Advisor News

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House panel approves ESG, diversity bills without GOP support
PRACTICE MANAGEMENT APR 21, 2021
House panel approves ESG, diversity bills without GOP support

Rep. Patrick McHenry, R-N.C., accuses Democrats of trying to 'cater to the far left.' Democrats say ESG, diversity data is crucial.

By Mark Schoeff Jr.
Vetting annuities for 401(k)s not an easy task
RETIREMENT PLANNING APR 21, 2021
Vetting annuities for 401(k)s not an easy task

While it's simple to choose annuity providers based on price and payout rates, those costs and rates can change frequently, so the best options today might not be as good in several years, a new report concludes.

By Emile Hallez
In Advisor Group lawsuit, the right hand is suing the left
INDEPENDENT BROKER DEALERS APR 21, 2021
In Advisor Group lawsuit, the right hand is suing the left

The independent broker-dealer, backed by Reverence Capital Partners, is suing an annuity company owned, in part, by the same private equity firm.

By Bruce Kelly
Wells Fargo FiNet adviser managing $400 million joins LPL
INDEPENDENT BROKER DEALERS APR 21, 2021
Wells Fargo FiNet adviser managing $400 million joins LPL

Evan Lereah’s father started the Red Bank, New Jersey-based business 40 years ago.

By InvestmentNews
Potential Pru Retirement sale a cautionary tale of a 401(k) innovator
RIA NEWS APR 20, 2021
Potential Pru Retirement sale a cautionary tale of a 401(k) innovator

It is no wonder, but certainly disappointing, that one of the industry’s most innovative providers, Prudential Retirement, is reportedly exploring a sale. That highlights how much record keeping has become a commodity focused on scale and costs.

By Fred Barstein
DOL arms investors with rollover questions that could catch some advisers off guard
RIA NEWS APR 20, 2021
DOL arms investors with rollover questions that could catch some advisers off guard

The timing of those questions, such as 'are you a fiduciary?' is not great for advisers relying on the DOL’s temporary enforcement policy until Dec. 20, the compliance deadline for the new rules, one lawyer said.

By Emile Hallez
Investor advocate urges Gensler to beef up Reg BI
RIA NEWS APR 20, 2021
Investor advocate urges Gensler to beef up Reg BI

Republican lawmakers in the House tell the new SEC chairman to avoid ‘mission creep’ in the agency's oversight of environmental, social and governance disclosures.

By Mark Schoeff Jr.
AdvisorEngine finalizes integration with Schwab
FINTECH APR 20, 2021
AdvisorEngine finalizes integration with Schwab

The integration of the two technologies is mutually beneficial, giving RIAs access to Schwab client data and AdvisorEngine’s adviser toolbox.

By Nicole Casperson
Finra bars former Goldman analyst for insider trading
REGULATION AND LEGISLATION APR 20, 2021
Finra bars former Goldman analyst for insider trading

The analyst twice purchased securities after he learned a fellow analyst was upgrading his recommendation in impending research reports and then lied to Finra staff about his trading.

By InvestmentNews
Banks hone in on wealthy clients
WIREHOUSES APR 20, 2021
Banks hone in on wealthy clients

Citigroup plans to 'double down on wealth,' while Merrill's account balances surged 31%.

By Bloomberg
Walmart isn’t after your book of business
OPINION APR 19, 2021
Walmart isn’t after your book of business

The world's largest retailer announced plans to launch a digital advice platform for its 220 million weekly clients. It will likely target lower-income Americans with simple but necessary financial products.

By Sean Allocca
Many affluent retirees reluctant to draw down savings
RETIREMENT PLANNING APR 19, 2021
Many affluent retirees reluctant to draw down savings

Some leading retirement experts are questioning whether advisers should rethink their assumptions about retirement spending when creating financial plans.

By Mary Beth Franklin
Shared emergency accounts could hint at higher savings
RETIREMENT PLANNING APR 19, 2021
Shared emergency accounts could hint at higher savings

The results of a recent experiment show people saved more, spent less and felt more secure financially while saving as a group, according to the nonprofit Commonwealth.

By Emile Hallez
Climate-risk disclosure bill faces tough legislative path
REGULATION AND LEGISLATION APR 19, 2021
Climate-risk disclosure bill faces tough legislative path

The measure, written by Democratic lawmakers, will have a hard time finding Republican votes. But it does send a signal of support to the SEC for tougher ESG oversight.

By Mark Schoeff Jr.
Fight over board that controls Avantax coming to a head
INDEPENDENT BROKER DEALERS APR 19, 2021
Fight over board that controls Avantax coming to a head

A struggle for seats on the board of Blucora Inc., which owns the independent broker-dealer Avantax Investment Services Inc., is heading for a showdown. Blucora has purchased two broker-dealers in half-a-dozen years to expand into the wealth management business.

By Bruce Kelly
Customer service: The most boring, and important, aspect of your firm
OPINION APR 19, 2021
Customer service: The most boring, and important, aspect of your firm

Clients who feel they’re being ignored or getting second-class treatment will get fed up and leave, especially if investment performance hasn’t been great or the firm has dropped the ball somewhere else.

By Manish Khatta
Duo managing $1.35 billion at Merrill Lynch moves to Janney
PRACTICE MANAGEMENT APR 19, 2021
Duo managing $1.35 billion at Merrill Lynch moves to Janney

Andrew Meredith and Kevin Lindung are based in Towson, Maryland.

By InvestmentNews
OSJ managing $550 million switches to LPL from Royal Alliance
INDEPENDENT BROKER DEALERS APR 19, 2021
OSJ managing $550 million switches to LPL from Royal Alliance

Walnut Beech Advisors maintains offices in Michigan and New York

By InvestmentNews
Providing the building blocks of financial literacy training
OPINION APR 19, 2021
Providing the building blocks of financial literacy training

The pandemic has reminded us that too many Americans are being left behind economically, and the stats for financial education demonstrate that is happening in the classroom too.

By Tim Ranzetta
The latest in financial #AdviserTech — April 2021
RETIREMENT PLANNING APR 19, 2021
The latest in financial #AdviserTech — April 2021

The big news, announcements and underlying trends emerging in the world of technology solutions for financial advisers!

By Michael Kitces