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US stock futures gain, Treasury yields rise
INDUSTRY NEWS AUG 07, 2023
US stock futures gain, Treasury yields rise

CPI data in focus this week and prices are set for moderate increase.

By Bloomberg
Most investors expect a US recession before end of 2024
INDUSTRY NEWS AUG 07, 2023
Most investors expect a US recession before end of 2024

A minority think that the economy will contract before 2023 is over.

By Bloomberg
Fiscal tightening is risk to stocks, warns Morgan Stanley strategist
INDUSTRY NEWS AUG 07, 2023
Fiscal tightening is risk to stocks, warns Morgan Stanley strategist

Michael Wilson believes high fiscal spending is unsustainable.

By Bloomberg
Morgan Stanley hits 70% of $1T ESG funding goal
ESG AUG 04, 2023
Morgan Stanley hits 70% of $1T ESG funding goal

Firm's funding went toward areas including clean energy, carbon removal and social housing.

By Bloomberg
RBC Wealth lures $1.1B advisory team from UBS to expand presence in Ohio
ADVISOR MOVES AUG 04, 2023
RBC Wealth lures $1.1B advisory team from UBS to expand presence in Ohio

The addition of James Ford & Duble Wealth Partners grows RBC's footprint in the Great Lakes region.

By Ryan W. Neal
Bill to allow use of 529 funds for advisor credential courses gains more support
PRACTICE MANAGEMENT AUG 04, 2023
Bill to allow use of 529 funds for advisor credential courses gains more support

More certified financial planners will help more people make better decisions with their money, says advisor.

By Mark Schoeff Jr.
CEO pay falls, but still 271 times higher than median workers'
PRACTICE MANAGEMENT AUG 04, 2023
CEO pay falls, but still 271 times higher than median workers'

Data published by the AFL-CIO reveal the emerging role of AI.

By Emile Hallez
LPL, Ameriprise wade into AI applications for advisors
FINTECH AUG 04, 2023
LPL, Ameriprise wade into AI applications for advisors

'When I left Ameriprise earlier this year, the company was just starting to talk about AI,' one financial advisor said.

By Bruce Kelly
Ray Dalio says policymakers may be forced to raise taxes if Fed hikes fail
INDUSTRY NEWS AUG 04, 2023
Ray Dalio says policymakers may be forced to raise taxes if Fed hikes fail

The multibillionaire founder and CIO of Bridgewater Associates says the Great Wealth Transfer is why the Fed's inflation levers aren’t working as expected.

By Steve Randall
Stifel adds new flagship offices and $673M AUM with three advisory teams
INDUSTRY NEWS AUG 04, 2023
Stifel adds new flagship offices and $673M AUM with three advisory teams

The firm's new additions boost its total assets under management to more than $6.5B.

By Steve Randall
Raymond James welcomes $250M AUM Edward Jones team as independents
INDUSTRY NEWS AUG 04, 2023
Raymond James welcomes $250M AUM Edward Jones team as independents

The team will establish a new SilverTree Wealth office in Tucson, Arizona.

By Steve Randall
Markets await US jobs data, Amazon up 9%
INDUSTRY NEWS AUG 04, 2023
Markets await US jobs data, Amazon up 9%

Global equities were higher in early trading Friday as key labor market report is anticipated.

By Bloomberg
BofA clients exit stocks fearing recession
INDUSTRY NEWS AUG 04, 2023
BofA clients exit stocks fearing recession

The bank's private clients have favored bonds in the past week.

By Bloomberg
High-yield bonds in, leveraged loans out
INDUSTRY NEWS AUG 04, 2023
High-yield bonds in, leveraged loans out

Issuance of secured notes in the junk-bond market has surged in 2023.

By Bloomberg
Envestnet revenue falls short of expectations in Q2
FINTECH AUG 03, 2023
Envestnet revenue falls short of expectations in Q2

Company did meet Wall Street’s expectations for earnings per share at $0.46 and CEO says he expects the Data and Analytics business to stabilize in the second half of the year.

By Ryan W. Neal
Galvin launches investigation into brokers' use of AI
FINTECH AUG 03, 2023
Galvin launches investigation into brokers' use of AI

The Massachusetts Secretary of the Commonwealth sent letters to firms including JPMorgan and Morgan Stanley to learn how they are using AI with investors.

By Ryan W. Neal
State regulators, PIABA continue to resist Finra’s plan for remote supervision  
PRACTICE MANAGEMENT AUG 03, 2023
State regulators, PIABA continue to resist Finra’s plan for remote supervision  

But LPL Financial, Fidelity back the idea of allowing supervisors to work from home, using technology to oversee reps, as they did during the pandemic.

By Mark Schoeff Jr.
GOP effort to curb ESG proves unsuccessful so far
RETIREMENT PLANNING AUG 03, 2023
GOP effort to curb ESG proves unsuccessful so far

'If you’re expecting any meaningful legislation to emerge from all the Republicans’ talking points, think again,' says Washington Research Group's John Miller.

By Bloomberg
Inflation is weakening 401(k) savings ability for millions of Americans, says Schwab
RETIREMENT PLANNING AUG 03, 2023
Inflation is weakening 401(k) savings ability for millions of Americans, says Schwab

Despite the challenging conditions, workers are trying to keep on top of retirement savings.

By Steve Randall
Advisor firms with combined 192-year history join forces with $5B AUM
RIAS AUG 03, 2023
Advisor firms with combined 192-year history join forces with $5B AUM

Deal brings together two of the longest-established US wealth management businesses.

By Steve Randall