Advisor News

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Voya to serve as record keeper for two new PEPs
RETIREMENT PLANNING MAR 11, 2021
Voya to serve as record keeper for two new PEPs

Unison Risk Advisors and TAG Advisors are launching pooled employer plans.

By InvestmentNews
Booming SPAC market draws SEC scrutiny
ALTERNATIVES MAR 11, 2021
Booming SPAC market draws SEC scrutiny

The vehicles are touted for democratizing markets by allowing retail investors access to high-growth companies. But the SEC said they come with distinct risks.

By Mark Schoeff Jr.
Cambridge Investment Research working on Finra settlement over alt fund sales
INDEPENDENT BROKER DEALERS MAR 11, 2021
Cambridge Investment Research working on Finra settlement over alt fund sales

Finra's department of enforcement has investigated Cambridge's due diligence of the sale of the defunct LJM Preservation and Growth Fund.

By Bruce Kelly
JPMorgan plans to expose investors to Bitcoin-friendly stocks
FINTECH MAR 11, 2021
JPMorgan plans to expose investors to Bitcoin-friendly stocks

JPMorgan is another large player slowly giving investors access to Bitcoin trading given there is no cryptocurrency backed ETF in the U.S.

By Nicole Casperson
Getting equity comp? Better have a financial plan, report finds
RETIREMENT PLANNING MAR 11, 2021
Getting equity comp? Better have a financial plan, report finds

Companies that compensate workers with stock have a big incentive to get those employees to consider the holdings in the context of their overall financial plan, according to Fidelity.

By Emile Hallez
Hybrid managing $260 million switches to LPL from First Allied
INDEPENDENT BROKER DEALERS MAR 11, 2021
Hybrid managing $260 million switches to LPL from First Allied

The Fox Alliance, a 15-person team that includes six advisers, is based in Austin, Texas.

By InvestmentNews
Value-focused IVA Funds files to liquidate, close up shop
REGULATION AND LEGISLATION MAR 11, 2021
Value-focused IVA Funds files to liquidate, close up shop

Faced with shrinking assets and performance challenges, the $2.5 billion boutique asset manager will shutter its two funds next month.

By Jeff Benjamin
Senate Banking Committee approves Gensler nomination
REGULATION AND LEGISLATION MAR 10, 2021
Senate Banking Committee approves Gensler nomination

The panel voted 14-10 to advance Gary Gensler’s nomination to head the Securities and Exchange Commission to the Senate floor for a confirmation vote by the full chamber.

By Mark Schoeff Jr.
The power of wealth, retirement and benefits converging
RETIREMENT PLANNING MAR 10, 2021
The power of wealth, retirement and benefits converging

When combined, the ideas and solutions expand exponentially. The power of three, or the trilogy, is a well-known concept in life, science and religion.

By Fred Barstein
Jackson National top seller of annuities in 2020
RETIREMENT PLANNING MAR 10, 2021
Jackson National top seller of annuities in 2020

The insurer also led in variable annuity sales last year, while New York Life sold the most fixed annuities.

By InvestmentNews
Wealthtechs launch personalization tools for advisers
FINTECH MAR 10, 2021
Wealthtechs launch personalization tools for advisers

Wealthtech powerhouses Riskalyze and AssetMark are leveraging integrations and the personalization trend to capture adviser attention.

By Nicole Casperson
Advisor Group firms boost legal reserves
ALTERNATIVES MAR 10, 2021
Advisor Group firms boost legal reserves

Royal Alliance Associates Inc., SagePoint Financial Inc., and FSC Securities Corp., increased legal reserves by as much as three times the amount of the prior year.

By Bruce Kelly
Bill that could make independent advisers employees faces Senate stall
REGULATION AND LEGISLATION MAR 10, 2021
Bill that could make independent advisers employees faces Senate stall

The measure has drawn strong opposition from financial industry trade associations. In a March 4 letter to House leaders, 14 groups warned that the bill 'would cause significant disruption to the independent financial services and property casualty insurance industries and the customers we serve.'

By Mark Schoeff Jr.
DOL won't enforce Trump-era ESG rules
RETIREMENT PLANNING MAR 10, 2021
DOL won't enforce Trump-era ESG rules

The two rules were among the most heavily contested measures instituted by the DOL under former Secretary Eugene Scalia, with the 401(k) rule drawing nearly 9,000 public comments, most of which opposed it.

By Emile Hallez
SEC warns investors about buying SPACs endorsed by celebrities
REGULATION AND LEGISLATION MAR 10, 2021
SEC warns investors about buying SPACs endorsed by celebrities

The agency cautioned against investing in blank-check companies based on endorsements from pro athletes or famous musicians.

By Bloomberg
SoFi to buy California lender as part of push into banking
FINTECH MAR 10, 2021
SoFi to buy California lender as part of push into banking

Social Finance says its acquisition of Golden Pacific Bancorp will aid its efforts to obtain a national bank charter.

By Bloomberg
M1 Finance lands $75 million to double employees
FINTECH MAR 09, 2021
M1 Finance lands $75 million to double employees

With a total of $173 million in fresh funding in a matter of months, M1 Finance looks to scale in the highly competitive robo-advice space. The company will increase its headcount to roughly 300 employees.

By Nicole Casperson
Cetera pegs $4.2 million to cover  SEC mutual fund investigation
PRACTICE MANAGEMENT MAR 09, 2021
Cetera pegs $4.2 million to cover SEC mutual fund investigation

The agency charged two Cetera broker-dealers with breaching fiduciary duty and defrauding retail advisory clients in connection with the sales of mutual funds.

By Bruce Kelly
401(k) plan fees continued to decline in 2020
RETIREMENT PLANNING MAR 09, 2021
401(k) plan fees continued to decline in 2020

A drop in investment fees led to the reduction in total plan costs.

By InvestmentNews
How advisers can win in an ever-evolving industry
OPINION MAR 09, 2021
How advisers can win in an ever-evolving industry

Advisers who leverage the power of team-building, financial planning and offering advice in a fiduciary capacity will survive and thrive for decades to come.

By Jerry Lombard