Advisor News

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Merrill's army of newbies to resume cold-calling
PRACTICE MANAGEMENT OCT 01, 2020
Merrill's army of newbies to resume cold-calling

Merrill Lynch is making changes in the way it manages young advisers and trainees

By Bruce Kelly
Fed approves Morgan Stanley acquisition of ETrade
REGULATION AND LEGISLATION OCT 01, 2020
Fed approves Morgan Stanley acquisition of ETrade

At the same time, Toronto-Dominion Bank’s acquisition of an ownership stake in the Charles Schwab Corp. was also approved

By Bloomberg
Schwab acquisition of TD to close Oct. 6
WIREHOUSES OCT 01, 2020
Schwab acquisition of TD to close Oct. 6

The Fed also signed off on Morgan Stanley's purchase of ETrade, which is expected to close Friday

By Bloomberg
Dana D’Auria joins Envestnet as co-CIO
FINTECH SEP 30, 2020
Dana D’Auria joins Envestnet as co-CIO

Former Symmetry Partners executive will share the role with Brandon Thomas

By InvestmentNews
Forget the F-word — RIAs play down fiduciary standard online
RIA NEWS SEP 30, 2020
Forget the F-word — RIAs play down fiduciary standard online

A review of 45 fee-only advisers by the Institute for the Fiduciary Standard shows only 14 of them mention the term on their website homepages

By Mark Schoeff Jr.
SEC gives Morgan Stanley a $5 million slap over short sales
WIREHOUSES SEP 30, 2020
SEC gives Morgan Stanley a $5 million slap over short sales

The firm separated hedges into two buckets, which is a Reg SHO no-no

By InvestmentNews
Medicare 2021 open enrollment begins Oct. 15
RETIREMENT PLANNING SEP 30, 2020
Medicare 2021 open enrollment begins Oct. 15

Retirees may be able to save money by reviewing new options for Medicare Advantage and drug plans for next year

By Mary Beth Franklin
3 keys to integrating ESG into client portfolios
OPINION SEP 30, 2020
3 keys to integrating ESG into client portfolios

As the potential benefits of sustainable investing become clearer, advisers have an opportunity to add value through education and guidance

By Brie Williams
Wells Fargo’s Envestnet data-sharing deal raises murky questions
FINTECH SEP 30, 2020
Wells Fargo’s Envestnet data-sharing deal raises murky questions

The agreement opens up access to important tools for consumers, but the FTC is asking for more information about such practices

By Sean Allocca
Hybrid joins LPL from Advisor Group
INDEPENDENT BROKER DEALERS SEP 29, 2020
Hybrid joins LPL from Advisor Group

Family-run Hendrix Group Financial Services is based in Birmingham, Alabama, and had been affiliated with Securities Service Network

By InvestmentNews
SEC charges Nebraska hybrid adviser with cherry-picking scheme
REGULATION AND LEGISLATION SEP 29, 2020
SEC charges Nebraska hybrid adviser with cherry-picking scheme

Corbin Lambert, who ran his own RIA firm, is also affiliated with Securities America according to the BrokerCheck database

By InvestmentNews
SEC charges RIA with making false statements about its finances
RIA NEWS SEP 29, 2020
SEC charges RIA with making false statements about its finances

Marietta, Georgia-based Lindner Capital Advisors and its principal were also charged with compliance deficiencies

By InvestmentNews
SEC charges Texas adviser with $1.1 million fraud
REGULATION AND LEGISLATION SEP 29, 2020
SEC charges Texas adviser with $1.1 million fraud

Clifton Curtis Sneed Jr. lied about his credential and criminal past when he pitched high-return investments to church members

By InvestmentNews
New Jersey millionaires’ tax could drive rich clients to relocate
REGULATION AND LEGISLATION SEP 29, 2020
New Jersey millionaires’ tax could drive rich clients to relocate

The hike Gov. Phil Murphy signed into law moved rates from 8.97% to 10.75% for $1 million-plus earners

By Mark Schoeff Jr.
Empower to buy Fifth Third’s $6 billion retirement business
RETIREMENT PLANNING SEP 29, 2020
Empower to buy Fifth Third’s $6 billion retirement business

Empower will acquire 476 retirement plans and provide record-keeping and administrative services for the participants on Fifth Third’s platform

By Nicole Casperson
Why 401(k) adviser RFPs have not taken off
RETIREMENT PLANNING SEP 29, 2020
Why 401(k) adviser RFPs have not taken off

RPAs should be concerned because without professional guidance, plan sponsors might think that price is the most important criterion when selecting an adviser

By Fred Barstein
Joe Biden will end your retirement plan as you know it
OPINION SEP 29, 2020
Joe Biden will end your retirement plan as you know it

Instead of changing the way taxes on 401(k) plans work, we should build on the bipartisan success of the SECURE Act

By Ron Estes
JPMorgan pays $920 million to settle spoofing claims
REGULATION AND LEGISLATION SEP 29, 2020
JPMorgan pays $920 million to settle spoofing claims

Bank will pay the biggest monetary penalty ever imposed by the CFTC to settle claims it manipulated markets in metals futures and Treasuries

By Bloomberg
MGM Resorts, Duke Energy face 401(k) lawsuits
RETIREMENT PLANNING SEP 28, 2020
MGM Resorts, Duke Energy face 401(k) lawsuits

The cases are the latest in a busy year for ERISA litigation

By Emile Hallez
SEC warns of 'credential stuffing' cyberattacks
FINTECH SEP 28, 2020
SEC warns of 'credential stuffing' cyberattacks

Criminals are increasingly gaining access to login credentials by using programs that troll the dark web for usernames and passwords

By Nicole Casperson