Advisor News

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Most investors regret tapping 401(k)s early — but would do it again
RETIREMENT PLANNING OCT 28, 2020
Most investors regret tapping 401(k)s early — but would do it again

COVID-19 could lead more workers to take money out of retirement accounts, according to a survey from Edelman Financial Engines

By Emile Hallez
Advisor Group cuts pricing for wrap fee accounts
INDEPENDENT BROKER DEALERS OCT 28, 2020
Advisor Group cuts pricing for wrap fee accounts

Broker-dealers have been competing to lower fees in order to reduce potential conflicts of interest

By Bruce Kelly
Best practices for financial adviser text messaging
OPINION OCT 28, 2020
Best practices for financial adviser text messaging

The $100,000 fine the SEC imposed on a wealth management firm related to its employees’ text messages shows the need for caution in this area

By Marianna Shafir
Wells Fargo hits lowest level since 2009
WIREHOUSES OCT 28, 2020
Wells Fargo hits lowest level since 2009

Investors are waiting to learn more about CEO Scharf's strategy amid news of job cuts, sales of business units

By Bloomberg
Finra denies J.P. Morgan effort to clamp down on breakaway brokers
REGULATION AND LEGISLATION OCT 27, 2020
Finra denies J.P. Morgan effort to clamp down on breakaway brokers

Arbitrators also rebuffed brokers’ counterclaims of defamation and unfair competition

By Mark Schoeff Jr.
Duo managing $475 million at UBS joins RBC
WIREHOUSES OCT 27, 2020
Duo managing $475 million at UBS joins RBC

Robert Loupee and Michael Graziani shift firms in Bloomfield Hills, Michigan

By InvestmentNews
Bipartisan retirement bill would increase RMD age to 75
RETIREMENT PLANNING OCT 27, 2020
Bipartisan retirement bill would increase RMD age to 75

The measure would build on the SECURE Act, but its legislative path is uncertain

By Mark Schoeff Jr.
DOL posts record financial recoveries for benefits plans
RETIREMENT PLANNING OCT 27, 2020
DOL posts record financial recoveries for benefits plans

More than $3 billion was returned in fiscal 2020 through investigations, voluntary corrections and other programs, according to the agency

By Emile Hallez
LPL Financial snaps up trading platform Blaze Portfolio
FINTECH OCT 27, 2020
LPL Financial snaps up trading platform Blaze Portfolio

The technology will help LPL advisers to run a model portfolio-based practice, according to Chief Investment Officer Burt White

By Nicole Casperson
Collapse of three-legged stool threatens retirement security
RETIREMENT PLANNING OCT 27, 2020
Collapse of three-legged stool threatens retirement security

The worsening outlook will likely trigger 401(k), Social Security reform

By Mary Beth Franklin
SEC reportedly shelving proposed change to stock reporting threshold
EQUITIES OCT 27, 2020
SEC reportedly shelving proposed change to stock reporting threshold

Under the rule change, only managers with at least $3.5 billion in equities would have had to publicly report their holdings, up from the current $100 million threshold

By Bloomberg
Wells Fargo exploring $1 billion-plus corporate-trust sale
WIREHOUSES OCT 27, 2020
Wells Fargo exploring $1 billion-plus corporate-trust sale

The bank is also considering whether to unload its $10 billion student-loan portfolio

By Bloomberg
AIG to split off life insurance and retirement unit, names new CEO
RETIREMENT PLANNING OCT 26, 2020
AIG to split off life insurance and retirement unit, names new CEO

Peter Zaffino, currently the company's president, will succeed current CEO Brian Duperreault March 1

By Bloomberg
Brokers generally ‘meeting their obligations’ on Reg BI: Clayton
REGULATION AND LEGISLATION OCT 26, 2020
Brokers generally ‘meeting their obligations’ on Reg BI: Clayton

Advisory firms should provide more details to reps on how to comply with the new rules, said SEC staff members

By Mark Schoeff Jr.
The latest in financial #AdviserTech — October 2020
FINTECH OCT 26, 2020
The latest in financial #AdviserTech — October 2020

We look at the big news, announcements and underlying trends and developments that are emerging in the world of technology solutions for financial advisers!

By Michael Kitces
Demand for financial wellness is overwhelming
RETIREMENT PLANNING OCT 26, 2020
Demand for financial wellness is overwhelming

Plan sponsors want the services for their participants, but wellness has done little to help people improve their financial lives

By Fred Barstein
Stocks hit on COVID concerns, fading hopes for fiscal stimulus
EQUITIES OCT 26, 2020
Stocks hit on COVID concerns, fading hopes for fiscal stimulus

Stocks pared their losses during the afternoon as the biggest tech companies recovered

By Bloomberg
SEC Democrats object to no-action letter on brokers borrowing securities
PRACTICE MANAGEMENT OCT 26, 2020
SEC Democrats object to no-action letter on brokers borrowing securities

Lee, Crenshaw say the agency is providing leeway to violate the rule, putting investor funds at risk

By Mark Schoeff Jr.
iCapital targets global market share with latest acquisition
FINTECH OCT 26, 2020
iCapital targets global market share with latest acquisition

As part of the acquisition, iCapital will establish an office in Lisbon, Portugal as its global hub for technology development and operations

By Nicole Casperson
Americans worry inflation will make retirement unaffordable
RETIREMENT PLANNING OCT 26, 2020
Americans worry inflation will make retirement unaffordable

59% of those surveyed by Allianz believe rising costs will prevent them from enjoying life in retirement

By InvestmentNews