMENT MAY 20, 2021
Morgan Stanley CEO Gorman revamps leadership

Andy Saperstein, head of wealth management, was named co-president along with Ted Pick, head of trading, as Gorman positions a small group as his most likely successors.

By Bloomberg
UBS to cut 700 jobs across wealth unit, investment bank
WIREHOUSES MAY 19, 2021
UBS to cut 700 jobs across wealth unit, investment bank

Over the next three years, the positions are expected to be eliminated in Switzerland alone, with the bulk at the corporate cost center and about 200 between wealth management and the bank’s Swiss unit for personal and corporate banking.

By Bloomberg